FCMB introduces free banking service for SMEs

First City Monument Bank Limited has introduced a three-month free banking service for prospective customers of the bank operating in the Small and Medium-scale Enterprises.

The offering, which began on February 1, would end on April 30, the lender said in a statement on Wednesday.

This is aimed at encouraging Nigerians to take active interest in entrepreneurship, while also assisting new and existing SMEs to overcome some of the challenges they face, especially at the take-off stage.

According to the lender, to qualify for the free three-month banking incentive, a prospective SME is required to open an FCMB Business Account and sign up for a business debit card at any of its over 200 branches across the country.

“The benefits of this value-added offering include: no banking charges on local transactions, free account maintenance and monthly flat charges, free cheque books, free printing of account statements and free bank drafts,” the bank added.

The Divisional Head, Retail Banking, FCMB, Mr. Olu Akanmu, was quoted as saying that the free banking service was another demonstration of the bank’s value as a helpful financial institution committed to helping businesses to thrive in the current challenging times.

He stated, ‘’The FCMB is committed to helping Nigerians and their businesses to succeed even in this challenging times. We support them with simple, easy to use transactional products and services that help them to manage their cash and collections efficiently while supporting them in their aspirations to build successful businesses”

With statistics showing that about 20 million SMEs are registered in the country, the FCMB pledged to continue to offer products and incentives aimed at stimulating growth in the sector.

The lender is one of the participating banks appointed by the Central Bank of Nigeria to drive the N220bn Development Fund.

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