First City Monument Bank (FCMB) has received two distinguished awards at the 2024 Development Bank of Nigeria (DBN) Annual Lecture Series and Awards in Lagos. FCMB was honored as the “Best Bank with the Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria” and for making the “Highest Disbursement to Sustainability Projects.”
These awards underscore FCMB’s dedication to advancing financial inclusion and sustainability in Nigeria. From January to June 2024, the bank provided ₦180 billion in loans to over 800,000 Micro, Small, and Medium Enterprises (MSMEs) across various sectors. This substantial support has played a crucial role in enhancing the growth and resilience of these businesses, aligning with Nigeria’s broader economic and sustainability objectives.
Yemisi Edun, Managing Director of FCMB, expressed the bank’s pride in receiving these accolades, stating, “We are honored to be recognized for our efforts in supporting MSMEs. These businesses are essential to Nigeria’s economic development, and we remain committed to providing the financial and non-financial tools needed to help them achieve their full potential. Our focus is on fostering inclusive and sustainable growth, linking people, capital, and markets across Africa.”
The National Bureau of Statistics reports that over 41 million MSMEs operate in Nigeria, contributing 48% of the country’s gross domestic product. FCMB’s targeted approach to this sector highlights its commitment to driving economic growth in the country.
In 2023, FCMB secured over $280 million in funding from Development Finance Institutions (DFIs) to support MSMEs, particularly those led by women and businesses in critical economic sectors. This aligns with the bank’s dedication to sustainable development goals. FCMB has also actively financed renewable energy projects, providing credit for solar energy solutions.
The bank’s Quick-Loans platform has accelerated its lending operations, enabling thousands of digital loans and distributing billions of naira to entrepreneurs between January and June 2024.
The DBN Annual Lecture Series and Awards honor financial institutions that make exceptional contributions to Nigeria’s MSME sector. FCMB’s recognition in 2024 reinforces its leadership in impactful lending and sustainability, continuing its success from the 2023 awards, where it was also recognized for its green financing initiatives.
As part of FCMB Group Plc, the bank remains committed to driving inclusive growth, connecting people, capital, and markets across Nigeria and Africa.