First City Monument Bank (FCMB) Limited, will this week unveil its Personal Business Account to traders and other businesses in the commercial cities of Aba, in Abia State and Onitsha in Anambra state. The FCMB Personal Business Account, which was introduced in November 2014, guarantees traders, merchants, self-employed professionals and artisans, who operate businesses in their personal names, security in the conduct of such businesses in the event of unexpected disasters such as fire and flood incidents.
In a statement, the Bank announced that while the launch of the product, will hold in Aba on Tuesday, January 26, that of Onitsha will take place on Friday, January 30, 2015. The product was launched at the Oluwole market on Lagos Island and Alade Market, Ikeja in Lagos last year and has been described as a positive development by traders. FCMB explained that the introduction of the Personal Business Account is in line with its value as a helpful financial institution committed to the protection and growth of the businesses of its customers. This, the Bank added, will complement its existing wide range of value-added offerings to customers.
Speaking on the product, FCMB’s Senior Vice President and Divisional Head, Retail Banking, Mr. Olu Akanmu, explained that the Personal Business Account is a current account designed for traders and merchants with reduced cost of banking so as to protect and boost their businesses. He added that the product offers a zero Commission on Turnover (COT) charge, which is replaced by a small monthly service fee. Customers can also carry out an unlimited volume of debit transaction and withdrawals for a fee as low as N1,500. According to him the account reduces the cost of banking for customers with heavy and daily transactions. “In addition to reduced banking charges, the bank will support the customer with a free insurance cover of up to One Million Naira (N1million) in case of loss of goods/stock due to fire/flood disaster,” he said.
Mr. Akanmu pointed out that, the Bank’s product is aimed at encouraging business owners and Nigerians on the need to safe-guard their businesses against disasters, considering the spate of fire incidents and other disasters recorded in recent times. He therefore urged all business owners to avail themselves the unique opportunities being offered by the FCMB Business Account product as it guarantees peace of mind.
‘’At FCMB, we understand that several factors combine to determine the success and sustainability of any business. We always pride ourselves as solution providers and a support base to our customers; knowing that it is their success that ultimately guarantees ours as a Bank’’, Mr. Akanmu emphasised. The Divisional Head further stated that, ‘’equipped with this knowledge, we will continue to design products and services that will protect and lift our customers to enable them achieve their objectives’’.
FCMB has continued to implement various initiatives to make account opening simple and accessible to all its customers. This is part of the bank’s commitment to encourage financial inclusion as well as deliver mainstream financial services to unbanked Nigerians.
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 and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of personal and business aspirations of its customers.