FCMB offers N3bn credit line to waste managers in Lagos

Lagos residents hoping for improved waste management can heave a sigh of relief, courtesy of a N3billion credit line extended by First City Monument Bank (FCMB) to the Association of Waste Managers of Nigeria (AWAMN) in the state.

FCMB offers N3bn credit line to waste managers in Lagos

The credit line, facilitated by the Lagos State Waste Management Agency (LAWMA), will boost the working capital of Private Sector Participants (PSPs) in waste collection, aggregation, and recycling. It will empower them to purchase modern equipment such as trucks and upskill their human resources for smooth and efficient waste management.

Commenting on the initiative, Mrs. Yemisi Edun, Managing Director, First City Monument Bank, said, "we are excited to provide loans to AWAMN members, with the support of LAWMA, to upscale their operations in order to safeguard the Lagos environment. FCMB recognises that a cleaner and more sustainable environment is key to building a better world for present and future generations".

Mrs. Edun commended LAWMA for striving to maintain the city's sanitation standards to prevent the outbreak of diseases associated with poor waste management.

Also speaking, the Regional Head, Lagos, FCMB, Mr Adelaja Adeleye, said, "efficient waste management requires capital intensive equipment without which AWAMN cannot perform optimally. As a financial solutions provider of choice, we are bridging the financing gap in the waste management ecosystem in Lagos with this N3 billion intervention fund. We are optimistic that it will improve the city's waste management process, starting from collection, transportation and treatment to disposal."

On his part, the President of AWAMN, Mr David Oriyomi, described the credit line from FCMB as a welcome development. He noted that it will benefit operators and the state at large because waste managers can now access funds at a minimum interest rate.

"With improved access to funding, there will be more trucks in the system and service delivery will be greatly enhanced. No matter how small the income or expected income, every member of AWAMN would have access to this credit facility. For this reason, Lagos residents should expect a more consistently cleaner Lagos".

Over the years, FCMB has offered significant support to initiatives that ensure environmental protection and sustainability. Since 2016, the Bank has consistently supported the Lagos State Government's Cleaner Lagos Project to achieve a cleaner environment.

FCMB is a member of FCMB Group Plc, Nigeria's leading and most diversified financial holding company with subsidiaries that are market leaders in their respective segments. The Bank has built a strong base in various sectors of the nation's economy by consistently offering cutting-edge solutions to its customers across segments.

Having successfully transformed into a retail banking and wealth management-led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.

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