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Ecobank, FCMB unveil initiatives to empower SMEs

By BusinessNews Staff on March 22, 2015

As part of efforts to boost the activities of operators of small and medium scale enterprises (SMEs) in Nigeria, First City Monument Bank (FCMB) Limited and Ecobank Nigeria Limited Thursday introduced separate initiatives to support the sector.

Both financial institutions respectively unveiled special initiatives at separate media briefings held in Lagos. Specifically, Ecobank Nigeria launched an SME club, FCMB introduced an empowerment scheme.

Ecobank Nigeria launched an SME Club to offer preferential business support, products and services to its teeming customers across the country. The club also serves as a platform for adding value to SMEs through information mining, networking and capacity building.

Managing Director of Ecobank Nigeria, Mr. Jibril Aku while speaking at an event in Lagos, noted that the initiative aimed at empowering SME operators, was in line with the bank’s vision “to contribute to the economic development and financial integration of Africa.”

“There is no better way to grow Africa and her component countries other than by empowering our SMEs, the engine of growth. Today our bank, the pan-African bank celebrates our SMEs as we recognize your impact and contributions to the growth of our economy”, he added.

On his part, the Executive Head, Business Banking, Ecobank Nigeria, Kingsley Aigbokhaevbo, in giving an overview of the project, explained that the objectives of developing the SME Club are along the path of developing a cohesive and enduring strategic framework that focuses on growing and tracking the progress of the SMEs, adding that the SME club members would become catalyst to economic growth and transformation of the country.

According to him, “The launch of our SME club is to propel us to the top chart in provision of banking services to SMEs. KPMG in collaboration with Enterprise Development Bank (EDC) carried out a comprehensive survey of SMEs in the country between November, 2013 and March, 2014 The SMEs were selected across the nations’ business/market hubs.”

He added: “The survey report showed that 10 per cent of SMEs in the market are being financed by Ecobank Nigeria and that 18 per cent of them transact their business with the bank. The survey ranked Ecobank Nigeria as the third and fourth place respectively amongst 18 banks that were surveyed.”

Also, the Head of SME, Ecobank Nigeria, Sunkanmi Olowo explained that the SME Club offers preferential business support, products and services.

On its part, FCMB announced the commencement of an empowerment programme for SMEs to enhance their financial, marketing and management skills. The exercise, according to FCMB, was aimed at equipping SME operators with the necessary skills they can readily deploy to effectively operate, grow their businesses and bottom-lines.

Tagged ‘’FCMB Capacity Building Initiative: Empowering the Nigerian SMEs’’, the empowerment programme was in partnership with Shopping Internet Services Limited. It involves series of free training and radio programmes cutting across various topical issues concerning SMEs.

Speaking at the event, FCMB’s Executive Director, Lagos and South-west, Mr. Olufemi Bakre, said the training was conceived by the bank to build the capacity of SMEs by exposing them to modern and innovative skills that would help them realise their objectives. This, he added was in line with one of the Corporate Social Responsibility (CSR) focal areas of the Bank and its value as a helpful financial institution.

According to him, “FCMB realises that SMEs play pivotal roles in the growth of the nation’s economy. We also understand that a number of factors combine to determine the success or failure of SMEs.”

Bakre added: “we are focused on being a strategic partner to such businesses, considering the huge opportunities they offer in the areas of job creation, poverty eradication and economic development.”

Also speaking, the Group Head, Business Banking Group of the bank, Mr. George Ogbonnaya, stated that FCMB was committed to building a strong SME base in the country. He added that apart from funding SMEs, the bank developed a product, known as FCMB Personal Business Account (PBA) to offer protection to traders and other business owners against unexpected disasters, such as fire and flood incidents.

[ThisDay]

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