FCMB Disburses N1.7bn to SMEs

The Group Managing Director/Chief Executive of First City Monument Bank (FCMB) Limited, Mr. Ladi Balogun, said the bank has disbursed over N1.7 billion out of the Central Bank of Nigeria’s N220 billion for micro, small and medium scale enterprise.

FCMB is one of the financial institutions appointed to disburse the fund, which requires that 60 per cent of it should be channeled to women-owned businesses.

He said the bank grants over 20,000 monthly loans to individuals and companies and over 2,000 women-owned businesses (non-collateralised lending) in the intervention scheme. The FCMB boss also urged Nigerian women to take advantage of the opportunities provided by various initiatives of the government and the bank in the small and medium scale enterprises (SMEs) space to enhance their well-being and that of the country.

He promised that the bank would continue to deepen its support to existing and upcoming women-owned SMEs through increased lending, capacity building, advisory and value-added products as well as service deliveries that would enhance customer experience.

A statement from the bank, quoted Balogun to have made the remark at a capacity building session in Lagos, which was organised by FCMB for women entrepreneurs on the N220 billion Central Bank of Nigeria intervention fund. The programme was in partnership with WEConnect International and Poize Magazine.

The capacity building session was attended by women entrepreneurs who operate in various sectors of the economy. It is part of FCMB’s strategies to reach-out to the operators and educate them on how to access the fund, and equip them with relevant skills to take their business to greater heights.