Leading financial services provider, First City Monument Bank (FCMB) Limited, has introduced the first tracking and reconciliation solution with electronic invoicing capabilities in the Nigerian banking industry.
Known as ‘’FCMB E-invoicing, the solution is a unique payment offering, designed to help SMEs keep track of their cashflow, especially as it affects payments, receivables, reconciliation and other financial transactions, through internet banking, cards and other channels.
In addition, this value added offering from FCMB combines basic inventory management and accounting (with electronic payment) services. This provides SME customers with tripartite advantages of; convenience of receiving payments regardless of the bank’s card used, the ease of generating and sending invoices to their customers and the means to be competitive in their business space.
In a statement, FCMB’s Retail Banking Divisional Head, Mr. Olu Akanmu, said that “This offering is to demonstrate the Bank’s value as a helpful financial institution and further amplify our commitment to enhance the operations and fast-track the growth of SMEs. We understand that one of the best ways to grow SMEs is to offer products and services that are simple, convenient, secure and at the same time add significant value to their businesses”.
“We are excited to pioneer this initiative. It is another testimony of our unequalled commitment in offering exceptional offerings. We always want to go the extra mile to satisfy our customers and this is sustained by investing in initiatives that enhance customer experience and best practices as an inclusive lender’’.
Mr. Akanmu further stated that “FCMB supports its SME customers with collections and payments platforms that are convenient, easy to use and that help to manage their receivables and collections effectively with their customers, ensuring that our SME customers maximize the full potential of their business opportunities”.
Also speaking, the Group Head, SME Banking, Mr. George Ogbonnaya said,
“With the introduction of the FCMB E-invoicing solution, we have taken our alternate channels to another height’’.
He explained that apart from the flexible nature of the platform, it has other features such as instant invoice generation, the ability to bill clients instantly, track and monitor payments, reconcile receivables and allows businesses make payments conveniently to their suppliers. The Group Head disclosed that signing up to FCMB e-invoicing is at no extra cost to SMEs.
Mr. Ogbonnaya added that FCMB E-invoicing solution provides various benefits to users including enabling customers keep tab on their daily sales and cash flow, reconcile daily receivables, including those by cash, card or credit sales, customers who need to electronically present invoices to their clients as well as to those who are comfortable to receive payments via alternate channels, among other transactions.
FCMB has continued to make giant strides in the Nigerian banking industry since it successfully transformed into a retail and commercial banking-led group. The impact of the bank in the SMEs space is significant going by its financial, advisory, skill acquisition and other forms of support to operators. As one of the banks appointed by the Central Bank of Nigeria for the disbursement of the N220billion Micro, Small and Medium Scale Enterprises (MSMEs) Development Fund, FCMB has so far disbursed about N2billion to SMEs. This is among the highest so far disbursed by any bank under the Fund.
Moreover, the Bank has enhanced its lending strategy to SMEs by introducing a new and separate SME credit policy tailored to suit the needs of the various businesses and value chains in the MSMEs space. FCMB equally has dedicated lending officers in its branches in order to bring services closer to SMEs.
Following these developments and other initiatives, FCMB has been rated by KPMG, a leading international consulting firm, as the 4th most customer-focused bank in the SMEs sector with a score of 74.94 percent following a survey conducted by the firm among bank customers nationwide. The rating, as contained in the 2015 report of the KPMG Banking Industry Customer Satisfaction Survey (BICSS), was on the basis of Customer Satisfaction Index (CSI), which took into account convenience, product/service offering, executional excellence, value for money and customer care.
