Nigeria: EFInA grants $2m to FCMB to support the financially excluded population
FCMB wants to improve women and micro businesses' access to financial services.Enhancing Financial Innovation & Access (EFInA) - a financial sector development organisation - has granted $2 million (€1.8 million) to support First City Monument Bank (FCMB) Limited with its "Group Lending and Agency Banking" project, which provides financial services and access to credit facilities for the financially excluded population.
EFInA's chief executive Chidinma Lawanson said that the FCMB group lending project seeks to drive financial inclusion by targeting low-income women and micro business owners directly through digital financial services and agent banking.
She noted that about 42.7 percent of the female population are financially excluded compared to 35.8 percent of the male population.
FCMB's project includes a digitised credit and savings solution, facilitating instant account opening with debit card issuance for online real time transactions.
The funding provided by EFInA will enable FCMB to extend facilities to prospective customers in twelve Nigerian states.
The funding comes a few days after EFInA granted $1.5 million to support Diamond Bank's Diamond Y'ello project, which aims to boost financial inclusion among unbanked individuals in Nigeria through a mobile savings service.