Development Bank affirms FCMB’s commitment to economic progress

Financial inclusion and responsible growth are key drivers of economic progress. In Nigeria, over 37 million micro, small, and medium-sized enterprises (MSMEs) contribute nearly half of the country’s GDP. Access to finance for these businesses is essential for sustaining economic growth. First City Monument Bank (FCMB) is a leader in this space,consistently improving financial access for MSMEs through easy-to-use,tech-driven lending practices.

Recently, FCMB was recognised at the 2024 Development Bank of Nigeria(DBN) Annual Lecture Series and Awards. The bank received two awards:”Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria”and “Highest Disbursement to Sustainability Projects.” These honours highlight FCMB’s role in driving economic growth and expanding financial access for under served businesses.

The Development Bank of Nigeria, created by the Federal Government to address MSME financing challenges, reports that more than 37 million MSMEs contribute over 50% of Nigeria’s GDP. Yet, less than 5% of these businesses have access to credit.

DBN helps close this gap by providing funding and risk-sharing tools. It supports financial institutions, especially deposit money and microfinance banks, by increasing their capacity and offering financing tailored to the needs of smaller businesses.

FCMB partners with DBN to offer financial support to MSMEs, helping them grow and contribute to Nigeria’s economy. In the first half of 2024,FCMB provided more than N180 billion in loans to over 800,000 MSMEs in various sectors. This level of support reflects the bank’s commitment to helping small businesses thrive and grow.

“MSMEs are vital to economic development in Nigeria,” said Yemisi Edun,Managing Director of FCMB. “We are focused on providing financial andnon-financial support to help these enterprises reach their full potential. We are honoured by this recognition and will continue our commitment to inclusive and sustainable growth.

“The awards highlight FCMB’s MSME lending leadership and commitment to sustainable practices. By focusing on projects that promote environmental and social sustainability, FCMB aligns its financial activities with broader national development goals. With MSMEs contributing over 50% of Nigeria’s GDP, FCMB’s role in supporting this sector is essential to the country’s future growth.

As FCMB continues to champion impactful lending and sustainable banking,it sets a benchmark for other financial institutions in Nigeria. By prioritising national development and adopting innovative financial solutions, FCMB is impacting Nigeria’s inclusive and sustainable economic growth.