Mastercard Foundation honours FCMB for financial inclusion

First City Monument Bank has received an Award of Recognition from the Mastercard Foundation for its outstanding efforts in advancing financial inclusion for grassroots entrepreneurs across Nigeria.

The recognition highlights the success of a three-year partnership between FCMB and the Mastercard Foundation, which has provided affordable financing and business support to 98,390 individuals and micro, small, and medium enterprises across the country.

A statement from the bank on Monday stated that about 93 per cent of the beneficiaries are women and youths aged 18 to 35, reflecting both organisations’ commitment to youth and gender inclusion in economic growth.

“We are proud of what this partnership has achieved,” said MD/CEO of First City Monument Bank, Yemisi Edun. “It reaffirms our commitment to creating opportunities for individuals and communities through inclusive and innovative financial solutions.”

Launched in 2022, the joint initiative was designed to support individuals and MSMEs adversely affected by the COVID-19 pandemic. It offers loans at a single-digit interest rate of nine per cent per annum, enabling businesses in key sectors, including agriculture, renewable energy, the creative industry, and the digital economy, to recover and expand.

More than N32.5bn has been disbursed to date while maintaining a healthy loan portfolio. The partnership has also created over 120,000 jobs, while more than 25,000 entrepreneurs have been trained in business and digital skills nationwide.

At the Mastercard Foundation’s Annual Partners’ Convening held in Lagos, FCMB was commended for deepening access to finance through its agent banking and group-lending channels, which have brought financial services closer to unbanked and underbanked Nigerians at the grassroots.

FCMB’s initiatives, including Bank Verification Number enrolment, simplified account opening, debit card issuance, capacity-building training, and tailored loan products, have supported improved well-being, higher incomes, stronger savings habits, and job creation through business growth.

The FCMB–Mastercard Foundation collaboration underscores the growing significance of purpose-driven finance in promoting inclusive economic participation and sustainable development across Nigeria.