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First City Monument Bank Restated Commitment To Productivity, Profitability Of SMEs

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SMEs

First City Monument Bank (FCMB) has restated its commitment to the productivity and profitability of Small and Medium Scale Enterprises (SMEs) through funding, capacity building, advisory and other forms of support that would boost their overall contributions to economic development.

 

FCMB, which is rated as the number one Bank for SMEs in Nigeria in the latest Banking Industry Customer Experience Survey report by KPMG, gave the assurance at a free and comprehensive capacity building and empowerment programme it organised for women entrepreneurs in Ogun State, in partnership with the Office of the First Lady of the State, Mrs. Bamidele Abiodun, on February 5, 2020.

 

The programme, themed, “Supporting Women Businesses to Scale Up in 2020’’ and under the auspices of FCMB’s SME Advisory and SheVentures initiative for women entrepreneurs, was attended by hundreds of existing and start-up entrepreneurs across Ogun State, seasoned professionals from the Bank of Industry (BoI), National Agency for Food and Drug Administration and Control (NAFDAC) and Federal Inland Revenue Service (FIRS), among others. It focused on business and skills development, marketing, finance, taxation, cost and revenue management, business plan writing, in addition to other topical issues.

 

Speaking at the opening session, the Executive Director, Business Development of FCMB, Mrs. Bukola Smith, said the Bank recognises the increasing role and impact of SMEs, especially women-owned ones. According to her, ‘’it is a fact that in Nigeria, several women have risen through various challenges to become top entrepreneurs. Through resilience and innovation, they have taken the front seat in driving growth in this sector and by extension the larger economy. However, we believe that women can do better in the SMEs ecosystem if provided with the requisite skills and other resources.’’.

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Mrs. Smith added that, “as the number one Bank for SMEs in Nigeria, we have built a strong base in this segment by consistently offering various cutting-edge solutions under our key pillars of support, which are, access to capital, capacity building, advisory services, networking opportunity and technology. We are excited that these interventions have tremendously impacted individuals, businesses and the nation’s economy, especially through job and wealth creation.”.

 

She expressed gratitude to the Ogun State Government and the Office of the First Lady for providing the enabling environment for businesses to thrive, while urging the participants to take advantage of the opportunities provided by the training.

 

In her keynote address, the First Lady of Ogun State, Mrs. Abiodun, said, ‘’as a firm believer in initiatives that focus on boosting the economic capacity of women and offering both financial and non-financial support to women-owned enterprises, I consider this programme as a step in the right direction. I was excited when I was informed about the FCMB SheVentures initiative. Financial empowerment remains one of the most important means of eradicating poverty among women in the developing world, as seen in Bangladesh, Kenya and Nigeria’’.

 

She added that, “we have had numerous empowerment programmes in Nigeria. Many were driven by capacity building programmes followed by loans and grants to women to start-up businesses. However, studies have shown that these initiatives, while having some value failed to reach their full potential because of one missing ingredient, which is financial education as a vehicle to actualise the full value of any business venture. And here today, FCMB through its efforts to ensure that women owned businesses in Ogun state and Nigeria as a whole are not left out in the development of the nation’s economy, has delivered this very much sought after Financial Education to us on a first class level amongst an array of financial solutions’’.

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FCMB provides numerous offerings to SMEs in Nigeria, including FCMB SME Advisory Services through market intelligence, technical assistance support and access to intervention funds in partnership with Development Financial Institutions. There is also the FCMB SheVentures initiative, which provides enhanced support to women-owned SMEs through access to finance, training and mentoring with the unique benefit of zero-interest rate for an initial period of three months. So far, over 2000 women entrepreneurs have benefitted from this.

 

The Bank has also automated and digitized its lending process for SMEs through the FCMB Quickloans platform. Since the launch of the platform in July 2019, over N10billion unsecured loans have been disbursed to SME customers within three to twenty-four hours of each application.

 

For more information about FCMB, please visit www.fcmb.com.

 

See pictures from the event below:

 

FCMB Deepens Empowerment of SMEs in Ogun State, as First Lady Commends Bank

FCMB Deepens Empowerment of SMEs in Ogun State, as First Lady Commends Bank

FCMB Deepens Empowerment of SMEs in Ogun State, as First Lady Commends Bank

FCMB Deepens Empowerment of SMEs in Ogun State, as First Lady Commends Bank

FCMB Deepens Empowerment of SMEs in Ogun State, as First Lady Commends Bank

FCMB Deepens Empowerment of SMEs in Ogun State, as First Lady Commends Bank

FCMB Deepens Empowerment of SMEs in Ogun State, as First Lady Commends Bank

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Jumia Implements “Contactless” Delivery And “Cashless” Payments In Response To The COVID-19 In Africa 

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MSMEs Empowerment

The delivery and payment methods of the e-commerce platform ensures safer transactions for riders and consumers

 

Lagos (Nigeria), 31st March 2020: Africa’s leading eCommerce platform Jumia has announced the implementation of ‘contactless’ delivery for prepaid packages on the platform. The company is taking additional measures to keep consumers, delivery agents and partners safe in the wake of the COVID-19 outbreak.

