First City Monument Bank (FCMB), Nigeria’s leading provider of financial services, has been voted the best SME bank in Africa, consolidating its position as the dominant financial institution in the segment. The bank received a coveted award at the Asian Banker Middle East and Africa Regional Awards held digitally on 5 November 2020.
Development is another affirmation of FCMB’s unrivaled dedication and outstanding success in providing excellent services, including financing, capacity building and other value-added support, to small and Medium Scale Enterprises (SMEs).
Asian Banker is the world’s leading forum for strategic business intelligence for the financial services industry. The annual awards organized by the organization are one of the most extensive, open and valued awards in the field, covering the broad spectrum of topics and areas of the financial services system.
According to the Asian Banker, First City Monument Bank emerged as the Best SME Bank in Africa following, “series of online surveys across the region to gather feedback from thousands of customers per market. In the survey, we also asked customers to rate how well their main Banks have helped them during the crisis. The results and rankings are a true reflection of the voice of the customers”.
The organisers further stated that, “First City Monument Bank has introduced various digital initiatives into the SMEs segment, such as digital loan products (Quickloans) and its New Mobile banking platform. In addition, the bank launched a platform, which was a first of its kind, to help women owned businesses scale up, by leveraging access to financing schemes, mentorship programmes, as well as training and networking opportunities.
Commenting on the award, the Managing Director of FCMB, Mr. Adam Nuru, described it as another milestone and a clear demonstration that the various strategic initiatives and solutions offered by the Bank are yielding the desired results and appreciated in Nigeria and internationally.
Speaking while receiving the award, the Executive Director, Business Development, FCMB, Mrs. Bukola Smith, said the emergence of the Bank as the number one in the highly competitive SME category speaks volumes about its journey so far and its contribution to the success of businesses, despite the ongoing challenges posed by the COVID-19 pandemic.