Business
FCMB: Nigeria’s Best Bank for SMEs in Relentless Quest to Empower Businesses
Small and Medium Scale Enterprises (SMEs) are globally recognized as engines of socio-economic transformation. In Nigeria, they are at the heart of a push for economic prosperity.
Together with micro-scale ventures, these businesses contribute almost half of the national Gross Domestic Product (GDP), employ 76.5 percent of the national workforce and account for 7.64 percent of export receipts, a joint survey by Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS) in 2017 shows.
They also make up more than 90 percent of the total businesses in Nigeria.
Micro, Small and Medium Enterprises, said to be about 41.5 million in Nigeria, can help re-distribute wealth, improve local manufacturing and diversify the economy.
As such, the policies and institutions that support their growth are important variables for Nigeria’s economic ends.
One of such institutions is First City Monument Bank (FCMB), a leading financial services provider.
The mid-tier lender last year proved its mettle in the Nigerian banking industry, emerging the best bank in customer experience for SMEs.
The bank leapt to the first position in the SMEs category from a third-place ranking in the prior year. FCMB in 2018 also emerged the third most customer-focused in retail banking.
This is according to the 2019 Nigeria Banking Industry Customer Experience Survey (NBICES) report by KPMG, one of the Big 4 global consulting firms.
According to the 2019 report, analysis of performance in the SME segment reveals dynamism in the latest ranking, with FCMB edging other Banks to emerge top.
The 2019 research was conducted via face-to-face and online survey methodology, involving SME owners across Nigeria. It was anchored on six pillars of assessment and performance, namely personification, integrity, expectations, resolution, time and effort as well as empathy.
“While the Nigerian banking landscape has constantly been faced with steep competition, the stakes have been raised even higher and performing well on customer experience is the new minimum standard,’’ said KPMG. “As the race for the customer intensifies, front-runners will be those who demonstrate an understanding of the customer’s specific circumstances to consistently deliver a personalised experience”, it added.
The latest positive affirmation received by FCMB is a demonstration that the various supports the Bank offers to boost the performance of SMEs and its overall contributions to the growth of the nation’s economy are yielding the desired results and appreciated by the market.
FCMB is known for its bespoke products and excellent service offerings cutting across retail, SMEs, transaction, commercial and corporate.
The leap in the rating of FCMB as the number one Bank in Customer Experience for SMEs is a proof that the bank is on the right path towards achieving its goal of attaining the highest levels of customer advocacy in the industry and a major contributor to economic development.
FCMB, on several occasions, has restated its commitment to consistently deliver exceptional service and offering the right propositions to help SMEs and other customer segments fulfil their individual and business aspirations.
For instance, the bank recently organized a training themed, ‘’Supporting Women Businesses to Scale Up in 2020’’, a free and comprehensive capacity building and empowerment programme for women entrepreneurs in Ogun State.
The programme aimed at enhancing the productivity and profitability of Small and Medium Scale Enterprises (SMEs) through funding, capacity building, advisory and other forms of support, held February 5, 2020, in partnership with the Office of the First Lady of the State, Mrs. Bamidele Abiodun.
The bank said it would continue to assist SMEs to overcome the challenges they usually face, especially at the take-off stage, because it wants to be part of their success story.
FCMB has built a strong base in the SME segment by consistently championing and executing several cutting-edge solutions that have tremendously impacted on businesses nationwide under the following pillars of support; access to capital, capacity building, advisory services, networking opportunity and technology. The lender is one of the top participating Banks in the various intervention funds of the Central Bank of Nigeria (CBN) and Development Finance Institutions (DFIs). FCMB has been commended by the CBN, Bank of Industry, Development Bank of Nigeria, among others, for its strong support to SMEs.
The lender also partners local and international DFIs to provide various forms of funding, guarantees, grants and capacity building programmes to entrepreneurs. Also, FCMB offers free banking transactions for three months to new to Bank SME customers. It also has in its bouquet tailored products to suit the needs of SMEs customers, such as free accounting applications, Payroll solution and so on.
FCMB has equally automated its lending process for SMEs by adopting digital banking solutions to penetrate and deepen its intervention in the segment through its Quickloans platform. Since the launch of the platform in July 2019, over N10billion unsecured loans have been disbursed to SME customers within three to twenty-four hours of application through the Quickloans platform.
