This frontline approach is the culture at FCMB and it affirms the bank’s commitment to exceptional customer service.

Other customer-centric initiatives by the bank last week include:

• Special outreach to valued customers
• Treats for children with kiddie accounts
• 10% bonus on airtime purchased via USSD and mobile platforms

“This direct engagement helps us understand and address customer concerns,” Mrs. Edun said.

FCMB’s customer-focused strategy fuels continuous improvement.

PHOTO NEWS:

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The bank’s new accelerator program, HERccelerate, is now open for applications from women-led startups across various sectors.

Selected participants will receive funding and other valuable support to help them grow their businesses and contribute to Nigeria’s tech ecosystem.

Application for the programme will close on September 30, 2024.

Powered by the Bank’s SheVentures and Hub One innovation hub and implemented by 8thGear Hub and Venture Studio, this initiative aims to equip women-founded startups with the skills, knowledge, and networks needed to access funding and grow sustainably.

Participants will undergo intensive training, including office hours, field trips to successful local startups, and networking events with accomplished founders.

This comprehensive support system provides access to knowledge, resources, investors, markets, and networks.

The accelerator will culminate in a showcase day, where winners will receive grant funding and other exciting benefits, including access to potential investors.

Commenting on the HERccelerate contest, Mrs. Yemisi Edun, FCMB‘s managing director, stated:

“This initiative underscores our commitment to nurturing innovation and empowering women-owned businesses, especially Small and Medium-Scale Enterprises (SMEs) in the tech space, to pursue their dreams and contribute significantly to the tech ecosystem and the country’s economic development. We recognize the challenges women-owned tech businesses face, from funding gaps to biases that limit their growth. The HERccelerate contest is our platform to foster innovation and create more funding opportunities for female-owned and led ventures. We encourage women entrepreneurs to seize this opportunity to make a lasting impact.”

Nigeria’s tech landscape has seen remarkable growth in recent years, with several female-led startups making significant strides across various sectors.

However, they still face varying challenges hindering their growth, such as limited access to funding.

In 2023, less than 6% of venture capital investment went to female-led startups.

Through the HERccelerate programme, FCMB aims to support and accelerate over 200 women-founded tech startups in the next five years, contributing to a more inclusive and equitable tech ecosystem.

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Their success has been bolstered by the impressive data shared with the media in the second quarter, which has helped sustain positive public perception and confidence in these industries.

An independent analysis of the media performance and prominence of the CEOs of Nigerian Commercial Banks, Insurance Companies and Telecommunication Providers for the second quarter was conducted by the leading Media Intelligence and Public relations audit agency, P+ Measurement Services. 

This media analysis monitored more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications), from which different metadata was extracted, including the sentiment of reporters, editors, publishers, and opinion writers from various online and print publications, spokesperson analysis, CEOs performances, and other topics.

Through detailed media data gathering, analysis, and audit of salient valid PR metrics of 27 Commercial Banks, top 10 leading Insurance companies, and top 4 Telecommunications Providers.

The reports ranked the top CEOs (Commercial Banks, Telecommunication, and Insurance) prominent in the Online and Print media.

Banking Sector

According to the analysis, Yemisi Edun of First City Monument Bank (FCMB), led the leaderboard with a 23% share of media coverage, indicating a strong media presence and influence in the banking sector. Closely behind were Oliver Alawuba of United Bank for Africa (UBA) with 22% and Nneka Onyeali-Ikpe of Fidelity Bank capturing 22% of media coverage, demonstrating significant visibility and engagement within the industry.

Moruf Oseni of Wema Bank came in next with 18% and Wole Adeniyi of Stanbic IBTC Bank rounded out the chart with 16%, showing a notable but comparatively lower media presence.

This distribution of media coverage highlights the competitive landscape and varying levels of media engagement among top banking executives.

Insurance Sector

In the insurance sector, the media performance audit report revealed that Akinjide Orimolade of Stanbic IBTC Insurance Limited had the most media exposure at 73%.

Lesi Gboyega of Leadway Assurance with 15% and Kunle Ahmed of AXA Mansard Insurance followed closely with 9%.

Eddie Efekoha of Consolidated Hallmark Insurance with 2% and Andrew Ikehua of NEM Insurance with 1% media exposure.

This distribution highlights a competitive media landscape among insurance executives, with varying levels of visibility and engagement reflecting their influence and presence in the sector.

Comparing both sectors, it is evident that top executives in banking and insurance are actively working to maintain significant media profiles to enhance their brands’ visibility and market influence.

