Development Bank Recognises FCMB for Supporting SMEs, Green Projects

Oluchi Chibuzor

In recognition of its exceptional contribution to small and medium-sized enterprises (SMEs), the Development Bank of Nigeria (DBN) has honoured First City Monument Bank (FCMB).

At the 2023 Service Ambassadors Awards in Lagos, the bank received accolades as the “Deposit Money Bank with the Highest Impact in the DBN Focus States” and “Participating Financial Institution with the Highest Disbursement to Green Projects.”

These awards, the bank said in a statement, underscore it’s commitment to impactful lending, actively driving economic growth and job creation across Nigeria.

A leading supporter of SMEs in Nigeria, FCMB has extended credit totalling N1.343 trillion to over 98,000 SMEs across diverse sectors since 2018. This includes N3 billion in credit disbursed to over 50 firms promoting clean energy solutions.

Commenting on the awards, the Managing Director of FCMB, Mrs. Yemisi Edun, said: “We are honoured to be recognized as the Deposit Money Bank with the Highest Impact in the DBN Focus States and the Participating Financial Institution with the Highest Disbursement to Green Projects. Our partnership with the Development Bank of Nigeria empowers SMEs to scale up and contribute significantly to Nigeria’s economic development. These awards affirm our commitment to meeting the expectations of our customers and the broader business community.

“FCMB’s target is to train over 1 million SMEs through Technical Assistance worth €325,000 granted by Proparco (the private-sector arm of the French Development Agency) and another $275,000 from the African Development Bank (AfDB). These will facilitate the successful onboarding and empowerment of SMEs, including women entrepreneurs, under its SheVentures proposition and those operating in high-impact sectors (agriculture, renewable energy, digital).”