First City Monument Bank has been named Nigeria’s Best SME-Focused Bank for 2025 by the Chartered Institute of Bankers of Nigeria. The recognition comes after FCMB captured a leading 24 per cent share of the banking industry’s N1.8tn total SME disbursement for 2024.
The award was presented at the 60th Annual Banker’s Dinner held in Lagos recently, highlighting the bank’s prominent role in supporting small and medium-sized enterprises across the country. The selection was based on industry-wide lending data provided by the Central Bank of Nigeria, which tracks financial sector contributions to the enterprise ecosystem.
FCMB’s performance stands out in a competitive banking landscape where many institutions claim to support SMEs, but few demonstrate a measurable impact at this scale. Capturing nearly a quarter of total SME lending shows consistent execution rather than just policy announcements.
BANK’S SME Financing Targets High-Performing Economic Sectors
According to the bank, its SME financing initiatives target the real drivers of the Nigerian economy. Data from the Nigerian Gross Domestic Product Report for Q3 2024 show that FCMB’s investment focus aligns with the nation’s highest-performing sectors.
These include Crop Production (26.51 per cent), Trade (14.78 per cent) and Telecommunications (13.94 per cent), along with Real Estate (5.43 per cent) and Food, Beverage and Tobacco (4.06 per cent).
This sector alignment isn’t coincidental. By directing capital toward areas with demonstrated economic contribution, FCMB increases the likelihood that funded businesses will generate returns and create employment. It’s a more strategic approach than scattering resources across unproven ventures.
The focus on crop production is particularly relevant given Nigeria’s agricultural potential and food security challenges. Supporting trade and telecommunications also addresses sectors where SMEs can scale relatively quickly with the right capital injection.
FCMB Provides Training and Advisory Services Beyond Funding
Beyond funding, FCMB continues to support entrepreneurs through training programmes, advisory services and strategic partnerships aimed at helping them overcome business challenges and achieve sustainable growth.
This holistic approach recognises that money alone doesn’t guarantee SME success. Many small businesses fail not from lack of capital but from poor financial management, inadequate market knowledge or weak operational systems.
By combining financing with capacity building, FCMB addresses multiple constraints simultaneously. An entrepreneur who receives both a loan and training on cash flow management is more likely to repay that loan and grow their business than one who gets capital without guidance.
The advisory services also help FCMB protect its own portfolio. Better-informed, better-managed SMEs represent lower credit risk and generate more sustainable returns for the bank.
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FCMB Executive Director Says Award Affirms Bank’s Commitment to SMEs
Accepting the award on behalf of Managing Director and Chief Executive Officer Yemisi Edun, the bank’s Executive Director of Wholesale Banking, Obaro Odeghe, said the recognition reinforces FCMB’s commitment to strengthening the SME landscape.
“We are truly honoured to be recognised by the CIBN, based on data from the Central Bank of Nigeria. This recognition affirms our purpose as an institution committed to making a meaningful difference in the lives of Nigerian entrepreneurs, who are the backbone of our economy,” Odeghe said.
He added that FCMB will continue to support SMEs with the accessible finance, technology, and expert advice they need to grow. “By strengthening these businesses, we drive productivity and contribute directly to national development,” Odeghe explained.
The emphasis on entrepreneurs as the backbone of the economy isn’t just rhetoric. SMEs account for a significant portion of employment and GDP contribution in Nigeria, yet they remain chronically underserved by formal financial institutions.
Chartered Institute of Bankers Organised Awards to Spotlight Financial Sector Progress
The Chartered Institute of Bankers of Nigeria, the main professional body for bankers in the country, organised the awards to spotlight progress and resilience within the financial services sector.
FCMB’s performance on the night was further highlighted when one of its staff members, Tooritsemoshe Ojei, received the Next Generation Class of 2025 Award for outstanding performance and leadership potential in the industry.
The recognition of individual staff members alongside institutional awards suggests FCMB’s SME success stems from more than just top-down strategy. It requires skilled relationship managers who understand SME challenges and can structure appropriate solutions.
FCMB Joins Growing List of Institutions Recognised for SME Support
The bank remains committed to driving inclusive growth by connecting people, capital, and markets within Nigeria and among Nigerians abroad. The new award joins a growing list of honours received by the institution.
These include the Excellence Award for Promoting Financial Inclusion for Grassroots Entrepreneurs in Nigeria from the Mastercard Foundation, SME Financier of the Year (Africa) from the Global SME Finance Forum/IFC, and Best Bank with the Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria from the Development Bank of Nigeria.
The pattern across these awards is consistent: FCMB isn’t just lending to established SMEs, but actively working to bring first-time borrowers into the formal financial system. This is harder and riskier than cherry-picking creditworthy clients, but it creates a genuine economic impact.
For Nigerian SMEs, FCMB’s track record offers a clearer signal than marketing claims. When multiple independent bodies using different assessment criteria all reach similar conclusions about a bank’s SME commitment, entrepreneurs can have greater confidence that the institution will deliver on its promises.
The challenge now is whether FCMB can maintain this performance as it scales. Capturing 24 per cent of SME disbursements in 2024 sets a high bar for 2025 and beyond.
