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FCMB Introduces Two New Consumer Products


November 27, 2007/Independent


In delivering in its promise to be the best consumer bank in the country, First City Monument Bank Plc., (FCMB) has launched two more products, which it said would further change the live style of Nigerians. The products are christened ‘My Salary Plus Account’ and ‘My Home Account.’


Earlier in the year when the bank re-branded and introduced the current pay-off campaign, which it tagged ‘My Bank and I,’ it promised that the financial institution, which is led by Mr. Ladi Balogun, would continually introduce consumer products that would change that concept of consumer banking in the country.


Announcing the arrival of the two products yesterday at the head office of the bank, Mr. Anurang Saxena, FCMB’s Chief Operating Officer (COO) said the products have been introduced as part of the fulfillment of the bank to impact positively in the life of the bank’s customers across the country.


He said, \"Those that followed the story of FCMB when we re-branded would attest to the fact that we promised that we are working to position FCMB as the number one consumer bank in Nigeria. So the new products have come in the spirit of ‘My Bank and I’ campaign, a platform we want to use to improve the lifestyle of Nigerians and that is because just like we promised, FCMB is taking consumers very, very seriously in the scheme of its daily operation.


On how the products work, Mr. Shibashis Ghosh, Group Head, Consumer Banking, Mr. Oloyede Obatoyinbo, Vice President, Head Home Loans, Felicia Obozuwa, Head, Consumer Banking Products and Mr. Austin Ufomba, Vice President and Head of Brand Marketing, who took turn to explain the details said the new products would provide the kind of freedom products from other financial institutions in the country has never offered its patrons in the past.


For example, subscribers to ‘My Salary Plus Accounts’ as offered by FCMB would not need to have any collateral, guarantors and would not need to have any equity contribution before having access to loans. Aside from that, the individual would get up to 20 times his or her net monthly salary, which would also come with a loan tenor of up to five years.


And unlike what obtains in other banks, customers that subscribe to the product would also be entitled to apply for the loan immediately. And in the spirit of the season, the package comes with a promotion that would enable subscribers that would buy into the product to start repayment in 2008. Again depending on the salary scale of the customer, the bank said the product has the capacity to give out as much as N10million. However, the bank stated that the product would be available to confirmed employees of approved organisations that have received salaries for at least 6 consecutive months in a bank account prior to the loan request.


On the other hand, ‘My Home Account,’ according to the bank is coming, as a facility that would enable Nigerians especially those that do not have homes of their own be able to buy or build one. The bank said it understands the key importance of shelter in the life of every human being, which is why it decided to work out the best practicable world-class product that would comprehensively address such needs.


Obatoyinbo, the man that is on the driver’s seat of the home product said it was designed in such a way that it would favour homeowners that are faced with serious life challenges that would make them sell such homes to raise money. He said instead of selling such homes, the product allows such people to approach FCMB for loan under that scheme. In that situation, he explained that the bank would naturally evaluate the current worth of the house and give up to 70 per cent of the value of the property. All things being equal, and with proper documentation, he added that the loan would be approved within 48 hours of application.


To enable Nigerians take advantage of the new products, FCMB officials stated that the awareness would be created with massive campaign across the different media platforms in the country. –

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