• Advertise
  • Contact Us
Monday, December 4, 2023
YabaLeftOnline
  • Home
  • Entertainment News
  • Viral News
  • News
  • Nigerian Music
  • Nigerian Music Videos
  • BBNaija 2022
No Result
View All Result
  • Home
  • Entertainment News
  • Viral News
  • News
  • Nigerian Music
  • Nigerian Music Videos
  • BBNaija 2022
No Result
View All Result
YabaLeftOnline
No Result
View All Result
Home Editorial

FCMB partners WSBI to boost financial inclusion and savings in Nigeria

Daniel Oyetoro by Daniel Oyetoro
November 16, 2018
Reading Time: 3 mins read
FCMB partners WSBI to boost financial inclusion and savings in Nigeria
Share on FacebookShare on Twitter

First City Monument Bank (FCMB) is set to substantially increase its support to agribusiness, its value chain and growth of the Nigerian economy after signing a Memorandum of Understanding with the World Savings and Retail Banking Institute (WSBI).

The memorandum outlines a framework to deepen agency banking, financial inclusion and savings culture in the informal and agribusiness sectors. As part of the terms of the partnership, in addition to the stated areas of support, WSBI will provide technical oversight supervision on a regular basis to ensure the achievement of mutually agreed goals set by both institutions.

ReadAlso

“Why I have a deep crush for Yul Edochie” – Blessing CEO

“This one don use him salary stake on Sportybet” – Reactions as DSP Bright calls out punter

According to the memorandum, the project involves FCMB rolling out an integrated savings account – named ‘Kampe Account’ – to offer financial services under phase one of its plan to 150,000 unbanked and under-banked farmers across five states through agricultural agents operating under the bank’s agency banking proposition. The first set of states to benefit in this first phase are Kaduna, Kano, Nasarawa, Ogun and Oyo. The plan is to reach 2 million farmers across the entire nation by year 2023.

In addition to the financial support to farmers, FCMB plans to deploy its state-of-the art technology and mobile banking solutions to drive the project mainly in the rural and sub-urban farm settlements where most farmers are based. The bank will also organize capacity-building programmes for farmers aimed at facilitating their understanding of the sector and promote innovative ideas that would make the sector attractive, ultimately facilitating job creation that would in turn, impact on productivity and income.

Commenting on the grant from WSBI and the initiative, FCMB’s Managing Director and Chief Executive, Mr. Adam Nuru noted the development will revolutionize agribusiness – one of the various empowerment strategies adopted by the bank that is appreciated by stakeholders within and outside Nigeria.

Adam Nuru said:

” Partnering with WSBI and harnessing the business model we have developed to drive it, under our Kampe Account, is built on a sustainable approach which ensures farmers can gain better access to finance and other resources needed to help them build successful businesses.”

Nigerian smallholder farmers have been at a disadvantage due to several factors including land fragmentation, inadequate farming equipment, broken value chains, poor access to finance and inadequate cash flow. Over the years, they have suffered from lack of essential services such as access to good markets to create low economies of scale, challenges in the promotion of agricultural productivity, hurdles in their bid to achieve increase in food security to improve rural livelihoods for engendering systematic growth out of poverty. FCMB and WSBI are optimistic that these challenges will be addressed.

Mr. Nuru added:

“Farmers who benefit from this effort can and should make the best use of the opportunity. FCMB will continue to partner with WSBI to create opportunities that would ensure the realization of the personal and business needs of customers.”

WSBI Managing Director Chris De Noose concluded: “The Kampe Savings Project is yet another example of the innovative ways rural communities can flourish through mobile savings and beyond. Expanding banking access and agricultural services through the provision of mobile services to the farming community, which increasingly includes more women, can help knock out any doubt about the payoff that farming can bring.”

About FCMB

First City Monument Bank (FCMB) Limited 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 wealth management led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.

About WSBI

The World Savings and Retail Banking Institute (WSBI), founded in 1924, represents the interests of 6,000 savings and retail banks globally, with total assets of $15 trillion and serves approximately 1.3 billion customers in nearly 80 countries (as of 2016). The Institute focuses on international regulatory issues that affect the savings and retail banking industry. It supports the achievement of sustainable, inclusive, balanced growth and job creation, in industrialized and less developed countries.

