Assisting First City Monument Bank Limited with its support to Nigerian SMEs

First City Monument Bank Limited (FCMB) is a commercial bank headquartered in Lagos, Nigeria. It was founded in 1977 as a brokerage company prior to obtaining a banking license in 1983. The bank provides a wide range of banking and financial services through its six main business segments: Personal banking, Institutional banking, SME banking, Commercial banking, Corporate banking, and Treasury and Financial Markets. The bank has a strategy to support SMEs in Nigeria and a high drive for growth in this segment, primarily targeting emerging high-impact sectors with strong growth potential (for example, the agriculture sector and financing for women-owned businesses).

The project involves the renewal of an ARIZ portfolio guarantee with €3 million to cover a €6 million portfolio and will support the bank’s activity geared towards Nigerian SMEs. The project will enable FCMB to strengthen its position in its medium- and long-term lending activities for its SME clients.

The ARIZ and EURIZ portfolio guarantees (PGs) provided to FCMB will contribute to promoting entrepreneurship and supporting MSME financing in Nigeria. Number of jobs maintained: 1,588; Accessibility: N/A; Tons of CO2 avoided: N/A; Start-ups and MSMEs: 176 SMEs