 

To drive the initiative, the ‘contactless safe delivery’ option has been implemented on JumiaPay, the payment platform. This enables consumers to make prepaid payments for products online and get it delivered without a direct body contact or cash exchange with the delivery agent.

 

 “The health and safety of our customers and delivery agents is our absolute priority. We are uniquely positioned to step up and be part of Africa’s response strategy in this challenging time. We have implemented a “Contactless” delivery option, which eliminates any possibility of physical contact. Convenience, social distancing and cashless measures are woven into one solution to combat the current situation.”  said Apoorva Kumar, SVP Logistics at Jumia.

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Jumia’s delivery agents have been trained to enforce necessary standards during delivery. They are instructed to call or text when they arrive at the customer’s place and drop off the package at their doorstep, then step back to the safe distance limit and will wait for the customer to take the package before leaving.

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Consumers are strongly encouraged to pay “cashless” on Jumia through JumiaPay. This will ensure less physical cash coming into contact with delivery riders and  the wider population and will in turn help reduce the risk of coronavirus transmission.

 

Jumia “Contactless” delivery payment option is available on all JumiaPay/ Prepaid Packages and all cashless delivery modes that are contactless such as mobile money.

 

About Jumia

Jumia is a leading e-commerce platform in Africa. It is built around a marketplace, Jumia Logistics, and JumiaPay. The marketplace helps millions o

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Union Bank Ramps Up Support for the Fight Against COVID-19 in Nigeria  

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Union Bank

 Union Bank today announced additional donations totalling Three Hundred Million Naira (N300million)as part of its multi-pronged approach to tackle the spread of Coronavirus in Nigeria.

 

As part of the Private Sector Coalition Against COVID-19, Union Bank has contributed Two Hundred and Fifty Million Naira (N250million) into the fund set up by the coalition to raise N120bn (One Hundred and Twenty Billion Naira) to fight the outbreak in Nigeria.

 

In addition, the Bank also made a further donation of Fifty Million Naira (N50million) to the Lagos State Covid-19: Emergency Food Response programme which was set up to support low-income families who will be directly impacted by the state-wide restrictions in place to limit the spread of the disease. Lagos State currently has the highest number of COVID-19 cases in Nigeria.

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Commenting on the Bank’s active efforts to tackle COVID-19 in Nigeria, the Chief Executive Officer of Union Bank, Emeka Emuwa, said:

“The fight against Covid-19 requires all hands-on deck with close collaboration between the public and private sector. Union Bank is committed to supporting Nigeria’s response to ensure the country avoids a pandemic. We will especially be looking to support ordinary Nigerians who will be disproportionately impacted economically at this time.”

Last week, as part of its immediate response to the outbreak, the Bank made an initial donation of N50,000,000 ($130,000) into a $500,000 fund set up by 54gene, African genomics research, services and development company working closely with the Nigeria Centre for Disease Control (NCDC) to fight the COVID-19 menace.

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Prudential Zenith Life protecting its customers during the Coronavirus (COVID – 19) pandemic

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Africa Prudential

 

In the face of the coronavirus pandemic and the resulting lockdown, Prudential Zenith Life Insurance is rolling out a range of services to help customers cope with the lockdown.

The new services include a range of additional COVID-19 insurance cover enhancements, without additional premium charges, and a waiver for ‘pandemic’ exclusions as contained in its policy language.

In line with the recent pronouncement of the federal government, the company will be temporarily locked down and has therefore set up a dedicated claims team with remote working capabilities, to enable customers make and receive claims virtually.

According to the statement from the insurance company, the claims procedure will be simplified to allow customers make claims through the WhatsApp channel.

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This development makes it possible for customers to buy insurance products without any physical interface with sales personnel or visit to a physical branch.

Commenting on the changes, Prudential Africa CEO Matt Lilley said, “we realise this is a worrying time for everyone and we want to reassure you that protecting the health and wellness of our customers, employees and partners is our primary concern.

“At Prudential, we have been delivering promises for over 170 years and this time will be no different. I am proud of the measures we are announcing today and I know that they will provide our customers additional peace of mind.”

He added that the waiting periods for new cover have been reduced, and the company is providing additional training and incentives to sales personnel to continue providing advice and access to insurance, even as they work remotely.

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He encouraged Nigerians to stay safe and adhere to the directives from the Ministry of health, Nigerian centre for disease control (NCDC) and other relevant authorities.

“We are going to get through these trying times together” he assured.

What you should know

Prudential Zenith Life Insurance was born when Prudential Plc, one of the oldest and most strongly capitalized life insurance companies in the world, acquired a majority stake in Zenith Life Assurance.

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