FCMB @ 30: Sets the Pace on Financial Inclusion

First City Monument Bank Limited (FCMB) recently embarked on series of activity to develop the mindset of wealth creation amongst the masses, by making account opening simple and accessible to all.

This stride is stirred by the Bank’s goal of delivering mainstream financial services to the unbanked millions of Nigeria.

In a drive to enlarge its market share of retail banking also, FCMB has since begun driving awareness, buzz, product promotion and CRM into consumers’ lives through the smart integration of experiential marketing, digital, mobile, and social technology into their brick-and-mortar business.

Since their recent expansion and an introduction of a novel portfolio of mass market products, FCMB is fortified to deliver consistent excellent value proposition, across all marketplace segments.

 In a response to the fact that a significant part of the Nigerian population remained unbanked, Mr. Ikechukwu Kalu, FCMB’s group head, Marketing and Communications, said “FCMB fashions its acquisition strategy with entrepreneurs and low-income earners in mind; with a high consideration of those are too busy at work to make daily deposits of their earnings. It is often the case that market women, carpenters or vendors of small scale commodity cannot afford the time to take money to the bank. This time constraints on their part are what results to traders stuffing currency in brazier, or odd practice of placing cash in their underwear, for fear and safety of their earnings”

With the recent hawkish stances of the Central Bank of Nigeria (CBN), especially the 50% public sector cash reserve ratio, banks have been under significantly more pressure to diversify their acquisition processes.

In this regard, FCMB has found resourceful ways around the complicated account opening documentation model that currently exists in the industry.

“We are heavy on target marketing and our experiential “town storms” have been very effective. Given that the masses listen to radio and print select press publications like complete sports, we have leveraged these to reach the mass market. Finally, we have engaged those that our active on social media knowing that practically everyone now have access to information online. We have seen significant increase in adoption of Nairawise Savings Account and this is a clear testimony that indeed the unbanked and the under banked would bank, if they find the right solution” said Kalu

The enhancement of FCMB’s retail banking business is the latest examples of their focus on helping customers conduct business in a law-abiding cashless practice, which meanwhile, serves to abet a saving culture and curb crime in the community.

“We are well positioned to be a leading provider of banking services in Nigeria and we offer customer-tailored products that are market-leading, combining local service that is fully integrated with our inclusive operations and a complete product suite which is increasingly important to Nigerian consumers”, Kalu added.

FCMB is a diversified financial services Group in Nigeria, providing investment and corporate banking services, as well as global markets products to clients. Active for over 30 years, it is poised to be the premier business banking conglomerate of African origin.