FCMB Women in Business launches zero-interest rate product for SMEs

The First City Monument Bank Limited (FCMB)’s Women in Business unit has announced its intention to launch a proposal that will offer a zero interest rate on loans to small and medium-sized enterprises (SMEs) to enable Nigerian women entrepreneurs who desire affordable and convenient financing to boost their businesses.

In a statement by the bank at the weekend, said the development is in line with its commitment to empower women-owned SMEs (existing and start-ups), through financial support, advisory and value-added products, to enhance customer experience and overall contribution to the growth of the country and its economy. FCMB has established a dedicated desk for women-owned businesses under its Business Banking Group and equipped the unit with professional personnel to meet the needs of this segment. The bank explained that the zero-interest-rate product, which is for an initial period of three months, is designed as an all-around programme structured to prepare and equip the bank’s female-owned SME customers to take their businesses to greater heights.

According to the bank, “this product comes with additional benefits, such as capacity building programmes through training and financial advisory services; stressing that 80 women every quarter will have access to mentorship and training and 40 of them will benefit from the loan…”


Meanwhile, Union Bank has announced the launch of TechVentures, a unique banking proposition that offers tailored services to technology companies. The solution was unveiled at TechPoint Build, a leading technology conference for technical experts, investors, start-ups and techpreneurs in Africa.

FCMB Women in Business
Union Bank introduces Tech Ventures to support tech businesses

TechVentures supports technology-based businesses at various stages of their lifecycle, providing services such as access to venture capital financing, business consulting and mentoring, and accelerator partnerships.
Union Bank’s Head of Commercial Banking, Mr Kunle Sonola, who was present at the event and unveil said the bank is focused on developing services that offer real value-adding solutions for emerging and established sectors and ecosystems in Nigeria.

His words: “We designed TechVentures in response to the emergence and accelerated growth we see in the tech space. Our goal is to capture these businesses from start-up stage, when they are just nursing an idea, and support them until they build unicorns because we believe that these businesses will drive a new economy in Nigeria.”

Last year, in partnership with Co-Creation Hub, the bank also launched the first business acceleration program, “Startup Connect”, which offers Nigerian companies an opportunity to create technology-based solutions for the emerging African market, to partner with the bank and the social innovation centre for rapid growth.

READ ALSO: We will continue to support SMEs – Diamond Bank

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