First City Monument Bank Limited (FCMB)’s Women in Business unit said it is set to launch a proposition that will offer zero-interest rate on loans to Small and Medium Enterprises (SMEs) to enable women entrepreneurs in Nigeria who desire affordable and convenient funding to boost their businesses.
In a statement by the bank at the weekend, said the development is in line with its commitment to empower women-owned SMEs (existing and start-ups), through financial support, advisory and value-added products, to enhance customer experience and overall contribution to the growth of the country and its economy. FCMB has established a dedicated desk for women-owned businesses under its Business Banking Group and equipped the unit with professional personnel to meet the needs of this segment. The bank explained that the zero-interest rate product, which is for an initial period of three months, is designed as an all-round programme structured to prepare and equip the bank’s female-owned SME customers to take their businesses to greater heights.
According to the bank, “this product comes with additional benefits, such as capacity building programmes through trainings and financial advisory services; stressing that 80 women every quarter will have access to mentorship and training and 40 of them will benefit from the loan…”