FCMB receives $2m innovation grant from EFI-nA

Enhancing Financial Innovation & Access (EFInA), has disclosed that it released $2 million (N564, 000,000) Innovation Grant to support First City Monument Bank (FCMB) Limited with its “Group Lending and Agency Banking” project.

Chief Executive Officer EFInA, Chidinma Lawanson, said: “the FCMB group lending project seeks to drive financial inclusion by targeting low-income women and micro business owners directly through digital financial services and agent banking. The project is estimated to impact over 200,000 customers by providing them with a minimum loan of N30, 000 per beneficiary, including a compulsory savings element of the loan which will deepen the savings culture among the financially excluded population.”

EFInA’s innovation grant will enable FCMB to extend facilities to prospective customers in twelve states: Bauchi, Kaduna, Sokoto, Niger, Kwara, Lagos, Oyo, Ogun, AkwaIbom, Rivers, Cross River and the Abia States.

This is even as the has said that holders of its MasterCard, Visa and Verve Cards are in for better value, seamless service and excellent experience following the full implementation of its recently commissioned technology solution, otherwise named, Finacle 10.

FCMB said holidaymakers will now have access to over 850 airport lounges around the world with their priority pass card (available only to MasterCard holders) since the cards are acceptable all over the world.

Compared to commonly issued cards, FCMB MasterCard, Visa and Verve cards (Verve is for local transactions only) are configured in variants that suit different lifestyles, usable by all segments of the society and are quite easy and simple to activate.

This lender, with a robust product suite for businesses and individuals alongside its award winning service culture is said to be leveraging diverse capabilities by investing extensively in channels to reach more customers.

The Bank’ s  customers are embracing alternative channels such as mobile at an impressive rate, whilst many crave for the reassurance of a 33-year enduring experience of a financial institution that has endeared itself to its customers.

Responding to the media in Lagos, the Group Head, Cards and Electronic Banking at First City Monument Bank (FCMB), Mr. John Iwuajoku said,

“We have set our eyes on providing robust products and facilities that meet the demands of today’s innovative environment, complex desires and experience of our teeming customers in order to provide them with flexible options for maximum benefit and excellent long lasting customer experience. This is very important to us. The comfort we are promising our customers with our cards includes increased transaction limit even in the face of other institutions shutting down their international transactions.

Ours give access to much more than moderate transactions with subsisting exchange rates reflected on transactions executed with all FCMB cards anywhere in the world”, Mr. Iwuajoku, stated.

The advent of financial innovation such as smart card, credit card, electronic transfers in the payment system space and the launching of internet banking has transformed the world into a global village linked with electronic impulses.

First City Monument Bank (FCMB) said even if an individual is not a customer of the bank;  all travelers and holidaymakers can as well cash-in on these opportunities. Its cards are issued instantly when an account is opened.

The bank also has its pre-paid card in all card types, MasterCard, Visa and Verve (used within Nigeria only) for customers who do not wish to open current or savings accounts with the bank.  Holders receive SMS for alerts to signal customers’ confirmation of authorized or unauthorized transactions while backed with 24/7 support through a multi-lingual contact center.

FCMB has invested in the acquisition of a robust infrastructure and security to meet and exceed her customers’ expectations while maintaining stakeholders’ trust in the FCMB brand. The bank’s technology has vigorously enhanced its cards’ high approval rate. Gratifying are the incentives available to holders of FCMB MasterCard and Visa cards which include cash-back promos. FCMB’s Visa cards are tied to second level authentication for web transactions, emergency cash advance in case of theft or loss for its Platinum holders, with referral service and purchase protection up to $2,000.