The First City Monument Bank (FCMB) has entered into a partnership with SystemSpecs to introduce a payroll solution designed to meet the yearnings of thousands of its SME customers seeking efficient, easy-to-use and affordable business tools to seamlessly operate their businesses.
The product tagged, ‘FCMB Payroll,’ comes with features that enable SME owners to easily process payroll, pay employee salaries into commercial/micro-finance bank accounts or wallets and issue them regular pay slips.
To all staff of any customer or registered SME, the solution, according to a statement from the bank, also over-rides collateral requirements even without the traditional documentation to access loans from FCMB.
“The product enables these customers easily maintain historical personal and payment records of all employees, including their taxes, pensions and other possible transactions among other numerous benefits.
“FCMB Payroll is delivered in partnership with SystemSpecs, one of Nigeria’s leading payroll solution and services companies with over 25 years’ experience of providing payroll solutions and services to public and private sector organisations in Nigeria and other African countries. The company is also the provider of Remita Payments Application, Payment Gateway and Payment Infrastructure,” the statement added.
Commenting on the initiative, FCMB Executive Director, Retail Banking, Mr. Olu Akanmu, said the introduction of the FCMB Payroll initiative was in line with the commitment of the bank to grow the nation’s economy by providing SMEs with cutting-edge business tools to support their operations and help them build scale. Akanmu said, “We are pleased to partner with SystemSpecs, a major solutions provider in the financial ecosystem to address some of the challenges confronting SMEs. The FCMB Payroll platform is designed to provide a more convenient and modern business tool for business owners and their employees. As a Bank that is continually innovating to meet our increasingly dynamic customer base, we are confident that the FCMB Payroll initiative will go a long way to boost the operations of SMEs and improve their productivity.’’
On his part, the Managing Director of SystemSpecs, Mr. John Obaro, said, “As an organisation, our aim is to continue to provide individuals and organisations with innovative tools to help them become more productive and take full charge of their operations.
“We are delighted at the opportunity to partner FCMB to extend our experience and expertise in payroll solutions to FCMB customers. We are convinced that FCMB Payroll would help SME customers improve their processes, maintain a satisfied workforce, boost margins and increase scale speedily.”
The FCMB Payroll has offerings for SMEs at different phases of growth and these are available to all FCMB SME business account holders and a select SMEs segment that maintains business accounts with other banks.