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First City Monument Bank Ltd

Region and country of operations: Africa, Nigeria
Jurisdiction of registration: Nigeria
Business sector: Banking
Funding channeled through: AFDB
Date of agreement (month/year): 11/2023
Finnfund’s financing: USD 10,000,000
Share of Finnfund’s financing: 20%
Instrument: Loan
Size of project/financing: USD 50,000,000
Environmental and social category: FI-A

Project description

First City Monument Bank Ltd is among Nigeria’s ten biggest commercial banks. It finances retail, micro, SME and corporate clients. The bank’s strategic goal is to grow its SME and retail portfolio, facilitating financial inclusion among underserved clientele and in agribusiness.

The Bank has in-house and client-focused incentives and programmes to support and encourage women’s participation in employment and entrepreneurship. The loan will support the growth of the bank’s lending to local and women-empowered businesses involved in the transformative sectors of agribusiness, manufacturing, health and renewable energy. At a minimum, 30% of the loan proceeds will be channelled to women-owned businesses.

Main development impact

Financing of SME and agribusiness clients, financial inclusion, employment, taxes paid, gender.

Empowering women is one of the bank’s core principles.

More information

Last modified: December 2023