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   Market Date: 27-01-2015   
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FCMB, ACCA partner on online payments solutions

Category: Investors NewsBeat

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FCMB, ACCA partner on online payments solutions


To further enhance online transactions with the Association of Chartered Certified Accountants (ACCA); address the challenges experienced by students and stakeholders in the course of such transactions, First City Monument Bank (FCMB) Plc has entered into an alliance with the Nigerian office of the association to this effect.

FCMB’s Head of Card Business, Richard Esin, told the media at a news briefing jointly addressed by the bank and ACCA in Lagos recently that with the new alliance, FCMB would be offering students a preferred solution in the form of FCMB Prefunded cards for payments of students’ registration fees, examination fees, students’ yearly subscriptions among others.Esin noted that the alliance between FCMB and ACCA had removed the online payment rigors faced by Nigerian students in the past, while reducing the risk potential of using a third party to make online payments to the association.He outlined the benefits of the alliance to the students to include a simplified account opening process, as only ACCA students’ identification cards are required, while all other payment transaction requirements had been waived.

According to him, “other benefits include, zero transaction fees for online transactions, no cash loading fees and instant access to funds once deposited into the account with short message service (SMS) alert for all transactions. No minimum balance is required for transactions, while students have online access to account statements. FCMB Prefunded card is globally accepted in 210 countries and all electronic channels. Service is available in all the branches of FCMB Plc."
ACCA Country Manager, Oluwatoyin Ademola, said, “the FCMB Prefunded card addresses some of the challenges and concerns students had raised in terms of account opening process specific to ACCA students, charges, security and card functionality. 

“ACCA is a leading global accountancy body with a large student population, about 70 per cent of whom write their examinations in two diets in June and December, each year. To be eligible for these examinations, all students must register for the examinations and pay their yearly subscriptions and the examination fees online in favour of ACCA.“One of our core values at ACCA is accountability. We accept our individual and corporate responsibility by working together as an organisation, to provide quality as well as services to our stakeholders. With our partnership with FCMB, it has become quite apparent that we will realise this goal, by introducing a faster, more secured and versatile payment method – The FCMB Prefunded card - which can only add value to our stakeholders whilst further building both brands,” Ademola also stated.

Esin however disclosed that the bank had broken a campaign, which sought to reward 10 ACCA students at $100 per student for the June and December diets. He explained: “Only new intakes (students) who use FCMB Prefunded cards to make online payments for their membership registration fee in favour of ACCA before August 15th, 2010 will be eligible for the reward. A second round of similar reward ($100 per student) will be available to another set of 10 students who use the FCMB Prefunded card to make online payments for their December diet exams by November 15th, 2010. Winners will be determined by raffle draw and the prizes presented during subsequent student events to be advised by ACCA.”


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