 Plc Group has invested in the latest technology with a view to bolstering its online lending to meet the needs of young tech savvy customers.){kind=link}
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In recent years, First City Monument Bank (FCMB) Plc Group has invested in the latest technology with a view to bolstering its online lending to meet the needs of young tech savvy customers.
These investments have yielded fruit as the Bank’s digital customers has hit 9.50 million as at March 2023, up 22 percent from 8.10 million as at March 2022.
It realised N10 billion from digital sales, lending activities and wealth management in the first quarter of 2o23, a 25 percent growth from the corresponding period of 2022.
It is noteworthy that digital revenue now accounts for 12 percent of gross earnings, which validates the lenders’ earnings diversification strategies.
“Over 500k customers acquired during the quarters driven by increased cross-selling of digital products across payments, lending and wealth management,” said the Bank.
The lender uses its digital channel to extend credit to customers as it continues to extend banking services easily for customers who carry out transactions through their mobile apps from wherever they are.
For instance, digital loans to retail have grown by 49 percent while loans to small and Medium Enterprises (SMEs) grew by 8 percent from the previous quarter.
“We continue to leverage our unique group structure to build a technology-driven ecosystem that is fostering inclusive and sustainable growth in the communities we serve,” said Ladi Balogun, Chief Group Executive of the Bank.
“This strategy enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitization,” said Balogun.
There has been an explosion in digital banking since the coronavirus pandemic that forced people to carry out transactions at home.
According to a 2022 press release, Nigeria recorded 3.7 billion real-time payments in 2021, earning the sixth spot among countries with the biggest real-time payments markets.