For women entrepreneurs, FCMB’s SheVentures initiative, launched in March 2019 to offer enhanced support to existing and start-up women-owned SMEs through access to finance, training and mentoring, has continued to encourage entrepreneurship, while also turning around the fortunes of existing businesses. Apart from other benefits, it comes with a zero-interest rate for an initial period of three months for beneficiaries. Also, over 2000 women entrepreneurs are being mentored by the Bank through the SheVentures initiative.
Beyond financial support, FCMB has trained over 10,000 SMEs, while also championing and executing several value-added capacity building programmes that have fast-tracked the growth of businesses, thereby upscaling their contributions to the development of the country. The lender organises a comprehensive programme, tagged, ‘’Business Enterprises and Sustainability Training (BEST)’’, SME Clinics and Masterclass for business owners nationwide to equip them with management skills and ensure effective networking.
FCMB has ensured the development of emerging markets, such as renewable energy, agribusiness and creative industry. The Bank hosts several workshops and exhibitions for these sectors. For instance, it organised a workshop on Climate Finance Awareness, in partnership with the International Finance Corporation (IFC), under the theme, ‘’EnergyEfficiency and Solar Energy Solutions for Your Business”. This was a follow-up to the one held in August 2018 on Sustainable Energy Finance (SEFi). There was also a seminar on tax matters, in collaboration with the Federal Inland Revenue Service, for SMEs in June.
In the same vein, FCMB in November last year hosted a workshop on Energy-Agric Nexus for Rural Economic Development, under the theme, “Stimulating the Agricultural Sector through Off-Grid Energy Development”, in Abuja. It was in partnership with the Rural Electrification Agency (REA), The European Union, Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ), Nigerian Energy Support Programme (NESP), Heinrich Boll Stiftung (HBS) Foundation and Power for All. The workshop provided a rare opportunity for operators in agribusiness and the power sector to engage in constructive and interactive sessions with industry experts and decision-makers on harnessing and deploying alternative, renewable, clean and affordable sources of energy, particularly off-grid ones, to stimulate agribusiness.
First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective 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.
Business
Festus Keyamo has proven that he is a true son of Delta State through Warri Airport – Igosave
The Nigerian Passport Rip-Off: A Symbol of National Disgrace and Diaspora Exploitation
By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com
When former Rivers State Governor and Minister of Transport, Rotimi Amaechi, openly admitted that the Nigerian passport is “almost worthless abroad,” he wasn’t exaggerating. In fact, his words captured the daily humiliation faced by millions of Nigerians across the globe. Despite the glaring decline in its global value, the Nigerian passport remains one of the most expensive in the world. This contradiction (PAYING A PREMIUM PRICE FOR A DOCUMENT THAT INVITES SUSPICION AND REJECTION AT BORDERS) is not just illogical; it’s criminal.
Today, in 2025, Nigerians in the diaspora are being bled dry under the pretext of acquiring basic identity documents. The National Identity Number (NIN), originally meant to be a free or affordable civic right, has become a commercial racket. It now costs as high as R1,250 (about ₦110,000) even for a six-year-old child in obtaining a NIN in South Africa. This isn’t just unethical, it’s extortion.
This is a business for someone at others’ pains,” lamented Rika Augusta, a frustrated Nigerian mother in South Africa whose six-year-old daughter was forced to pay the full amount just to be recognised as Nigerian.
For a country ranked 131st out of 139 countries on the Henley Passport Index in terms of travel freedom, the price Nigerians pay for this underperforming passport is nothing short of madness. According to the Nigerian Immigration Service (NIS), the “enhanced e-passport” costs between ₦400,000 to ₦600,000, excluding service charges imposed by third-party agencies such as OIS and other consular fees. These costs triple when processed from abroad.
Benjy Oloye, a Nigerian in South Africa, echoes the frustration of many:
“I captured in January. Since then, it’s been one story after another. Till today, nothing. Is this a passport or a miracle
we’re praying for?”
