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The bank was recognised as the "Best Bank with the Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria" and for making the "Highest Disbursement to Sustainability Projects."
These accolades highlight FCMB’s continued commitment to promoting financial inclusion and sustainability in Nigeria. From January to June 2024, the bank disbursed ₦180 billion in loans to over 800,000 Micro, Small, and Medium Enterprises (MSMEs) across various sectors. This significant financial support has helped strengthen the growth and resilience of these businesses, contributing to Nigeria's broader economic and sustainability goals.
Yemisi Edun, Managing Director of FCMB, expressed the bank's pride in receiving the awards, stating, "We are honoured to be recognised for our efforts in supporting MSMEs. These businesses are vital to Nigeria's economic development, and we remain committed to providing the necessary financial and non-financial tools to help them reach their full potential. We focus on fostering inclusive and sustainable growth, connecting people, capital, and markets across Africa."
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According to the National Bureau of Statistics, over 41 million MSMEs operate in Nigeria, contributing 48% of the country's gross domestic product. FCMB’s strategic focus on this sector underscores its commitment to driving economic growth in the country.
In 2023, FCMB secured over $280 million in funding from Development Finance Institutions (DFIs) to further its support for MSMEs, particularly those led by women and businesses in key economic sectors. This aligns with the bank’s commitment to sustainable development goals. FCMB has also proactively financed renewable energy projects, offering credit to customers seeking solar energy solutions.
FCMB’s lending operations have been bolstered by its Quick-Loans platform, which automates and speeds up the loan disbursement process. Between January and June 2024, the bank processed thousands of digital loans, distributing billions of naira to entrepreneurs through this platform.
The DBN Annual Lecture Series and Awards celebrate financial institutions contributing exceptionally to Nigeria's MSME sector. FCMB’s recognition in 2024 reaffirms its leadership in impactful lending and sustainability, continuing a trend seen in its achievements at the 2023 edition, where it was also recognised for its efforts in green financing.
As a member of FCMB Group Plc, the bank remains steadfast in its mission to drive inclusive growth, connecting people, capital, and markets across Nigeria and Africa.
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