FCMB, SystemSpecs sign MoU, launch payroll solution for SMEs

First City Monument Bank (FCMB), in collaboration with SystemSpecs Limited, has launched a solution that is focused on aiding different aspects of business operation.

In a Memorandum of Understanding (MoU) signing ceremony held in Lagos, the bank said the product was a payroll solution designed to meet the yearnings of thousands of its SMEs customers seeking more efficient, easy-to-use and affordable business tools to seamlessly operate their businesses. This, it was disclosed, will be very useful to individuals in business, SMEs, as well as corporate organisations.

Tagged: “FCMB Payroll”, the solution comes with exciting features that enable SMEs owners to easily process payroll; pay employees’ salaries into commercial/microfinance bank accounts or wallets and issue them regular pay slips.

To all staff of any customer or registered SME, the solution also overrides collateral requirements, even without the traditional documentation to access loans from FCMB. The product enables these customers easily maintain historical personal and payment records of all employees, including items such as their taxes, pensions and other possible transactions.

The Managing Director of FCMB, Mr. Adam Nuru, said the introduction of the FCMB Payroll initiative was in line with the commitment of the bank to grow the nation’s economy by providing SMEs with cutting-edge business tools to support their operations and help them build scale.