The small and medium scale enterprises (SMEs) in Nigeria can now enjoy banking services without charges. This followed First City Monument Bank (FCMB) Limited’s introduction of free banking transactions for a period of three months for both new and old customers operating in the SMEs segment.
This offering, which began February 1, 2017, is expected to end in April.
A statement from the bank at the weekend said the initiative was aimed at encouraging Nigerians to take active interest in entrepreneurship, while also assisting new and existing SMEs to overcome some of the challenges they usually face, especially at the take-off stage.
The bank explained that to qualify for the free three months banking incentive, an SME operator was required to open an FCMB Business Account and sign-up for a business debit card at any of its over 200 branches spread across the country. The benefits of this value-added offering includes no banking charges on local transactions, free account maintenance and monthly flat charges, free cheque books, free printing of account statements and free bank drafts.
According to the Divisional Head, Retail Banking of FCMB, Mr. OluAkanmu, three months free banking from FCMB to SMEs was another demonstration of the bank’s value as a helpful financial institution committed to helping businesses to thrive in this challenging time.
He stated that: “FCMB is committed to helping Nigerians and their businesses to succeed even in this challenging time. We support them with simple, easy to use transactional products and services that help them to manage their cash and collections efficiently while supporting them in their aspirations to build successful businesses.”