First City Monument Bank (FCMB) Limited is set to launch its first Flexx Hub, an exclusive banking arena for its youth customers who hold a Flexx account. The flagship Flexx Hub is located at Lagos University Teaching Hospital, popularly called MediLag and the bank has unveiled a week-long launch event which began on Monday July 18, 2016 with exciting and fun activities to culminate in the Grand Opening of the Flexx Hub this Friday, July 22, 2016.
With a rich and deep content format hardly seen before now, the Flexx Hub Launch Week will feature a line-up of activities including appearances by popular celebrities, such as music artistes, DJs, photographers, Radio On-Air-Personalities, personal finance planners, entrepreneurial coaches and much more. In addition, there will be music, dance, game shows and talent contests, where participating youths will get a chance to win a daily Smartphone prize and stand a chance to win the Grand Prize of a Hyundai Veloster in the ongoing Flexx Promo.
Speaking on the Flexx Hub launch and what makes Flexx different from the generic offering for young people in the Nigerian Banking space, the Divisional Head, Retail Banking at First City Monument Bank (FCMB), Mr. Olu Akanmu said,
Flexx is not just an account but a lifestyle platform that offers a customer experience centred around Fun, Future and Banking. The tripod of ‘FFB’ is served through digital channels that fit into the lifestyle of the Flexx target market which include the Mobile App, a Microsite and an Online Account Opening platform, all of which allow a potential Flexx customer open an account with FCMB without having to visit a branch. What the physical structure of the Flexx Hub brings to the table is a further simplification of banking as we know it and a place for young customers to breeze through those unavoidably physicalbanking transactions, while enjoying access to free extras such as wifi, charging ports etc. Ultimately, the goal is to demystify and remove the rigours of banking, so that members of the youth market are happy to come “Flexx @ The Hub” whenever the need arises. This is the first Flexx Hub we are opening, with many more to be opened in campuses across Nigeria before the end of 2016″.
FCMB’s Flexx proposition is targeted at young people who are actively seeking platforms which allow them to express their uniqueness, while building skills for financial success. A youth-centric banking product, Flexx is designed to meet the overall financial needs of young people within the age range of 18 and 35 years, where and how they want those needs met. This is summarized in the description of Flexx as “An app. A card. An account”, which gives account holders the freedom to bank on the go using the Flexx Mobile App. The Flexx card makes it convenient for them to withdraw cash, make payments online and on Point-of-Sale machines, as well as access exclusive discounts and freebies from Flexx partners. In addition to all of these, Flexxersget access to relevant fun and lifestyle information, as well as entrepreneurial tips, guides and events that help them build skills needed to achieve life aspirations and survive in the real world. This interesting departure from the common market offering gives the account holder a unique opportunity to “flexx” (a popular expression which means to “show off”) and express a lifestyle that will be the envy of their peers who do not have a Flexx account.
While responding to why FCMB is investing so heavily in banking solutions that foster youth capacity building, the Group Head, Corporate Affairs of the bank, Mr. Diran Olojo said,
“The youth segment is critical to our success as a retail brand. We are positioning FCMB as a youthful, vibrant and accessible brand and this segment is instrumental in harnessing that positioning for various reasons, including the population size in comparison to other segments, being about 42% of Nigeria’s population, reference to a National Bureau of Statistics’ report. In addition, we believe our differentiated approach with the Flexx account of focusing not just on fun and lifestyle, but also on their future and helping them develop the skills they need to succeed as entrepreneurs and business people is something that is attractive to the youth. This is a very important aspect in helping them to prepare for a successful future.”
Mr. Olojo said the Bank is focusing on the opportunity to develop sustainable relationships with the youth segment, even though they may currently have little disposable income.
“Our investment in this segment in the short term is to onboard them as early adopters and provide them with a platform that encourages sustainable self-development as we partner them through various life cycles into adulthood”, the FCMB brand custodian, concluded.