Connect with us

BUSINESS

FCMB opens ultra-modern branch in Karu, Nasarawa State

Published

on

Customers of leading financial services provider, First City Monument Bank (FCMB), and Nigerians in general, who reside or run businesses in Mararaba-Karu, a satellite settlement town in Nasarawa State, neighbouring Abuja environs, including Nyanya, now have an opportunity to enjoy the excellent services offered by the Bank. This is because FCMB has opened an ultra-modern and full-service branch strategically located at Plot 35779, Mararaba Gurku Karu, Nasarawa State in the town.

The new branch was commissioned at an impressive ceremony on Tuesday, October 23, 2018. This brings to 3 the number of branches of the Bank in Nasarawa environs and 205 across Nigeria. The development is in line with FCMB’s strategic expansion approach and commitment towards bringing banking services directly to the door steps of its existing and potential customers. The location of the branch takes into consideration convenience for residents and businesses in Karu and neighbouring communities in Nasarawa and it is expected to promote financial inclusion in the country.

Apart from the experienced financial experts at the branch, it is equipped with unique physical and technological infrastructures that will ensure convenient transactions and sundry financial service delivery to customers in a relaxed environment.

In his speech at the commissioning of the new branch in Karu, the Managing Director of FCMB, Mr. Adam Nuru said, ‘’this is due to the importance of this area, not just as a residential hub, but as a major gateway to other strategic places in Nasarawa state. Though, most of our customers prefer to carry out transactions from wherever they are, using our alternate channels such as FCMBMobile, FCMBOnline, USSD code and ATMs spread widely across Nigeria, some customers still prefer human interaction when banking. This additional customer touch point will further boost our commitment in providing customers with simple, helpful and reliable banking services, in a conducive and convenient environment’’.

Also speaking, the Divisional Head, Service Management & Technology of FCMB, Mr. Oluwakayode Adigun, re-iterated the Bank’s commitment to strategically grow its network to meet the individual and business aspirations of its growing customer base across segments.
He disclosed that, “the new Karu branch, just like other branches of FCMB across Nigeria, brings with it something special in terms of structure, aesthetics and above all, the excellent customer experience to be provided by our excellent team of professionals. While we strategically pursue our digital agenda as a forward looking financial services operator, we will continue to support the financial inclusion vision of the Central Bank of Nigeria where every customer is adequately served on any channel in which such services are provided to meet their respective lifestyles and needs’’.
In his address at the ceremony, the Deputy Governor of Nasarawa State, Hon. Silas Agara, commended FCMB for its commitment to national development through various forms of support to the private and public sectors. The Deputy Governor, who was represented by the Commissioner for Finance, Hon. Ayuba Ayenaje, said, “we are excited that FCMB has expanded its footprint in Nasarawa State and confident that this will go a long way to boost economic activities in our State. We are proud of the various initiatives of the Bank to support the people and government of Nasarawa state. With the opening of a branch in Karu town, the relationship will be taken to greater heights. On our part, we will support the Bank as much as we can”.
FCMB’s robust suite of financial solutions and award-winning service culture have continued to enhance its status as a leader in the Nigerian banking industry. Among other laurels, FCMB recently bagged the prestigious award of ‘’Excellence in Retail Banking’’ at this year’s edition of the New Age Banking Summit & Awards held from September 26 to 27, 2018 in Lagos. It has also been rated as the 3rd most customer-focused bank in retail banking (from 5th in 2017) by KPMG, a leading international consulting firm, in the 2018 Banking Industry Customer Satisfaction Survey (BICSS).

See photos below:

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BUSINESS

Q1 2019: Zenith Bank sustains market dominance with improved profitability

Published

on

In the first quarter ended 31 March 2019, Zenith Bank Group recorded improved numbers across key metrics, driven by a solid performance in all business segments. This resulted in a Profit before Tax (PBT) of ₦57 billion, representing a 6% growth over the ₦54 billion achieved in the corresponding period in 2018. The Group’s on-going commitment to cost optimisation on the income statement and statement of financial position ensured earnings per share increased by 7% to ₦1.60 compared to Q1 2018.

The growth in net interest income and operating income by 23% and 1% respectively mitigated the decline in gross earnings. The effective management of cost-to-income ratio, cost of funds and cost of risk offset top-line declines to deliver an enhanced operating income in the period.

Our risk and asset quality continues to improve as cost of risk dropped significantly by 52% from 0.9% in the prior year to 0.4% for the period. This was achieved as impairment charges declined by 54% (₦2.5 billion year on year reduction). Our cost of funds also improved, declining by 25% from 4% in Q1 2018 to 3% at quarter-end. This was supported by a 22% decrease in interest expense of ₦10 billion over the same period, affirming the Group’s robust treasury and liquidity management. Our prudent cost management led to a 5% decline in our cost-to-income ratio by 5% from 53.3% in 2018 to 50.9% in the period with an absolute reduction in operating expenses by ₦2.3 billion year-on-year.