Telecommunications sector 

In the telecommunications sector, Karl Toriola of MTN Nigeria led the media performance with 67% share of media coverage, highlighting MTN’s dominant presence and influence in the industry.

Carl Cruz of Airtel Nigeria followed with 31%, indicating substantial visibility and engagement.

In contrast, Mike Adenuga of Globacom had lower exposure, with only 2% media coverage.

This distribution underscores the disparity in media engagement among telecommunications executives, with MTN and Airtel maintaining strong media profiles.

Comparing the telecommunications sector to the banking and insurance sectors reveals that media coverage is highly concentrated among a few key players, highlighting the varying strategies and successes in maintaining media presence across different industries.

Overall, the analysis reveals significant disparities in media engagement across the banking, insurance, and telecommunications sectors. Key executives like Yemisi Edun, Akinjide Orimolade, and Karl Toriola have successfully maintained strong media profiles, highlighting their influence within their respective industries.

This highlights the importance of strategic media engagement for maintaining visibility and influence in a competitive landscape.

More About P+ Measurement Services

P+ Measurement Services is Nigeria’s leading independent media intelligence consultancy that focuses on delivering detailed media monitoring, measurement, evaluation, and analysis across all media channels. P+ is internationally recognized as a PR measurement and evaluation consultant in Nigeria with activities being governed/regulated by AMEC (The International Association for the Measurement and Evaluation of Communication).

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Under the terms of the agreement, USAID and the United States International Development Finance Corporation (DFC) will collaborate with FCMB to facilitate $10 million in new loans.

The new partnership will assist FCMB to expand access to finance for underserved borrowers, underserved borrowers and MSMEs in the health sector in Nigeria, the health sector, and micro, small and medium-sized enterprises throughout Nigeria.

“I commend the DFC for its commitment to improving local access to quality healthcare. This partnership will help close the gap in healthcare financing. This means more Nigerians will have access to better healthcare facilities. First City Monument Bank welcomes the opportunity to collaborate with healthcare providers and SMEs nationwide to build a healthier, more productive future for our nation,” said Mrs Yemisi Edun, FCMB managing director.

“As demonstrated by this partnership, the United States government is eager to continue collaborating with the financial sector to improve access to credit for underserved borrowers, including micro and small and medium enterprises, in the health sector., and thereby stimulate economic growth,” said Mission Director Melissa Jones. “In addition to supporting FCMB’s increased lending in the health sector, we are committed to work with FCMB to disburse loans to the agriculture and renewable energy sectors through our existing partnerships.”

This partnership is intended to boost the following key areas:

• Loans in the Healthcare Sector: Loans will be used to support businesses in the following areas: hospitals, health centres, clinics, diagnostic centres, pharmacies, maternal health facilities, procurement of medical equipment, construction and renovation of health facilities.
• Loans to SMEs: The bank’s focus will include financial support for working capital, equipment procurement, construction, and restructuring of commercial properties for  small and medium sized enterprises.

For more information contact the Development Outreach and Communications Team at Abujadoc@usaid.gov

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Despite facing conflict and environmental challenges, communities in the North-Eastern region of Nigeria now benefit from the shared commitment of Mercy Corps and First City Monument Bank (FCMB) to make a significant difference.

Through their partnership and the USAID-funded “Feed the Future Nigeria Rural Resilience Activity”, these institutions promote economic growth, social inclusion, and market resilience.

They are transforming the lives of farmers and communities for a more sustainable and prosperous future.

The impactful collaboration, which started in 2021, significantly changes lives in the region by taking bold steps to increase access to financial services through partnerships with major market actors using FCMB’s digital banking platforms.

As a result, the economic and living standards of households and communities are changing for the better.

One of the partners, FCMB, has successfully deepened financial inclusion and enhanced financial access points by expanding its Agent Banking network to strategic locations across states in the targeted region, enabling farmers to be included in formal economic systems by providing them with education and support to adopt digital tools for a broader range of financial services.

Through these agents, 10,000 smallholder farmers in underserved communities across Adamawa, Borno, Gombe, Yobe, Kebbi, Benue, Ebonyi, and FCT Abuja have been onboarded, benefitting from the USAID-funded COVID-19 mitigation initiative.

More impressive is how many women farmers’ clusters are empowered simply by encouraging positive financial behaviours, such as regular savings, budgeting, and accessing loan facilities for business expansion.

These women can now contribute economically to their homes and communities, improving living standards and the capacity to cope, adapt and thrive in the face of recurring shocks.

People in Rural Resilience Activity (RRA) target states now participate in simple financial activities like cashless payments, electronic transfers, and remittances. The partnership has also led to a significant increase in bank usage, as evidenced by a recent assessment of programme participants’ banking activities.

