Small and Medium Scale Enterprises (SMEs) are widely recognized as drivers of social and economic transformation globally. In Nigeria, they play a central role in the pursuit of economic prosperity.
Together with micro-scale ventures, these businesses contribute nearly half of the national Gross Domestic Product (GDP), employ 76.5 percent of the national workforce, and contribute 7.64 percent to export receipts, according to a joint survey by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS) in 2017.
They also account for more than 90 percent of total businesses in Nigeria.
In Nigeria, there are approximately 41.5 million Micro, Small and Medium Enterprises, which have the potential to redistribute wealth, improve local manufacturing, and diversify the economy.
Therefore, the policies and institutions that support their growth are crucial factors for Nigeria’s economic objectives.
One such institution is First City Monument Bank (FCMB), a leading financial services provider.
In the past year, this mid-tier lender demonstrated its excellence in the Nigerian banking industry by claiming the top position for customer experience among SMEs.
FCMB jumped to the first position in the SMEs category from a third-place ranking in the previous year. Furthermore, in 2018, FCMB emerged as the third most customer-focused institution in retail banking.
These findings are from the 2019 Nigeria Banking Industry Customer Experience Survey (NBICES) report by KPMG, one of the Big 4 global consulting firms.
The 2019 survey, which involved SME owners across Nigeria and used face-to-face and online survey methodologies, was based on six pillars of assessment and performance, including personification, integrity, expectations, resolution, time and effort, as well as empathy.
KPMG noted, “While the Nigerian banking landscape has constantly been faced with steep competition, the stakes have been raised even higher, and performing well on customer experience is the new minimum standard.” KPMG added, “As the race for the customer intensifies, front-runners will be those who demonstrate an understanding of the customer’s specific circumstances to consistently deliver a personalized experience.”
FCMB’s recent positive affirmation reflects the effectiveness of the bank’s support for boosting SME performance and its overall contributions to the nation’s economic growth, which are being recognized and appreciated by the market.
FCMB is known for its custom products and excellent service offerings across retail, SMEs, transaction, commercial, and corporate sectors.
The elevation of FCMB’s rating as the top bank in Customer Experience for SMEs is evidence that the bank is on the right path to achieving its goal of attaining the highest levels of customer advocacy in the industry and being a major contributor to economic development.
FCMB has consistently expressed its commitment to delivering exceptional service and providing the right propositions to help SMEs and other customer segments achieve their individual and business aspirations.
For example, the bank recently organized a training event themed “Supporting Women Businesses to Scale Up in 2020,” a comprehensive capacity building and empowerment program for women entrepreneurs in Ogun State, held in partnership with the Office of the First Lady of the State, Mrs. Bamidele Abiodun.
The bank reiterated its determination to continue assisting SMEs in overcoming the challenges they typically face, especially at the initial stages, because it aims to be part of their success story.
FCMB has built a strong foundation in the SME segment by consistently championing and implementing various cutting-edge solutions that have significantly impacted businesses nationwide under the following support pillars: access to capital, capacity building, advisory services, networking opportunities, and technology. The bank is one of the top participating institutions in the various intervention funds of the Central Bank of Nigeria (CBN) and Development Finance Institutions (DFIs). FCMB has received commendation from the CBN, Bank of Industry, Development Bank of Nigeria, among others, for its strong support for SMEs.
The bank also collaborates with local and international DFIs to provide various forms of funding, guarantees, grants, and capacity building programs to entrepreneurs. Additionally, FCMB offers new-to-bank SME customers three months of free banking transactions and tailored products to meet their needs, such as free accounting applications and payroll solutions.
FCMB has also automated its lending process for SMEs by adopting digital banking solutions to extend its intervention in the segment through its Quickloans platform. Since the platform’s launch in July 2019, over N10 billion unsecured loans have been disbursed to SME customers within three to twenty-four hours of application through the Quickloans platform.
Through FCMB’s SheVentures initiative, launched in March 2019, the bank offers enhanced support to existing and start-up women-owned SMEs by providing access to finance, training, and mentoring, with a zero-interest rate for an initial period of three months for beneficiaries. Over 2000 women entrepreneurs are being mentored by the bank through the SheVentures initiative.
Besides providing financial support, FCMB has trained over 10,000 SMEs, and organized various value-added capacity building programs that have accelerated the growth of businesses, thereby enhancing their contributions to the country’s development. The bank conducts comprehensive programs, such as “Business Enterprises and Sustainability Training (BEST),” SME Clinics, and Masterclass for business owners nationwide, to equip them with management skills and ensure effective networking.
FCMB has also contributed to the development of emerging markets, such as renewable energy, agribusiness, and the creative industry. The bank hosts several workshops and exhibitions for these sectors, partnering with organizations such as the International Finance Corporation, the Rural Electrification Agency, and the European Union, among others, to provide valuable insights and networking opportunities for industry professionals.
First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.
Having successfully transformed into a retail banking and wealth management-led group, FCMB aims to continue differentiating itself through innovation and the provision of exceptional services.