The Group’s retail franchise continues to increase as retail deposits grew by N80bn between December 2018 and March 2019 representing a 9% growth notwithstanding the fact that total customer deposits dropped marginally by 3%. The drop in customer deposits was as a result of rebalancing of the deposit mix as expensive purchased deposits were forgone in favour of cheaper and stickier retail deposits.

The volume and value of transactions across our electronic and digital platforms continue to grow as new customers are being acquired. Our balance sheet continues to strengthen as liquidity ratio is at 66.7%, loan to deposit ratio closed at 43%, and capital adequacy ratio ended the period at 25% respectively and remain above the relevant regulatory thresholds as at 31 March 2019.

Going into the rest of the year and with improving economic fundamentals, we are confident of delivering value to all our stakeholders on our commitments even as we create more opportunities for businesses by supporting them through selective risk asset creation. We shall continue our investments in the retail segment of the market as we consolidate our leadership position in the corporate segment while maintaining a strong balance sheet.

Continue Reading

BUSINESS

Keystone Bank, others partner Mojec to roll out prepaid meters

Published

on

L-R: Head, Personal Banking, Wema Bank Plc – Mr. Abiola Afolayan; Chairman, Mojec International Limited, Mrs Mojisola Abdul; Managing Director, Mojec International Limited, Ms. Chantelle Abdul; Executive Director, Corporate Bank & South Directorate, Keystone Bank Limited, Yemi Odusanya and Group Head, Retail & SME, Unity Bank Plc, Mr. Olufunwa Olugbenga Akinmade at a press conference and signing of the Memorandum of Understanding ceremony between Mojec and the partner banks on the roll out of prepaid meters, held in Lagos on Monday, April 15, 2019.

Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited, has announced partnership with Keystone Bank Limited and other leading banks in Nigeria to provide retail financing for rollout of prepaid meters to its customers within the coverage area of its partner Distribution Companies (DISCOs) across the country.

This is a major step ahead of the commencement of the much-anticipated Meter Asset Providers (MAP) scheme.

The partnership announcement was made at a press conference and Memorandum of Understanding signing ceremony held in Lagos on Monday, April 15, 2019 between Mojec and the partner banks. The partner banks include Keystone Bank, Unity Bank, Zenith Bank, Polaris Bank, First Bank, Wema Bank, Sterling Bank and First Option Micro-finance Bank.

MAP is a scheme approved by the Nigerian Electricity Regulatory Commission (NERC) through a regulation meant for the provision, supply, installation and maintenance of end-user meters by Meter Asset Providers with a view to fast-tracking a closure of the metering gap and end estimated billing in Nigeria.

Speaking at the event, the Managing Director/Chief Executive Officer, Mojec International Limited, Ms. Chantelle Abdul disclosed that the company was determined to bridge the metering gap in the power sector by ensuring provision of top-quality electricity meters to consumers in Nigeria.

“Now that MAP is here, Mojec is once again blazing the trail in the provision of high-end quality pre-paid meters to consumers, helping to reduce the financial burden estimated electricity billing is putting on electricity consumers,” Abdul said, noting that Mojec as a company has invested a lot of resources, positioning it as best suited to meet the metering needs of all consumers within the coverage of its partner DISCOs.

She further explained that Mojec would be partnering with eight DISCOs including, Ikeja Electric, Eko DISCO, Abuja DISCO, Kano DISCO, Enugu DISCO, Jos DISCO, Ibadan DISCO and Kaduna DISCO covering about 20 states of the federation.

In his remarks after the MoU signing, the Acting Managing Director/CEO, Keystone Bank Limited, Mr. Abubakar Danlami Sule, represented by Mr. Yemi Odusanya, Executive Director, Corporate Bank & South Directorate shared the bank’s driving motivation for the partnership. “The importance of energy in the growth of businesses and for the livelihood of homes in Nigeria cannot be overemphasized.

“Energy cost is by all standards the major cost line in most homes and businesses.

“The scheme is set to eradicate the unnecessary prevalence of estimated billing which deprived the national economy of funds which otherwise could be deployed into other productive use.

“We are therefore excited to be part of this initiative to bring electricity to homes and businesses at the most prudent cost, putting households and business in control of their expenditure pattern.” He concluded.

Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.

Continue Reading

BUSINESS

CBN boosts Forex market with another $210 million

Published

on

The interbank segment of the Foreign Exchange Market has received a boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, April 16, 2019.

According to figures obtained from the Bank, authorized dealers in the wholesale segment of the market were offered the sum of $100million. Similarly, the Small and Medium Enterprises (SMEs) segment received the sum of $55 million, while customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The Director, Corporate Communications Department, Mr. Isaac Okorafor confirmed the transactions and disclosed that the effort of the Bank had helped to reduce exchange rate pressures across all segments of the market. According to him, the stability of the exchange rate underscored the level of confidence investors and the public had in the Naira.

It will be recalled that the Bank, at its last intervention on Friday, April 5, 2019, injected the sum of $247.8 million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, April 16, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.

Continue Reading
Advertisement

Facebook

Advertisement
Advertisement

Trending