First City Monument Bank has been honoured by the Mastercard Foundation with an Award of Recognition for its contributions to expanding financial inclusion for grassroots entrepreneurs across Nigeria.
The award reflects the impact of a three-year partnership between both institutions, which has delivered affordable finance and business support to 98,390 individuals and micro, small, and medium-sized enterprises nationwide.
According to FCMB, about 93 per cent of the beneficiaries are women and young people aged 18 to 35, underscoring the shared commitment of the bank and the foundation to gender equity and youth empowerment.
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FCMB’s Managing Director and Chief Executive Officer, Yemisi Edun, described the recognition as a reaffirmation of the bank’s mission to create economic opportunities through inclusive and innovative financial solutions.
Launched in 2022, the partnership was designed to support individuals and businesses affected by the economic fallout of the COVID-19 pandemic. Through the programme, beneficiaries have accessed loans at a single-digit interest rate of nine per cent per annum, enabling businesses in agriculture, renewable energy, the creative sector, and the digital economy to recover and scale.
To date, the initiative has disbursed more than N32.5bn while maintaining a strong loan performance. It has also facilitated the creation of over 120,000 jobs, with more than 25,000 entrepreneurs trained in business and digital skills across various states.
At the Mastercard Foundation’s Annual Partners’ Convening in Lagos, FCMB was commended for expanding access to finance through its agent banking and group-lending channels, systems that have brought essential financial services closer to unbanked and underbanked communities.
The bank’s efforts, including BVN enrolment, simplified account opening, debit card issuance, capacity-building programmes, and tailored lending products, have supported thousands of households and MSMEs in increasing income, strengthening savings culture, and growing their ventures sustainably.
The collaboration between FCMB and the Mastercard Foundation highlights the rising importance of purpose-driven finance in driving inclusive economic participation and long-term development across Nigeria.
