FCMB secures US$50m loan from AfDB for local enterprises and women-empowered businesses

NIGERIA – First City Monument Bank (FCMB) has secured US$50 million loan from the African Development Bank (AfDB) to channel to local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors.  Thirty percent of the funds, which are intended to mitigate effects of the challenging Covid-19 environment, are earmarked for underserved women-empowered businesses. In addition, the Bank will provide a technical assistance grant of US$200,000 through its Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurship Finance Initiative. The grant will…

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Nigeria’s FCMB half year profits jump 26% despite of COVID-19

FCMB Nigeria

NIGERIA – Nigeria’s FCMB (First City Monument Bank) Group Plc has said the group’s profit before tax for the first half of 2020 rose by 26 per cent despite of the bank operating in challenging economic environment.  The Group noted that its profits for H1 2020 rose to N11.1bn (US$28.83 million) in the first six months ended June 30, 2020, from the N8.8bn (US$22.85 million) recorded in the corresponding period in 2019. Group profit after tax increased by 29 per cent year-on-year to N9.7bn (US$25.19 million), representing a return on…

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Nigeria’s FCMB bank secures US$50M from IFC to support SMEs survive COVID19

FCMB Nigeria

NIGERIA — Nigeria’s First City Monument Bank (FCMB) Limited has secured a US$50M loan from IFC to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic. IFC, a member of the World Bank Group, in a statement explained that the loan was made through IFC’s COVID-19 fast-track financing support package. According to IFC, the support to FCMB reflects IFC’s commitment to Nigeria’s private sector following the severe challenges brought by the health and economic crisis. The funds will…

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FCMB expands branch network to enhance customer access

NIGERIA – First City Monument Bank (FCMB), one of Nigeria’s leading full-service bank has opened an ultra-modern cash centre within the Lagos State Abattoir Complex in Agege. The new branch was inaugurated by the Bank’s top management in a successful ceremony attended by top dignitaries, including officials of the Lagos State Government, trade unions, their members, and customers of the bank. ‘’We consider our presence at the Agege abattoir as another veritable opportunity to further cement our relationship with Lagos and in turn, drive development in this part of the…

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