October 4, 2017

FCMB trains SMEs on business financing

FCMB trains SMEs on business financing

*From left: Mr. Frank Okeke, MD Haulage Oil & Gas Ltd; Mr Lanre Shittu, CEO, Lanre Shittu Motors; Frank Oliveira, Vice President, Business Developmentt, Mack Global Brand, USA; Taiwo Shittu, Executive Director, Lanre Shittu Motors and Ben Gantayet, International Operation, Mack Truck Inc. USA, during the handover of new Mack Trucks to officials of Haulage Oil and Gas Ltd, financed by EKN Financing Solution, in Lagos. Photo: Diran Oshe.

FIRST City Monument Bank (FCMB) has organized the first in a series of free training programmes for small and medium business owners, in line with its resolve to support and nurture Small and Medium Enterprises, SMEs, in the country.

Mr. Ladi Balogun, Chief Executive Officer, FCMB Limited,

The initiative, led by FCMB’s Training Academy and the bank’s SME Segment Managers, was attended by existing and start-up firms in the SME sector as well as facilitators cutting across spheres of business development, accounting, marketing and strategy.

The training, which focused on business finance optimization for SMEs, covered various areas such as budgeting, cost management in challenging times, raising capital for businesses, getting businesses ready for loans or investments, as well as managing credit sales.

Addressing participants at the programme, Felicia Obozuwa, Divisional Head, Corporate Services, FCMB, said the bank recognizes the role of entrepreneurs in the society and their capacity in driving economic growth.

“It is just one of the ways we support the growth of our SME customers. We realize that many small businesses can have the dedication to succeed, but without training and business experience, it can be a challenge to achieve results. Business acumen and day to day operational skills are essential for any small business owner to have when seeking out their next venture or sustaining their current business. Our comprehensive training programme for SMEs will establish a foundation for small business owners to develop themselves, learn new skills, better serve their customers, and stay relevant to their niche,” she stated.

In addition, Executive Director, Business Development, FCMB, Mrs. Bukola Smith, said the bank realizes that SMEs play critical roles in the growth of the nation’s economy, adding that a number of factors combine to determine the success or failure of SMEs. “We will continue to support our customers operating in this segment to overcome the challenges they usually face. We want to be part of their success story,” she said.

Smith listed some of the offerings of the bank 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.

“In addition, we offer free banking transactions for a period of three months for new-to-FCMB SME customers. We are steadily building bridges between SMEs and investors, national and international developmental agencies to facilitate and unlock opportunities for SMEs,” she added.

The participants at the capacity training expressed gratitude to FCMB for living up to its value as a simple, reliable and helpful bank that creates opportunities. A beneficiary, who is also the Managing Director of Festival Designs Limited, Mr. Shola Paul, said: “This training is very essential and a great initiative on the part of FCMB. I appreciate the efforts of the bank to ensure customers succeed in their various businesses by providing tools that facilitate growth.”

In the same vein, Managing Director of Honey Adeniyi Products, Mrs. Yemisi Ladejobi, said “what FCMB has done by putting together this capacity building programme is very encouraging. I have learnt a lot from this programme and kudos to the bank”.