FCMB pledges more support for women entrepreneurs
Ladi Balogun, group managing director/chief executive, First City Monument Bank (FCMB) Limited, has urged Nigerian women to take advantage of the opportunities provided by various initiatives of the government and the bank in the Small and Medium Scale Enterprises (SMEs) space to enhance their well-being and that of the country.
Balogun assured that the bank would continue to deepen its support for existing and upcoming women-owned SMEs through increased lending, capacity building, advisory and value-added products as well as service deliveries that would enhance customer experience.
Balogun made these known while speaking at a capacity building session last Wednesday in Lagos which was organised by FCMB for women entrepreneurs on the N220 billion Central Bank of Nigeria intervention meant for SMEs’ development. The programme was in partnership with WEConnect International and Poize Magazine. FCMB is one of the financial institutions appointed to disburse the fund, which requires that 60 percent of it should be channelled to women-owned businesses. The bank has disbursed over N1.7 billion to SMEs in the intervention scheme.
The capacity building session was attended by women entrepreneurs, who operate in various sectors of the economy. It is part of FCMB’s strategies to reach-out to the operators and educate them on how to access the fund and equip them with relevant skills to take their business to greater heights.
According to Balogun, “we recognise the role of women in the society and their capacity to drive growth. It is gladdening to note that a lot of women-owned businesses are performing creditably well and their impact is being felt in the country with regards to job creation, economic empowerment and other benefits. We are committed to supporting these businesses with our innovative solutions as an inclusive lender and a true partner in progress.”
FCMB listed some of its offerings in the SMEs segment to include the e-invoicing platform – a unique solution designed to help businesses monitor and control their cash management, especially as it affects payments, receivables, reconciliation and other financial transactions, through the internet and other mobile channels among others.
Balogun advised women entrepreneurs to build businesses that are capable of attracting capital from multiple financing options, other than commercial banks alone. He said, “this capacity building programme will not be a one-off. It has been structured around the Central Bank of Nigeria’s objectives, which include engendering inclusive growth, increasing employment and wealth creation, enhancing access by MSMEs to financial services as well as increasing productivity and the output of microenterprises.
Jonathan Tobin, CBN’s assistant director, developmental finance, told the women entrepreneurs to be committed and show passion in their businesses. While advising that they could start small and grow, Tobin stressed that, “CBN is determined to partner with FCMB to ensure you grow your businesses to achieve your business dream”.
George Ogbonnaya, group head, SMEs business banking of FCMB, said “the bank realises that SMEs play critical roles in the growth of the nation’s economy and as an agent of growth, it is committed to helping these businesses thrive and contribute to the development of the country.”
“We understand that a number of factors combine to determine the success or failure of SMEs. We will continue to support our customers operating in the SMEs segment to overcome the challenges they usually face. We want to be part of their success story,” Ogbonnaya said.
One of the participants, Sotonye Briggs, CEO/managing partner of Sotita Nigeria Limited, manufacturer of household items, described the interactive session as laudable.
“This training is an eye-opener. Besides information about how to access loans from the bank, we have been exposed to various risks that are inherent in application for loans and amounts much more than one really needs,” Briggs said.
“This came with other advisory information about challenges faced by women-owned businesses. With all the information and networking opportunities received, I am better equipped to take my business to the next level. I thank FCMB for making this possible,” she added.
ODINAKA ANUDU