Related Posts

“Why I have a deep crush for Yul Edochie” – Blessing CEO

“Why I have a deep crush for Yul Edochie” – Blessing CEO

December 2, 2023
“This one don use him salary stake on Sportybet” – Reactions as DSP Bright calls out punter

“This one don use him salary stake on Sportybet” – Reactions as DSP Bright calls out punter

December 1, 2023
“When they don’t value you, value yourself” – Portable advises

“When they don’t value you, value yourself” – Portable advises

December 1, 2023
Nigerian man lost everything in Canada after his wife falsely accused him of rapǝ

Nigerian man lost everything in Canada after his wife falsely accused him of rapǝ

December 1, 2023
“This December will be the last as a fat man” – Cubana Chief Priest shares weight loss goal

“This December will be the last as a fat man” – Cubana Chief Priest shares weight loss goal

December 1, 2023
“I’m looking for like 2 to 3 boyfriends” – Asisat Oshoala enters dating market, shares criteria

“I’m looking for like 2 to 3 boyfriends” – Asisat Oshoala enters dating market, shares criteria

December 1, 2023
“The shoe na weapon, Na multipurpose device” – Netizens react with hilarious comments to singer Asake’s shoes for an event (VIDEO)

“The shoe na weapon, Na multipurpose device” – Netizens react with hilarious comments to singer Asake’s shoes for an event (VIDEO)

December 1, 2023
Two uniformed police officers publicly exchange blows (Video)

Two uniformed police officers publicly exchange blows (Video)

December 1, 2023
LAMATA’s Vision Unveiled: Lagos Red Line Metro to Commence Service in 2024

LAMATA’s Vision Unveiled: Lagos Red Line Metro to Commence Service in 2024

December 1, 2023
“Some people are investments and some people are bills” – Dj Cuppy

“Some people are investments and some people are bills” – Dj Cuppy

December 1, 2023

Leave a ReplyCancel reply

Recommended

Nigerian woman celebrates

Nigerian woman celebrates marriage of adopted daughter who came into her home as a nanny eight years ago

4 days ago
Nigerians react to video of lady who shared what the minimum wage per hour in the UK will get you (VIDEO)

Nigerians react to video of lady who shared what the minimum wage per hour in the UK will get you (VIDEO)

2 days ago
Nigerian man lost everything in Canada after his wife falsely accused him of rapǝ

Nigerian man lost everything in Canada after his wife falsely accused him of rapǝ

2 days ago
Nigerian Pastor and wife welcome triplets, 18 years after their first child.

Nigerian Pastor and wife welcome triplets, 18 years after their first child.

4 years ago
“This December will be the last as a fat man” – Cubana Chief Priest shares weight loss goal

“This December will be the last as a fat man” – Cubana Chief Priest shares weight loss goal

2 days ago

Join Our Community!

loader

Don't miss a thing, get the latest updates to your email!

Popular News

  • Nigerian woman celebrates

    Nigerian woman celebrates marriage of adopted daughter who came into her home as a nanny eight years ago

    0 shares
    Share 0 Tweet 0
  • “I will swɘar and cursɘ you” – Physically challenged Nigerian man hits hard at people trolling him for seeking a serious relationship online

    0 shares
    Share 0 Tweet 0
  • Nigerian Man’s Hilarious Reaction Goes Viral As His Brother’s Bride Becomes Emotional During Vows (VIDEO)

    0 shares
    Share 0 Tweet 0
  • Nigerians drag DJ Cuppy’s ex-fiance, Ryan Taylor, to f!lth over his statement about his ex-lovers

    0 shares
    Share 0 Tweet 0
  • Nigerians react to video of lady who shared what the minimum wage per hour in the UK will get you (VIDEO)

    0 shares
    Share 0 Tweet 0
  • About
  • Advertise
  • Write For Us
  • Contact Us
Call us: +234 903 171 3513

© 2022 YABALEFTONLINE MEDIA

No Result
View All Result
  • Home
  • Entertainment News
  • Viral
  • BBNaija
  • Nigerian Music
  • Relationship
  • Quiz
  • Memes
  • Contact Us
  • Advertise

© 2022 YABALEFTONLINE MEDIA

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.