First City Monument Bank (FCMB) has earned praise for making a major contribution to the expansion of Nigeria’s economy. The bank was recognized for attaining the “Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria” and the “Highest Disbursement to Sustainability Projects” at the 2024 Development Bank of Nigeria (DBN) Annual Lecture Series and honors in Lagos, where it was presented with two significant honors.
These honors demonstrate FCMB’s steadfast dedication to sustainability and financial inclusion. The bank gave approximately N180 billion in loans to over 800,000 Micro, Small, and Medium-Sized Enterprises (MSMEs) in the first half of 2024, enabling these companies to expand and prosper across a range of industries.
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This effort is part of FCMB’s broader mission to support MSMEs through specialized financial services, contributing to the country’s economic growth and sustainable development goals.
FCMB’s Managing Director, Mrs. Yemisi Edun, expressed pride in the recognition, saying, “As the bank of choice for MSMEs in Nigeria, we are honoured by these awards and remain dedicated to supporting businesses nationwide. MSMEs are crucial to Nigeria’s economic development, and we are committed to providing them with the financial and non-financial tools they need to succeed. Our approach is rooted in fostering inclusive and sustainable growth, creating an ecosystem that connects people, capital, and markets across Africa.”
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The National Bureau of Statistics (NBS) reports that over 41 million MSMEs operate in Nigeria, contributing about 48% of the country’s gross domestic product (GDP). FCMB’s strategic focus on this sector underscores its long-standing dedication to driving Nigeria’s economic progress.
In 2023, FCMB also secured over $280 million in funding from Development Financial Institutions (DFIs) to further boost its support for MSMEs, with a particular focus on women-led businesses and key sectors like renewable energy. The bank has been actively financing solar energy projects, aligning with global sustainability goals while meeting the energy needs of local businesses.
