This affirms FCMB’s commitment to improving the social
well-being of individuals and enhancing access to credit for higher standard of
living for families.
Commenting on the unique value proposition, Divisional Head,
Personal Banking of the Bank, Mr Shamsideen Fashola, said, “vehicle ownership
is one of the most exciting moments in a person’s life. Yet, many people
struggle to save up for a long time to make this dream come true. To bridge
this gap, we created a value proposition that is flexible, convenient and
empowers individuals, families and businesses to achieve the dream of vehicle
ownership. Nigerians can now finance their dream vehicle with an auto loan from
FCMB at a low-interest rate with monthly or yearly payment options depending on
their income. We, therefore, urge the populace, including, but not limited to
salaried individuals, to take advantage of this opportunity to fulfil their
vehicle ownership dream”.
FCMB Auto Loan empowers qualified Nigerians to part-finance
the purchase of brand-new and pre-owned vehicles while spreading the repayment
between one and five years. The loan, which is dependent on the type of vehicle
to be purchased, is open to salaried individuals and self-employed Nigerians.
According to the National Bureau of Statistics (NBS), the
number of registered vehicles in Nigeria is 13 million. However, vehicle
ownership in the country has been declining because of increased prices. This
is due to foreign exchange and importation challenges, leading to a drastic
reduction in purchasing power and sales decline in the auto industry.
A purpose beyond profit commercial banking institution,
First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as
Group Chief Executive. The Bank is committed to COVID-19 recovery, income
equality and poverty reduction by easing credit constraints to disadvantaged
individuals and small businesses. The intervention of FCMB in the automobile
sector aligns with Goals 3 and 10 of the Sustainable Development Goals (SDGs),
which focus on well-being and reduced inequalities.