First City Monument Bank (FCMB) has launched a solution that is focused on aiding different aspects of business operation.
In a Memorandum of Understanding (MoU) signing ceremony held in Lagos, recently, the bank said the product is a payroll solution, designed to meet the yearnings of thousands of its SME customers seeking more efficient, easy-to-use and affordable business tools to seamlessly operate their businesses.
A statement from the bank disclosed that tagged, ‘FCMB Payroll,’ the solution comes with exciting features that enables SME owners to easily process payroll, pay employees’ 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 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 items such as their taxes, pensions and other possible transactions.
“Besides other benefits, staff who are on the payroll solution will have access to payday loans after 3-6 months of enrolment. This is on the premise that salary payments are consistently done through the portal,” it explained.
The solution was developed 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.
Commenting on the initiative, the Managing Director, First City Monument Bank (FCMB), Mr. Adam Nuru, 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.
Nuru added: “We are excited to partner with SystemSpecs, a major solutions provider in the financial ecosystem to address some of the challenges confronting SMEs.
“The FCMB Payroll platform has been designed to provide a more convenient and modern business tool for business owners and their employees.
“As a bank that is consistently 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.’’
Also speaking, 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.”