First City Monument Bank has a very extensive network of branches and aims to develop its long-term lending activity, with a focus on the infrastructure sector. The lack of this type of financing hampers the country’s development.
First City Monument Bank (FCMB) was set up in 1982 and started its operations as a merchant bank. It is today a diversified banking group with a full range of financial services: retail bank, commercial and corporate bank, investment bank, asset management, brokerage and exchange operations. Since its merger with FinBank in 2012, FCMB has become one of Nigeria’s ten leading banks. It has 275 branches and over 2 million clients.
Proparco’s credit line aims to finance FCMB’s long-term credit activity, particularly in the infrastructure sector (power plants, ports and telecommunications operators). It will meet the increasing needs for long-term financing, which is still not sufficiently available in Nigeria.
This operation will contribute to the development of Nigeria’s infrastructure, the lack of which seriously hinders the country’s economic growth. More generally, it will contribute to strengthening key economic sectors for Nigeria. It will also help improve access to financial services, thanks to its extended network of branches.