As of November 2022, 75% and 87.5% of bank accounts in the RRA target areas were still active, compared to only 46.3% in non-RRA areas. These results are an encouraging sign of the positive impact of the partnership and what the future holds.

We all know how devastating the pandemic was, disrupting lives and the economic viability of businesses.

By integrating the COVID-19 mitigation response interventions into the RRA work plan, the partnership was able to reduce the shocks and stresses that the pandemic may have worsened. For instance, it increased the adoption of formal bank accounts, boosting financial services and inclusion components.

Cash transfers helped beneficiaries become active players in the North East market by investing in small businesses, expanding existing businesses, and diversifying into new ones.

Many farmers could also procure and store inputs. Others used the money they received for harvest and post-harvest handling in preparation for dry-season farming.

Another significant impact of the FCMB and Mercy Corps partnership is increased gender-based savings, female financial literacy, and reduced overdependency. For example, in Yola, Adamawa state, a woman used about 60% of the COVID-19 mitigation unconditional cash transfer she received to purchase a manual plough to furrow her family’s fields.

To minimise tool downtime and recoup her investment, she rented the equipment to her neighbours, and within two weeks, she purchased four more ploughs for leasing to other farmers. 

Agricultural Revitalization and Food Security:

Recognising the critical role that smallholder farmers play in the region’s economy, the partnership focuses on providing training, access to improved agricultural techniques, and resources to enhance productivity.

By leveraging FCMB’s financial expertise, farmers gain access to credit facilities and agricultural loans, enabling them to invest in quality seeds, fertilisers, and equipment. This multifaceted approach empowers farmers to increase their yields, diversify their crops, and improve their incomes, ultimately strengthening the food security of communities in North East Nigeria.

Through the Rural Resilience Activity, Mercy Corps negotiated with FCMB to modify its loan terms to enable more farmers to access loans through participating aggregators.

These concessions included waiving the standard requirement that mandates loan applicants to save for six months to help the Bank ascertain their financial capacity. FCMB also reduced its loan processing time to 48 hours from receiving all loan documentation.

As a result, in 2023, the Bank disbursed loans to 1,000 beneficiaries totalling over N500 million through the Mastercard Foundation revitalisation program to RRA participant farmers and Micro, Small and Medium Scale Enterprises. 

Their partnership also meant increased outreach and lower operational costs through local “lead” firms (Aggregators) acting as loan intermediaries and consolidators. At the same time, the RRA strengthened the client base by assisting aggregator firms to build capacity through training for smallholder farmers and SMEs to improve their technical, business management, financial literacy, and other soft skills.

Other achievements include: 

Facilitating credit sensitisation workshops to increase the awareness and knowledge of Aggregators and leaders of farmer groups about FCMB products.

Reaching 506,425 people – men and women, youths and persons with disabilities, and internally displaced persons in Nigeria – through partner activities and direct implementation. The Activity has built partnerships with 80 private sector partners, 31 of which have received catalytic grants to scale or expand their businesses in North East Nigeria.

This has resulted in 14,453 jobs, facilitated US$53,000,000 in sales and US$15,000,000 in loans by participants. The Activity has also mobilised US$7,000,000 in leverage – monies from private-sector partners.

Providing COVID-19 unconditional cash transfers to 47,387 farmers, 5,560 local MSMEs, and 86 critical intermediary actors in the Feed-The-Future portfolio states of Borno, Yobe, Adamawa, Gombe, Kebbi, Niger, Benue, and Ebonyi, and the FCT for ten months. The cash transfers had the dual aim of helping vulnerable households meet their basic needs and begin reinvesting in economic activities while sustaining and jumpstarting the local economy on which they rely.

Supporting farmers to adopt the best agronomic practices and use support to cultivate over 4300 hectares of land for farming (one hectare per farmer) in the target communities cutting across 23 local governments in Borno, Adamawa, Yobe, and Gombe. They engaged in the production of rice, maise, cowpea, groundnuts, sheep, and goats.

Climate Resilience and Adaptation:

North Eastern Nigeria is particularly vulnerable to the impacts of climate change, with erratic rainfall patterns and prolonged droughts posing significant challenges to agricultural productivity. Mercy Corps and FCMB have responded to this pressing issue by implementing climate-smart farming practices and supporting farmers to adapt to changing climatic conditions.

Farmers are equipped to mitigate the effects of climate change and build resilience through water conservation techniques, sustainable land management, and the promotion of drought-resistant crops.

