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Banking Sector

FCMB Introduces Interest-free Facility for SMEs




FCMB Introduces Interest-free Facility for SMEs

First City Monument Bank (FCMB) has intensified its support to small and medium scale enterprises (SMEs) by providing interest-free loans of up to N5 million to entrepreneurs.

The support, under the bank’s SheVentures initiative, was designed for female-owned businesses for a period of three months.

Last year, several female entrepreneurs across Nigeria and operating in various sectors, received loans ranging from N500,000.00 to N5million from the lender, at zero interest rate, to grow their businesses. Thousands of others also benefitted from free training, mentoring and other empowerment programmes organised as part of the broad objectives of the Bank’s SheVentures proposition despite the ongoing challenges posed by the COVID-19 pandemic.

In a statement by the Head of the SheVentures Team, Ms. Yetunde Moito, the bank explained that the extension of the zero interest rate loan facility was another demonstration of its unequalled commitment to consistently empower and propel SMEs to greater heights in a manner that would boost their productivity and profitability for the overall benefit of the nation.

She added that under the latest support, which is starting from Abuja & North region, qualified customers of the Bank have the opportunity to access between N500,000.00 and N5million within the three months tenor.

Those in the south-south, south-west and Lagos regions will also benefit from the support later in the year. The free interest loan is available for female-owned SMEs operating in manufacturing, trading in locally produced items, solar energy financing, food processing, oil and gas, hospitality, education, healthcare, agribusiness, and fashion/garment making sectors.

Commenting on the development, the Group Head, SME Banking, FCMB, Mr. George Ogbonnaya said:

“We recognise the role of women as entrepreneurs, nation builders and catalysts for sustainable development. These noble efforts and roles of women have continued to inspire others and impact positively on job and wealth creation, poverty reduction, empowerment and the overall development of Nigeria.

“SMEs in the country have what it takes to compete at the highest level in the international market, but without the requisite exposure and other forms of empowerment, including funding, it can be very difficult to succeed. We are inspired by the fact that our market leading propositions and support to SMEs have consistently made real impact on businesses and the economy in general.”

The FCMB SheVentures proposition offers enhanced support to existing firms and start-ups owned by female entrepreneurs through access to finance, training and mentoring with the unique benefit of zero-interest rate for an initial period of three months. Over 15,000 SMEs in this category have so far benefitted from this tremendous support in the last 18 months. For instance, the Bank is in partnership with the Office of the First Lady of Ogun state to provide funding and capacity building to female entrepreneurs in the State. Under the SheVentures initiative, FCMB in November last year disbursed interest free loans of between N500,000.00 and N5million to twenty businesses in Ogun State under the partnership.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.

Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank



Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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Banking Sector

CIT Microfinance Bank Disburses Over N16bn Loans




CIT Microfinance Bank Disburses Over N16bn Loans

CIT Microfinance Bank Limited says it has disbursed about N16bn loans since it commenced operations as part of its contributions to the financial sector and empowerment of businesses.

The Managing Director of the microfinance bank, Mr Kingsley Eremionkhale, disclosed this during the company’s 10th anniversary in Lagos recently.

He reiterated that the bank was committed to supporting the growth of small and medium-scale enterprises in the country.

“Since inception, we have disbursed loans worth about N16bn. Our operation is not just about profit-making, but we have impacted many lives, empowered many businesses, and done a lot in terms of our core mandate as a microfinance bank.”

While appreciating its customers who had been loyal to it for years, he said it was concerned about their business success.

The managing director said, “We are part of our customers’ businesses. We provide services beyond lending and savings products and we also give financial advisory services.”

He appreciated the customers who had stayed with the financial institution for many years.

The managing director noted that the MfB is a state-licensed bank operating in Lagos, and a subsidiary of Capitalfield Investment Group.

He also attributed the success of the MfB to the board of directors which it said had been supportive, the management team and its workforce in the past 10 years.

While saying that the bank could lay claims to exponential growth, he said the public should expect more from it.

He also said that it was driving its operations through its digital offerings and our e-channels, to improve its services to our customers.

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Banking Sector

Sterling Bank Approves Audited Financial Statements for 2020



Sterling Bank

Board of Sterling Bank Approves 2020 Audited Financial Statements

The Board of Sterling Bank Plc said it has approved the audited financial statements for the year ended 31, December 2020.

The lender said the approval was done at a meeting held on 23rd February 2021.

Details of the financial statements will be released upon approval of the Central Bank of Nigeria (CBN), Sterling Bank stated in a statement filed with the Nigerian Stock Exchange on Thursday.

It said “We are pleased to inform our shareholders and other stakeholders that the Board of Sterling Bank Plc at its meeting of 23rd February 2021 approved the audited Financial Statements for the year ended 31st December 2020 subject to the approval of the Central Bank of Nigeria (CBN).

“Kindly note that details of the Financial Statements will be communicated to you upon approval of same by the CBN.

“Consequently, the closed period for trading in the shares of the Bank by its insiders which commenced from 8th February, 2021 will continue until 24 hours after the Audited Financial Statements for the year ended 31st December, 2020 are released on the floor of the Nigerian Stock Exchange.”

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