centric and responsive Bank. The latest in the series of actions taken by the financial
institution is a reduction of interest rates on all consumer loan products.
The reduction, which took effect from August 12, 2020 applies to all Salary Plus
Loans, including Premium Salary Plus, Auto Loans and Home Loans, of FCMB,
whether they are newly disbursed or already running loans. The slash of interest
rates means that customers will be repaying lower amounts each month and can
also borrow higher amounts than previously. In addition to the benefits of interest
rates reduction, customers also have the option to restructure their consumer loans
by opting for reduced tenure instead of reduced repayment amount.
In a statement, FCMB explained that the decision to reduce interest rates and
restructure its consumer loan products in a more flexible manner are the latest
initiatives in response to the current economic realities induced by the novel COVID-
19 (coronavirus) pandemic, which has impacted negatively on personal and
households income and expenditure, as well as on businesses and the socio-
economic environment in general.
FCMB is bold move to cut interest rates has been applauded by customers, as it will
go a long way in enhancing standard of living by helping customers free up extra
income to boost purchasing power and meet other expenses in a convenient
manner. The development is also expected to have a multiplier effect on the Nigerian
economy in terms of stimulating growth and development.
Commenting on the interest rate reduction and restructuring of repayment tenure,the Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, said, “we realisethe financial challenges confronting our customers due to the prevailing economicsituation caused by COVID-19. As a caring and responsive Bank, we are committed
to give them all the support needed to ease the situation. This year alone, we have
given out more than N30 billion in retail loans to over 475,000 customers. Because
we have also digitized the application process for many of our loans, customers can
get some loans instantly simply by applying on their mobile phone or the ATM. With
the reduction in interest rates, we expect to make positive impact in more lives by
giving our customers the financial support they need, when it matters most”.
With a customer base of almost 6 million as at the end of June 2020, robust digital
banking offerings cutting across mobile, internet and ATM platforms, as well as over
200 branches spread across Nigeria, FCMB offers bespoke financial solutions that
align with the lifestyles of its existing and potential customers.
The Bank’s giant strides and consistent impressive performance in the retail segment
of the Nigerian banking industry continues to receive positive affirmation. FCMB was
conferred with the award of ” Most Business-Friendly Bank” at the 2019 edition of the Business Day Banking and Finance Awards. It equally bagged the award of
” Excellence in Customer Experience” at the Finnovex Award held last year. In 2018, it won the prestigious award of ‘’Excellence in Retail Banking’’ at the New Age
Banking Summit & Awards.
First City Monument Bank (FCMB) is a member of FCMB Group Plc, which is one ofthe leading financial services institutions in Nigeria with subsidiaries that are marketleaders in their respective segments.
Having successfully transformed to a retail banking and investment management ledgroup, FCMB expects to continue to distinguish itself through innovation and thedelivery of exceptional services.
For more information, please visit www.fcmb.com.