Nigeria: FCMB Introduces Free Insurance Cover Product
First City Monument Bank (FCMB) Limited has launched the Personal Business Account product, which includes a free insurance cover up to N1 million.First City Monument Bank (FCMB) Limited has launched the Personal Business Account product, which includes a free insurance cover up to N1 million.
The insurance is a fire and flood cover for
traders, merchants, self-employed professionals and artisans, who operate businesses in their personal names.
For the Chairman of the Traders Association, Chief Innocent Agudiegwu,”by coming up with a product like this, FCMB has demonstrated that it is responsive to the needs of not just businessmen and women, but to the people and society.”
He added that this product will solve financial difficulty in the event of hazards, which will help protect businesses and make them grow faster.
Leader of the Women Wing of the Onitsha Market Traders Association, Grace Okonkwo,
also commended the bank for considering the needs of traders when designing the product.
“This is a step in the right direction. Most of our traders are now out of business or struggling to come back because of the harm done by unforeseen circumstances like fire outbreaks," declared the Chairman of the Ariara International Market Traders Association, Chief Lucky Akubueze.