First City Monument Bank (FCMB) has been recognized as Nigeria’s Best SME Focused Bank for 2025 by the Chartered Institute of Bankers of Nigeria (CIBN). This acknowledgment comes as FCMB holds a significant 24% share of the banking industry’s total SME disbursement of ₦1.8 trillion for 2024. The award was presented at the 60th Annual Bankers Dinner in Lagos, highlighting FCMB’s substantial role in supporting small and medium-sized businesses in Nigeria.
FCMB’s financing efforts align with Nigeria’s highest-performing sectors, including crop production, trade, telecommunications, real estate, and food, beverage, and tobacco. According to the November 2024 Nigerian Gross Domestic Product Report Q3 2024, these sectors have shown notable growth, with crop production accounting for 26.51%, trade for 14.78%, and telecommunications for 13.94%. The bank’s commitment to supporting entrepreneurs through training programs, advisory services, and partnerships has contributed to its success in this area.
The award selection was based on industry-wide lending data provided by the Central Bank of Nigeria (CBN), which monitors financial sector contributions to the enterprise ecosystem. FCMB’s Managing Director and CEO, Yemisi Edun, stated that the recognition affirms the bank’s purpose as an institution committed to making a meaningful difference in the lives of Nigerian entrepreneurs. The bank will continue to support SMEs with accessible finance, technology, and expert advice to drive productivity and contribute to national development.
The Chartered Institute of Bankers of Nigeria, the main professional body for bankers in Nigeria, organized the awards to showcase progress and resilience in the country’s financial sector. FCMB’s achievement was also highlighted by one of its staff members receiving the Next Generation Class of 2025 Award for outstanding performance and leadership potential in the banking industry. The bank’s commitment to supporting inclusive growth by connecting people, capital, and markets in Nigeria and among Nigerians abroad has earned it several awards, including the Excellence Award for Promoting Financial Inclusion for Grassroots Entrepreneurs in Nigeria and the SME Financier of the Year (Africa) from the Global SME Finance Forum/IFC.
This new award reinforces FCMB’s position as a leading bank in Nigeria’s SME sector, demonstrating its dedication to supporting the growth and development of small and medium-sized businesses. As the Nigerian economy continues to evolve, FCMB’s efforts to provide accessible finance and expert advice to entrepreneurs will remain crucial in driving productivity and contributing to national development.