The partnership also facilitates access to weather information and early warning systems, enabling farmers to make informed decisions and minimise losses due to extreme weather events. This integrated approach combines traditional knowledge with modern techniques, ensuring the long-term sustainability of agricultural practices in the region.

Financial Inclusion and Rural Development:

Access to financial services remains a significant barrier for rural communities in North East Nigeria. In recognition of the transformative potential of financial inclusion, the partnership has made great strides in expanding access to banking services and empowering individuals with financial literacy.

FCMB and Mercy Corps have bridged the gap between rural farmers and formal financial institutions by establishing mobile banking services and promoting digital financial solutions. So far, 19,654 previously unbanked people have become banked under the partnership.

This provides farmers a safe place to store their earnings, facilitates savings, and access to credit and insurance products. By enhancing financial capabilities and expanding economic opportunities, the partnership fosters rural development, reduces poverty, and promotes sustainable livelihoods. 

Building Local Capacities and Sustainable Institutions:

A distinguishing feature of the partnership between Mercy Corps and FCMB is their commitment to building local capacities and strengthening institutions.

By collaborating with local farmers’ cooperatives, community-based organisations, and government agencies, the partnership ensures that interventions are community-led and sustainable. Through training programs and capacity-building initiatives, farmers and local stakeholders are empowered to manage their resources effectively, advocate for their needs, and drive their development.

FCMB has integrated a few Agritech companies, such as Agriarche, Extension Africa, Intrio Synergy, Deva Access, and NOMA, operating on its digital banking platform in the North East.

This bottom-up approach fosters ownership, resilience, and the long-term success of agricultural initiatives, ensuring that communities have the skills and knowledge to navigate future challenges independently.

 Adeola Adejokun, a First City Monument Bank employee, writes from Lagos.

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The Creating Sustainable Youth MSMEs Through Urban Farming (SYMUF) initiative will support young farmers in Nigeria, the Democratic Republic of the Congo (DRC) and Uganda, who are attracted to urban farming.

The bank is partnering with a consortium of incubation centres in participating countries to implement the project. They are the Africa Projects Development Centre (APDC) in Nigeria, the International Institute of Tropical Agriculture (IITA-Bukavu) in the DRC, and the African Agribusiness Incubation Network in Uganda.

The SYMUF project has received $937,000 in grant funding from the Fund for African Private Sector Assistance, a multi-donor trust fund managed by the African Development Bank. 

While in different regions of the continent, the three countries all grapple with high youth unemployment and limited economic opportunities.

SYMUF, which is under the Bank’s Empowering Novel Agri-Business Led Employment (ENABLE) Youth Program, will use business incubators and financial products to help transform start-up micro, small- and medium enterprises into bankable ventures. It will provide youths with agribusiness and technical skills, including climate-smart agriculture practices, technologies, market networks, and professional mentorship.

In a speech read for him during the launch in Abuja, the Director General of the African Development Bank’s Nigeria Country Department, Lamin Barrow, stressed the bank’s commitment to promoting entrepreneurship.

Barrow said: “The Bank is committed to creating jobs and providing incomes for African youth, who are attracted to urban agriculture but do not get jobs, capital, or credit to operate their agribusinesses. This project will address unemployed youth and those in the early start-up stage who have not gained traction due to limited skills and financial resources.” Barrow was represented by the Bank’s Country Operations Manager for Nigeria, Orison Amu.

Alex Ariho, CEO of the African Agribusiness Incubation Network in Uganda, said the SYMUF project would help young African ‘agripreneurs’ overcome start-up incubation and management challenges. “Working together with all the partners, we are committed to making the SYMUF Project one of the best projects sponsored by the African Development Bank,” he added.

IITA-Bukavu’s Project Coordinator, Noel Mulinganya, lauded the African Development Bank as “an important and tremendous partner over the years.”

Chiji Ojukwu, Managing Director of APDC, Nigeria, said: “We are grateful to the African Development Bank for believing in the consortium and giving us the opportunity to deploy our expertise in urban farming to develop young agripreneurs in these select African countries

The African Development Bank’s Coordinator for the ENABLE Youth Program, Edson Mpyisi, said: “This program is designed to empower youth at each stage of the agribusiness value chain as ‘agripreneurs’ by harnessing new skills, technologies and financing approaches.”

The bank has invested over $400 million in 15 African countries under the program, he said.

The Bank’s Division Manager for Agribusiness, Damian Ihedioha, said: “the bank believes that Africa’s emerging vibrant wave of entrepreneurship must be supported and nurtured for the continent’s prosperity.”

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