FCMB Group’s Commitment to Inclusive and Sustainable Growth
FCMB Group Plc remains dedicated to its core values and purpose of fostering inclusive and sustainable growth in the communities it serves. The bank believes in connecting people and markets to drive transformative change for all stakeholders. This guiding principle underpins its efforts to improve access to financial services for the unbanked and underbanked through various partnership engagements.
Empowering Women and Youths
One of FCMB’s key initiatives is its commitment to empowering women and youths by unlocking their potential to create wealth. To support this, the bank has secured over US$125 million from Development Financial Institutions (DFI’s) and donor agencies. This funding enables FCMB to expand its financial support to women-owned SMEs.
Through its SheVentures program, FCMB’s women in business proposition, the Group has offered up to N26 billion to 2000 women-owned businesses nationwide. Additionally, over 2,400 female entrepreneurs have been supported through free training, mentorship, and capacity-building programs.
Making Energy Affordable and Accessible
In its quest to make energy affordable and accessible, FCMB has worked to secure access to clean energy sources. This initiative aims to illuminate homes and businesses in various communities across the country. By providing reliable and affordable energy, the bank contributes to improving the quality of life for many.
Building Expertise in ESG Issues
Environmental, Social, and Governance (ESG) issues are a top priority for FCMB. The bank is building expertise and resilience in these areas, recognizing their importance not only for the institution but also for its employees, partners, communities, and stakeholders.
Community Development and Partnerships
FCMB collaborates with passionate stakeholders, including partners and investors, who share the mission to drive positive change. The bank has invested over N500 million into various community development programs, reaching over 400,000 beneficiaries.
The bank has partnered with local and international organizations to establish vocational skills training and various interventions that align with the 17 Sustainable Development Goals (SDGs). Young people and women make up 80% of the beneficiaries of these programs.
Leveraging Partnerships for Greater Impact
By leveraging partnerships, FCMB enhances its effectiveness and scale to deliver the desired impact. This model allows the bank to significantly leverage its internal capabilities to improve its financial and impact scorecards, which are consistently ranked among the best in the country.
FCMB’s ESG services are benchmarked against rigorous global standards, such as the United Nations (UN) Global Compact, which champions positive change.
Supporting Smallholder Farmers
FCMB has expanded its financial inclusion drive by partnering with stakeholders to provide access to finance for smallholder farmers. Through input loans and mechanization services, the bank aims to improve farmer productivity and guarantee access to profitable end markets.
As a result, the Group has supported over 370,870 smallholder farmers, with 58 percent being women in agriculture. This support includes tailored financial services through a network of more than 10,000 trained and equipped rural agents. The bank also strengthens the technical capabilities, business management, and financial literacy of farmers through targeted training.
Promoting Renewable Energy
FCMB has supported the renewable energy value chain through project financing and capacity-building initiatives for developers and end-users. The bank has provided credit lines of about N12 billion to firms involved in recycling and renewable energy projects. This funding enables the deployment of clean energy systems, such as solar home systems and mini-grids, to meet the demands of households and businesses in rural areas and cities.
Strategic Collaboration for Clean Energy
Recently, FCMB entered into a strategic collaboration with the Rural Electrification Agency (REA) to provide a ₦100 billion loan facility. This initiative aims to deliver power to 2 million households in unserved and underserved communities across the country under the REA’s Distributed Access through Renewable Energy Scale-Up (DARES) programme.
Supporting Small Businesses with Clean Energy
Recognizing the impact of energy costs on small businesses, FCMB has committed to solving this issue by offering energy finance loans of up to ₦30 million for small businesses to acquire clean energy equipment. Repayment plans can extend up to three years, with the amount potentially increasing for larger SMEs.
Enhancing Digital Services
FCMB continues to reduce its banking carbon footprint, enhance operating efficiencies, and improve customer satisfaction through the effective use of technology. The bank has achieved significant traction in its digital business, with digital revenues crossing the N100 billion mark in 2024.
Loan disbursements reached over ₦357 billion in value to over 1.6 million customers, demonstrating the bank’s strong digital capabilities.