Home / News / FCMB reduces interest on consumer loan products, offers customers opportunity to restructure repayment tenure

FCMB reduces interest on consumer loan products, offers customers opportunity to restructure repayment tenure

First Metropolis Monument Financial institution (FCMB) has once more lived as much as expectation as a customer-centric and responsive Financial institution. The most recent within the sequence of actions taken by the monetary establishment is a discount of rates of interest on all shopper mortgage merchandise.

The discount, which took impact from August 12, 2020 applies to all Wage Plus Loans, together with Premium Wage Plus, Auto Loans and Residence Loans, of FCMB, whether or not they’re newly disbursed or already working loans. The slash of rates of interest implies that clients will likely be repaying decrease quantities every month and may borrow larger quantities than beforehand. Along with the advantages of rates of interest discount, clients even have the choice to restructure their shopper loans by choosing diminished tenure as an alternative of diminished compensation quantity.

In a press release, FCMB defined that the choice to scale back rates of interest and restructure its shopper mortgage merchandise in a extra versatile method are the most recent initiatives in response to the present financial realities induced by the novel COVID-19 (coronavirus) pandemic, which has impacted negatively on private and households revenue and expenditure, in addition to on companies and the socio-economic atmosphere usually.

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FCMB’s daring transfer to chop rates of interest has been applauded by clients, as it would go a good distance in enhancing lifestyle by serving to clients unlock additional revenue to spice up buying energy and meet different bills in a handy method. The event can also be anticipated to have a multiplier impact on the Nigerian economic system when it comes to stimulating progress and improvement.

Commenting on the rate of interest discount and restructuring of compensation tenure, the Govt Director, Retail Banking of FCMB, Mr. Olu Akanmu, mentioned, “we realise the monetary challenges confronting our clients because of the prevailing financial state of affairs brought on by COVID-19. As a caring and responsive Financial institution, we’re dedicated to offer all of them the assist wanted to ease the state of affairs. This 12 months alone, we have now given out greater than N30 billion in retail loans to over 475,000 clients. As a result of we have now additionally digitized the applying course of for a lot of of our loans, clients can get some loans immediately just by making use of on their cell phone or the ATM. With the discount in rates of interest, we anticipate to make constructive influence in additional lives by giving our clients the monetary assist they want, when it issues most”.

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With a buyer base of just about 6 million as on the finish of June 2020, sturdy digital banking choices slicing throughout cellular, web and ATM platforms, in addition to over 200 branches unfold throughout Nigeria, FCMB affords bespoke monetary options that align with the existence of its current and potential clients.

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The Financial institution’s big strides and constant spectacular efficiency within the retail phase of the Nigerian banking trade continues to obtain constructive affirmation. FCMB was conferred with the award of “Most Enterprise-Pleasant Financial institution” on the 2019 version of the Enterprise Day Banking and Finance Awards. It equally bagged the award of “Excellence in Buyer Expertise” on the Finnovex Award held final 12 months. In 2018, it gained the distinguished award of ‘’Excellence in Retail Banking’’ on the New Age Banking Summit & Awards.

First Metropolis Monument Financial institution (FCMB) is a member of FCMB Group Plc, which is without doubt one of the main monetary companies establishments in Nigeria with subsidiaries which can be market leaders of their respective segments.

Having efficiently reworked to a retail banking and funding management-led group, FCMB expects to proceed to tell apart itself by way of innovation and the supply of outstanding companies.

For extra info, please go to www.fcmb.com.

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