FCMB Reduces Interest On Consumer Loan Products - EazyFeeds

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Tuesday, 8 September 2020

FCMB Reduces Interest On Consumer Loan Products

 First City Monument Bank (FCMB) has again lived up to expectation as a customer-

centric and responsive Bank. The latest in the series of actions taken by the financial

institution is a reduction of interest rates on all consumer loan products.


The reduction, which took effect from August 12, 2020 applies to all Salary Plus

Loans, including Premium Salary Plus, Auto Loans and Home Loans, of FCMB,

whether they are newly disbursed or already running loans. The slash of interest

rates means that customers will be repaying lower amounts each month and can

also borrow higher amounts than previously. In addition to the benefits of interest

rates reduction, customers also have the option to restructure their consumer loans

by opting for reduced tenure instead of reduced repayment amount.


In a statement, FCMB explained that the decision to reduce interest rates and

restructure its consumer loan products in a more flexible manner are the latest

initiatives in response to the current economic realities induced by the novel COVID-

19 (coronavirus) pandemic, which has impacted negatively on personal and

households income and expenditure, as well as on businesses and the socio-

economic environment in general.


FCMB is bold move to cut interest rates has been applauded by customers, as it will

go a long way in enhancing standard of living by helping customers free up extra

income to boost purchasing power and meet other expenses in a convenient

manner. The development is also expected to have a multiplier effect on the Nigerian

economy in terms of stimulating growth and development.


Commenting on the interest rate reduction and restructuring of repayment tenure,

the Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, said, "we realise

the financial challenges confronting our customers due to the prevailing economic

situation caused by COVID-19. As a caring and responsive Bank, we are committed

to give them all the support needed to ease the situation. This year alone, we have

given out more than N30 billion in retail loans to over 475,000 customers. Because

we have also digitized the application process for many of our loans, customers can

get some loans instantly simply by applying on their mobile phone or the ATM. With

the reduction in interest rates, we expect to make positive impact in more lives by

giving our customers the financial support they need, when it matters most".


With a customer base of almost 6 million as at the end of June 2020, robust digital

banking offerings cutting across mobile, internet and ATM platforms, as well as over

200 branches spread across Nigeria, FCMB offers bespoke financial solutions that

align with the lifestyles of its existing and potential customers.


The Bank's giant strides and consistent impressive performance in the retail segment

of the Nigerian banking industry continues to receive positive affirmation. FCMB was

conferred with the award of " Most Business-Friendly Bank" at the 2019 edition of the Business Day Banking and Finance Awards. It equally bagged the award of

" Excellence in Customer Experience" at the Finnovex Award held last year. In 2018, it won the prestigious award of ‘’Excellence in Retail Banking’’ at the New Age

Banking Summit & Awards.


First City Monument Bank (FCMB) is a member of FCMB Group Plc, which is one of

the leading financial services institutions in Nigeria with subsidiaries that are market

leaders in their respective segments.


Having successfully transformed to a retail banking and investment management led

group, FCMB expects to continue to distinguish itself through innovation and the

delivery of exceptional services.


For more information, please visit www.fcmb.com.

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