In furtherance of its customer-centric and responsive banking products and services drive, First City Monument Bank (FCMB) has announced reduction of interest rates on all its consumer loan products.
According to the lender, the reduction of interest rates on loans, 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.
With the monetary initiative, it means that the bank’s customers will be repaying lower amounts each month and can also borrow higher amounts than previously.
Apart from the interest rates reduction benefits, the customers also have the option to restructure their consumer loans by opting for reduced tenure instead of reduced repayment amount.
Announcing the latest beneficial packages for its customers in a statement, FCMB explained that the decision to reduce interest rates and restructure its consumer loan products in a more flexible manner were part of latest initiatives in response to the current economic realities occasioned by the COVID-19 (coronavirus) pandemic.
The lender noted the pandemic had impacted negatively on personal and households’ income and expenditure, as well as on businesses and the socio-economic environment in general.
As expected, the lender’s bold move to cut interest rates had been lauded by customers, who believe it will go a long way in enhancing their standard of living by helping them free up extra income to boost purchasing power and meet other expenses in a convenient manner.
In addition, the gesture 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, FCMB’s Executive Director, Retail Banking, Mr. Olu Akanmu, explained: “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”, the top banker added.
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 nationwide, 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.
The lender 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.