The reduction, which took effect from August 12, 2020 applies to all Salary Plus Loans, including Premium Salary Plus, Auto Loans and Home Loans, of FCMB, whether they are newly disbursed or already running loans.
The slash of interest rates means that customers will be repaying lower amounts each month and can also borrow higher amounts than previously. In addition to the benefits of interest rates reduction, customers also have the option to restructure their consumer loans by opting for reduced tenure instead of reduced repayment amount.
In a statement, FCMB explained that the decision to reduce interest rates and restructure its consumer loan products in a more flexible manner are the latest initiatives in response to the current economic realities induced by the novel COVID-19 (coronavirus) pandemic, which has impacted negatively on personal and households income and expenditure, as well as on businesses and the socio-economic environment in general.
FCMB's bold move to cut interest rates has been applauded by customers, as it will go a long way in enhancing standard of living by helping customers free up extra income to boost purchasing power and meet other expenses in a convenient manner. The development is also expected to have a multiplier effect on the Nigerian economy in terms of stimulating growth and development.
Commenting on the interest rate reduction and restructuring of repayment tenure, the Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, said, "we realise the financial challenges confronting our customers due to the prevailing economic situation caused by COVID-19. As a caring and responsive Bank, we are committed to give them all the support needed to ease the situation."
This year alone, we have given out more than N30 billion in retail loans to over 475,000 customers. Because we have also digitized the application process for many of our loans, customers can get some loans instantly simply by applying on their mobile phone or the ATM. With the reduction in interest rates, we expect to make positive impact in more lives by giving our customers the financial support they need, when it matters most".
With a customer base of almost 6 million as at the end of June 2020, robust digital banking offerings cutting across mobile, internet and ATM platforms, as well as over 200 branches spread across Nigeria, FCMB offers bespoke financial solutions that align with the lifestyles of its existing and potential customers.
The Bank's giant strides and consistent impressive performance in the retail segment of the Nigerian banking industry continues to receive positive affirmation. FCMB was conferred with the award of "Most Business-Friendly Bank" at the 2019 edition of the Business Day Banking and Finance Awards. It equally bagged the award of "Excellence in Customer Experience" at the Finnovex Award held last year. In 2018, it won the prestigious award of ‘’Excellence in Retail Banking’’ at the New Age Banking Summit & Awards.
First City Monument Bank (FCMB) is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.
Having successfully transformed to a retail banking and investment management led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.
For more information, please visit www.fcmb.com.
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