First City Monument Bank Ltd
Region and country of operations: Africa, Nigeria
Jurisdiction of registration: Nigeria
Business sector: Banking and finance
Date of agreement (month/year): 12/2019
Finnfund’s financing: USD 5,000,000
Share of Finnfund’s financing: 10%
Instrument: Tier 2 loan
Size of project/financing: USD 50,000,000
Environmental and social category: A
First City Monument Bank Ltd is among the ten biggest commercial banks in Nigeria. It finances retail, micro, SME and corporate clients. It has about 2 300 employees and loan portfolio of USD 1.8 billion and about 6 million customers.The strategic goal of the bank is to grow its SME (including agri) and retail portfolio which will facilitate financial inclusion among underserved clientele. The Bank has in-house and client focused incentives and programmes to support and encourage female participation in employment and entrepreneurship.
The purpose of the financing is to enable the execution of the growth strategy of the bank by strengthening the bank’s capital base.
Main development impact
Financing of SME and agri clients, financial inclusion, employment, taxes paid, gender. Empowering women is one of FCMBs core principles.