All Posts in "FCMB"

FCMB Simplifies Vehicle Ownership Mode

 

First City Monument Bank (FCMB) is now offering auto loans of up to N30 million at a reduced interest rate in its effort yo encourage and simplify vehicle ownership for personal use by millions of Nigerians

The bank’s auto loan supports acquiring brand new and pre-owned vehicles (popularly known as “Tokunbo”), with N500,000 as the minimum loan amount that a customer can access for a repayment duration of up to five years,a statement said.

It noted that the loan affirms FCMB’s commitment to improving the social well-being of individuals and enhancing access to credit for higher standard of living for families.

Divisional Head, Personal Banking of the bank, Mr Shamsideen Fashola, said:“Vehicle ownership is one of the most exciting moments in a person’s life.Yet, many people struggle to save up for a long time to make this dream come true. To bridge this gap, we created a value proposition that is flexible, convenient and empowers individuals, families and businesses to achieve the dream of vehicle ownership.

“Nigerians can now finance their dream vehicle with an auto loan from FCMB at a low-interest rate with monthly or yearly payment options depending on their income.We, therefore, urge the populace, including, but not limited to salaried individuals, to take advantage of this opportunity to fulfil their vehicle ownership dream.”

The statement also said that FCMB Auto Loan empowers qualified Nigerians to part-finance the purchase of brand-new and pre-owned vehicles while spreading the repayment between one and five years.

The loan, which is dependent on the type of vehicle to be purchased, is open to salaried individuals and self-employed Nigerians.

“However, vehicle ownership in the country has been declining because of increased prices.This is due to foreign exchange and importation challenges, leading to a drastic reduction in purchasing power and sales decline in the auto industry.

“A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as Group Chief Executive.

“The bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.The intervention of FCMB in the automobile sector aligns with Goals 3 and 10 of the Sustainable Development Goals (SDGs), which focus on well-being and reduced inequalities,” the statement added.

admin by — May 30, 2022 in Motoring 0
FCMB Disburses N59bn Digital Loans To Customers

The First City Monument Bank (FCMB)has disbursed N59 billion loans through its instant loan solution, FastCash.

It has attained a two-millionth loan disbursement that has helped customers to meet their urgent financial needs and achieve their short-term objectives,the bank said in a statement.

FastCash,it said,closes access to the finance gap in Nigeria and ensures the well-being of a Nigerian household.

Its Divisional Head, Personal Banking of FCMB, Mr Shamsideen Fashola said: “The amount of trust placed in FastCash by our customers is humbling. We will continue improving on this product to deliver an exceptional customer experience.”

FCMB said it also offers a Salary Plus Loan where its customers have access to short or medium-term funding before salaries to meet urgent needs.

“In vast numbers, Nigerians have adopted FastCash and SalaryPlus. Both products have proven to be excellent solutions for those in need of sudden cash during these challenging times, affirming FCMB’s commitment to products and services that close the access to credit gap for all strata of Nigerian society”

admin by — May 5, 2022 in Banking&Finance 0
FCMB Rakes In N22.7bn

FCMB Group Plc said its profit before tax rose to N22.7bn as of the end of 2021 financial period, from N21.9bn in 2020.

The group disclosed in its financial results for the year ended December 31, 2021.Its profit after tax also rose by seven per cent to N20.9bn.

It declared a higher dividend of 20 Kobo per share to shareholders, from 15 Kobo per share in 2020,a statement from the bank said.

“The impressive result across market fundamentals shows an increased gross revenue to N212bn, representing a seven per cent growth compared to N198.4bn in 2020,” the statement said.

It added that, “The financial results also showed enhanced customers confidence in FCMB, as deposits increased by 24 per cent to N1.6tn from N1.3tn in the previous year.

“Loans and advances grew by 29 per cent to N1.1tn at the end of December 2021, as against N822.8bn the previous year. In addition, the total assets of the Group rose by 21 per cent toN2.5tn.”

FCMB Group’s assets under management rose by six per cent to N525.8bn in 2021, from N495.2bn in 2020, it added.

The statement said net interest income grew marginally by 0.2 per cent year-on-year to N90.9bn for full-year 2021, from N90.7bn for the full-year 2020.

The bank’s non-interest income increased to N43.1bn last year, representing 17 per cent growth from N36.8bn prior year on account of an increase in electronic fees and commissions from digital channels.

Trading income,it said, also surged by 32 per cent year-on-year resulting from higher volumes of fixed income instrument trades,while capital adequacy ratio remained stable at 16.2 per cent for the retail and commercial banking subsidiary of the Group (First City Monument Bank).

Besides, its liquidity ratio of the bank stood at 34.8 per cent as of the end of the financial year 2021, indicating that the financial institution is in a healthy position.

The bank also acquired an additional 1.1 million customers in 2021, increasing its total customer base to 9.4 million from 8.3 million in 2020.

admin by — April 8, 2022 in Banking&Finance 0
 FCMB Manager, Two Others Docked For N1.2bn Fraud

A Lagos High Court,Wednesday docked the Ikeja GRA branch manager of First City Monument Bank (FCMB), Tope Munis,  for allegedly aiding N1.2 billion fraud.
He was arraigned on 15 counts amended charge alongside Dare Osamo and Ayoola Bisola who had earlier been arraigned over the alleged fraud .
During yesterday’s proceedings,the Director, Lagos State Department of Public Prosecution, Dr. Jide Martins, told Justice Oyindamola Ogala informed that the state had an amended charge to include the branch manager who allegedly connived with Dare Osamo to dupe  Star Orient owned by a businessman, Otunba Babatunde Akanbi Babalola.
Munis on the 15th day of February, 2016, while acting as Branch Manager, First City Monument Bank Plc. situated at No 48, Isaac John Street, Government Residential Area (G R.A) Branch, allegedly committed the offence,according to the amended charge.
Besides,Munis and Osamo, allegedly demonstrated intention to defrauding and without lawful authority or excuses approved the opening of a new account for Star Orient Nig. Ltd when there were no SCUML (i.e Special Control Unit against Money Laundering) certificate number on the account opening form.
The amended charge also   stated that Munis and Osamo, allegedly ran contrary to banking rules when they opened the account without full details of the directors of Star Orient Nigeria Limited, no means of identification or BVN (Bank Verification Numbers) of the directors of Star Orient Nigeria Limited and upon a forged resolution purportedly signed by Dare Osamo as sole signatory when there are two directors who are signatories to Star Orient Nigeria Limited’s account.
Martins told  the court  about the existence of the amended charge and prayed it  to take his plea over the allegations leveled against the branch manager.
Munis pleaded not guilty to four-count charges relating to him out of the fifteen amended count charges
The state prosecutor, thereafter, asked the court for a trial date and a remand order pending the determination of his bail application.
 J.O. Olushade, counsel to the branch manager, informed the court of his bail application in liberal terms.
He prayed the court to admit the defendant to bail on the ground that the offences allegedly committed  by his client and other defendants are bailable.
But the state DPP said asked the court to ignore the request of the defendants on the strength  of the  severity of the offences.
In her ruling on the bail application, Justice Ogala granted the 3rd defendant bail in the sum of N20 million with two sureties.
The sureties must be resident in the state and have title to landed property,she said,adding that they must provide evidence of tax payment to state government as well as their residential address, which must be verified.
Main Admin by — March 31, 2022 in Crime/Metro 0