Small and Medium Scale Enterprises (SMEs) can now quickly access from N5 million to N100 million to purchase equipment needed to grow and expand their businesses, courtesy of First City Monument Bank (FCMB) SME Asset Finance Facility. So far, over 25,800 SMEs have accessed this facility.

FCMB has provided N42.4 billion loan guarantee support to SMEs with inadequate collateral coverage in the start-up stage and has disbursed over N637.08 billion in loans to entrepreneurs.

With a four years repayment option, this asset finance facility is open to early-phase businesses of less than five years and growing SMEs to help fund new equipment addition or replace depreciating assets to sustain growth trajectory.

Mr George Ogbonnaya, Group Head of Business Banking at FCMB, said that SMEs in Nigeria have what it takes to be more productive and contribute more to economic growth. However, they face a major challenge, the capacity to raise funds to acquire modern equipment and other assets.

He disclosed that “FCMB understands the challenges SMEs face in securing funding and is committed to providing them with the financial support they need to grow and succeed.”

The FCMB Asset Finance facility is conveniently structured to provide a viable option for SMEs to acquire business assets at an affordable rate. So far, the uptake by SMEs has been impressive, and it is helping them to succeed.

In recognition of its support to SMEs in the country, FCMB was awarded “Best Bank with the Highest Impact on SMEs in Nigeria” for the second consecutive year by the Development Bank of Nigeria (DBN) at its annual awards ceremony. This prestigious award is a testament to FCMB’s ongoing efforts to provide SMEs with the financing and support they need to grow and succeed.

In 2021, the Bank won nine national and international awards and recognitions across various SMEs segment, including the “Best SME Bank in Africa” and “Best SME Bank in Nigeria” at the Asian Banker Middle East and Africa Regional Awards for the second consecutive year.

First City Monument Bank is a member of FCMB Group Plc, a purpose-beyond-profit corporation led by Ladi Balogun. The Bank is committed to fostering inclusive and sustainable growth in the communities we serve. We do this by building a supportive ecosystem rooted in Africa that connects people, capital and markets.

1. Mr Dumebi Kachikwu, African Democratic Congress, ADC, presidential candidate, said the insufficient circulation of the new Naira notes posed great threats to the country’s peace.

Kachikwu said this in a statement on Tuesday in Abuja.

He said it was disheartening to see Nigerians endure long queues under the scorching sun just to withdraw their hard-earned money.

According to him, Nigerians are groaning in agony and people are being dehumanised in a bid to obtain the new notes.

“If this is not bad enough, the most political Central Bank Governor in our nation’s history seeks to plunge our nation into further chaos.

“How else can one explain this ill-conceived Naira Redesign Policy that ought to strengthen the value of our currency but now threatens our very existence as a nation?

“My heart broke as I watched the videos of those who stripped naked in banking halls all in a bid to collect their money.

“How do you speak of cashless banking in a country plagued by epileptic telecom networks and power blackouts?

“Who is deceiving who when many parts of Northern Nigeria don’t have bank branches and lack the infrastructure to support e-banking.

“Was this not factored into the CBN Governor’s plan?” He asked.

Kachikwu said that Nigerians did not deserve hardships, especially at a time when fuel was also not available in many parts of the country.

He alleged that people queued for hours for fuel only to be told they could not buy.

This, he said, was because they did not have cash and the Point of Sale, POS, terminals were not in operation due to unavailability of both the old and the new Naira notes.

He lamented that there is no money, no food, no power, no jobs, no security, adding that all these were ingredients of anarchy if not well managed.