These accolades highlight FCMB’s expanding role in supporting MSME financing and sustainable initiatives. From January to June 2024, the bank disbursed more than N180 billion in loans to over 800,000 MSMEs across diverse industries. This significant financial support underscores FCMB’s dedication to fostering economic growth through financial inclusion, equipping small businesses with vital resources, and contributing to Nigeria’s overarching sustainability objectives.
Mrs. Yemisi Edun, Managing Director of FCMB, commented on the bank’s ongoing efforts to empower MSMEs: “We are privileged to receive these awards, which reinforce our dedication to being the preferred bank for Nigerian MSMEs. These businesses are pivotal to the nation’s economic trajectory, and our mission is to provide both financial and non-financial resources necessary for their growth. We are focused on building a strong ecosystem that links individuals, capital, and markets throughout Africa.”
With over 41 million MSMEs accounting for 48% of Nigeria’s GDP, as reported by the National Bureau of Statistics, FCMB’s strategic emphasis on this sector illustrates its long-term commitment to enhancing Nigeria’s economic progress.
Moreover, FCMB’s commitment to sustainability is substantial. In 2023, the bank secured $280 million from Development Financial Institutions (DFIs) to bolster support for MSMEs, particularly those led by women and in essential sectors such as renewable energy. This dedication to sustainable development aligns seamlessly with global ESG objectives, backed by significant financial resources.
The landscape of banking has evolved beyond traditional methods. FCMB’s innovative Quick-Loans platform, powered by technology, has revolutionized the loan disbursement process for entrepreneurs. Each month, thousands of digital loans are processed, effectively eliminating the common barriers that small businesses encounter when seeking financial support. From January to June 2024, billions of naira were distributed via this fully automated system, reinforcing FCMB’s status as a technology-driven leader in Nigeria’s banking sector.
The DBN Annual Lecture Series and Awards highlight financial institutions that are making significant contributions to the MSME sector. FCMB’s accolades underscore its commitment to impactful lending, particularly in the areas of green financing and sustainability.
As a member of FCMB Group Plc, the bank remains dedicated to its mission of promoting inclusive growth by linking individuals, capital, and markets throughout Nigeria and the African continent.