FCMB, also known as First City Monument Bank, is a Nigerian bank headquartered in Lagos. The bank was originally founded as City Securities Limited by Olove Subomi M Balogun, a Yoruba tribal leader, in 1977 and was granted its banking licence in August 19783. FCMB was the first Nigerian bank to be founded without support from government or foreign entities.
As well as its Lagos base, FCMB has branches in all 36 Nigerian states. The bank also has a branch in London, United Kingdom and a South African office.
FCMB acquired Finbank in 2012. The bank also has several subsidiaries covering investment banking, stock brokerage, microfinance lending and pension funds, as well as other non-banking subsidiaries. Together these companies form First City Group.
The UK branch of FCMB was established in 2008.
FCMB Bank Products and Services
FCMB works with individuals, businesses and corporations to provide retail and investment banking services.
Personal banking customers can choose from services including current accounts, savings accounts, investments and a range of services tailored to customers who are Nigerian but not currently resident there.
Customers opening a business banking account get three months free banking, and the ‘Quick Loan’ service can provide loans of up to 5 million nairas in no time, with no collateral required. Other services for business customers include current accounts, savings accounts, loans, bonds and guarantees and a trade service that incorporates both ‘visible’ and ‘invisible’ (where goods and services are not exchanged) transactions. FCMB also offers services tailored to supporting schools.
FCMB can also help business customers gain what is known as ‘intervention funding’ to support their work from the Central Bank of Nigeria.