The bottlenecks and delays are not merely bureaucratic hiccups;
they are deliberate schemes. The outsourcing of biometric capture and passport
issuance to third-party companies like Online Integrated Services (OIS) has become a well-oiled machine of financial exploitation. Nigerians are forced to pay additional “admin” and “service” fees that are neither regulated nor justified.
“OIS service fee: R100.
Consulate admin fee:
R350.
This is an organised
scam,” revealed Bennie, another Nigerian in
South Africa who has meticulously documented every extra cost.
One wonders: How did we get here?
The Politics of Pain and Profit
The answer is simple; GREED. The Nigerian system is deeply infested with a culture of monetising misery. From driver’s licenses to passports and now even the NIN, everything has become a money-making scheme for a few elites at the expense of 220 million Nigerians.
Pastor Israel Angel White, based in Pretoria, aptly described the situation:
“Some guys are making money out of this, no doubt. Greed is in their DNA. It’s awful.”
This systemic extortion is especially cruel for those in the diaspora who have already endured the trauma of leaving their homeland in search of better opportunities. They contribute over $25 billion annually in remittances, yet they are treated as nothing more than ATM machines by the Nigerian government.
“The Nigerian government sees those of us in the diaspora as nothing more than a cash cow,” says a Nigerian professional in Cape Town. “We’re paying premium prices for substandard services and being told to smile while doing it.”
Data Don’t Lie
Let’s take a moment to compare:
United States Passport: $165 (~₦250,000) with visa-free or visa-on-arrival access to over 180 countries.
United Kingdom Passport: £82.50 (~₦130,000) with 190+ countries accessible.
Nigerian Passport: ₦400,000+ with access to barely 46 countries visa-free, mostly in West Africa.
So why does the Nigerian passport cost more than world-leading passports? Why does a six-year-old child have to pay same as an adult to get a NIN? The answer lies not in logistics or technology, but in intentional extortion.
A Culture of Silence and Endurance
What’s perhaps more disturbing is how this exploitation has been normalised. Nigerians, whether at home or abroad, have become so accustomed to pain and systemic failure that they rarely push back.
“We can’t afford it; it’s a lot of money. But one thing about being Nigerian is that we’ve mastered the art of adapting, even to pain,” said one diaspora student in Durban. “We’ve normalized struggle so much that we don’t even question it anymore.”
But enough is enough. There must be a call for mass mobilisation. Nigerians in the diaspora are more than 17 million strong and their voices can no longer be silenced. Imagine if each of them sent an email or letter demanding reform, that kind of pressure is impossible to ignore.
The Diaspora Must Lead the Charge
The diaspora cannot remain passive observers. We must become vocal actors. Through organised action ie: letters, petitions, lobbying international media and using legal mechanisms in host countries, yes we can expose and dismantle this daylight robbery.
We must ask:
Why is there no price differentiation for children and economically disadvantaged citizens?
Why are there no audit reports on the revenue generated from these services?
Why are third-party companies allowed to fleece Nigerians without regulatory oversight?
Why is the Nigerian passport not getting global upgrade despite its inflated cost?
If answers are not provided, then accountability must be demanded.
A National Shame
This entire mess speaks to the deeper rot in Nigeria’s governance system. A government that cannot deliver something as basic as a passport or identity card is one that has failed fundamentally. It is a betrayal of trust, an insult to every citizen who dreams of a better life under the green-white-green flag.
When identity becomes a luxury, then nationality becomes a prison.
This is not just about passports and NIN. It’s about the dignity of Nigerians. It’s about fighting a system that sees its own people as prey. It’s about saying “No more!” to those who profit from our pain.
Final Thoughts: Nigeria, We Hail Thee?
Indeed, “Nigeria we hail thee” not in reverence, but in disbelief. For how long shall citizens continue to bleed for basic rights? For how long shall diaspora Nigerians, the backbone of our economic survival, be treated as expendable wallets?
The time to act is now.
As long as we remain silent, they will continue to inflate our costs, delay our documents, insult our intelligence and trample on our dignity.
The Nigerian passport saga is not just a national embarrassment, it is a scandal, a theft and a crime against citizenship.
George Omagbemi Sylvester
Political Analyst, Diaspora Advocate and Contributor to SaharaWeeklyNG.com
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