FCMB Reduces Interest on Consumer Loan Products and Offers Clients the Option to Restructure Their Mandate for Repayment – Nairametrics
First City Monument Bank (FCMB) once again lived up to expectations as a customer-centric and responsive bank. The latest in a series of measures taken by the financial institution is a reduction in interest rates on all consumer credit products.
The reduction, effective August 12, 2020, applies to all Salary Plus loans, including Premium Salary Plus, auto loans and home loans, from FCMB, whether newly disbursed or already in progress. The reduction in interest rates means that customers will repay lower amounts each month and will also be able to borrow higher amounts than before. Besides the benefits of lower interest rates, customers also have the option of restructuring their consumer loans by opting for a reduced tenure period instead of a reduced repayment amount.
In a statement, the FCMB explained that the decision to cut interest rates and restructure its consumer credit products more flexibly are the latest initiatives in response to the current economic realities brought about by the new COVID-pandemic. 19 (coronavirus), which has had a negative impact on the income and expenditure of individuals and households, as well as on businesses and the socio-economic environment in general.
FCMB’s bold move to cut interest rates has been applauded by clients as it will go a long way in improving living standards by helping clients generate additional income to increase their purchasing power and cope with d other expenses in a practical way. Development is also expected to have a multiplier effect on the Nigerian economy in terms of stimulating growth and development.
Commenting on the interest rate cut and repayment term restructuring, FCMB Retail Banking Executive Director Mr. Olu Akanmu said: “We realize the financial challenges our customers face due to the current economic situation caused by COVID-19. As a benevolent and responsive bank, we are committed to providing them with all the support necessary to calm the situation. This year alone, we have granted more than N30 billion naira in personal loans to more than 475,000 clients. Because we have also digitized the application process for many of our loans, customers can get loans instantly by simply applying on their cell phone or at an ATM. With the reduction in interest rates, we hope to positively impact more lives by providing our clients with the financial support they need, when it matters most ”.
With a customer base of nearly 6 million at the end of June 2020, robust digital banking offerings covering mobile, internet and ATM platforms, as well as more than 200 branches spread across Nigeria, FCMB offers tailor-made financial solutions. that align with the lifestyles of its existing and potential customers.
The Bank’s giant strides and its impressive and consistent performance in the retail segment of the Nigerian banking sector continue to receive positive affirmations. FCMB received the “Most Business Friendly Bank” award at the 2019 Business Day Banking and Finance Awards. It also won the “Customer Experience Excellence” award at last year’s Finnovex Award. In 2018, she won the prestigious “ Excellence in Retail Banking ” award at the New Age Banking Summit & Awards.
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.
After successfully transforming into a group led by retail banking and investment management, FCMB hopes to continue to distinguish itself through innovation and exceptional service delivery.
For more information, please visit www.fcmb.com.