First City Monumental Bank (FCMB) Microfinance Bank – Everything you should know

Aug 19th, 2020

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They established city securities Limited in 1977, and a little thereafter, First City Merchant Bank in 1982. It was the first local bank in Nigeria to be established without governmental support, and since then has grown into a large financial institution in existence today. 

They also launched the FCMB microfinance bank, a subsidiary aimed at providing financial services to the under-banked or unbanked low-income sector.

We would review their services in this article, along with every other thing you should know. The goal of FCMB Microfinance Bank is to better the unbanked sector.

FCMB Micro finance

Why FCMB Microfinance Bank?

Banking services are virtually in every part of the world today and in almost every country. Whether small scale to international institutions, many people have access to easy and quick financial tractions.

However, there remains a sect that is largely under-served or even completely has banking services out of their reach. This result was from a survey carried out by FCMB, which showed that access to financial services in Africa is worse for women than men, despite their growing importance in the home. They established FCMB microfinance bank to address this need.

If you are in this category therefore, that is why you should subscribe to their services today.

FCMB Microfinance Bank Initiative – “E DON BETA”

As an indigenous bank established decades ago, FCMB has laid down structures that assist low income earners involved in businesses that earn daily income. They also offer them sustainable growth opportunities they can exploit to expand their businesses.

The “E DON BETA” (Pidgin language for English statement “it has gotten better”) initiative is designed for group lending and targets economically active women. This program creates financial awareness and empowerment for this category of women through the provision of micro-loans at a fair cost.

Who can access FCMB Microfinance bank loans?

The service is available to unbanked and under-banked low-income women for savings, credit, and other financial support. If you fall into this category, you can access low cost micro-credits and all the other services they offer.

FCMB microfinance bank qualities

Here are three major qualities you would get when you bank with them:

  1.  Fast and easy Access to finance:

 FCMB microfinance bank makes it very easy for you to access banking services by bringing it closer to you. This is especially true in loan access for you to finance business undertakings. The entire process takes a quick time.

  1. Responsiveness: 

With zero collateral requirements, you can get just the amount you need as a low-market income earner. The bank instead leverages mutual trust and group associations to provide loans for you.

  1. Excellent customer service:

This starts with FCMB matching you with employees who speak your local language, therefore you can communicate in your more convenient language. Their staff also are friendly, well-mannered, down to earth, and ready to provide you with all you need.

How do I contact FCMB microfinance bank?

You can simply walk into any designated physical outlet or call 070 0777 7778.

Conclusion

Microfinance bank provides opportunities for low-income women to expand their businesses through loans.

They have a quick response time and a less complicated process for taking these loans. The best of all is that you do not require any collateral. Ensure you take advantage of these services and grow your businesses today. You can check out posts on commercial bank loans like the Zenith Bank loan.

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