First City Monument Bank has been named Nigeria’s Best SME Focused Bank for 2025 by the Chartered Institute of Bankers of Nigeria. The bank received the recognition after emerging as the leading lender to small and medium-sized enterprises in 2024, with a 24 per cent share of the industry’s total SME disbursement valued at N1.8 trillion. The announcement was made at the 60th Annual Bankers Dinner held in Lagos, an event attended by top financial leaders, regulators, and representatives from the Central Bank of Nigeria.
In a statement, the bank explained that the award confirms its strong role in Nigeria’s SME sector, which many experts consider one of the country’s most important economic drivers. First City Monument Bank, led by its Managing Director and Chief Executive Officer, Mrs Yemisi Edun, has continued to grow its support for small businesses through loans, grants, advisory services, and training programmes designed to help entrepreneurs expand their operations. The bank’s Executive Director of Wholesale Banking, Mr Obaro Odeghe, represented the management at the ceremony and accepted the award on behalf of the institution.
According to FCMB, its SME financing strategy focuses on investing in the key sectors driving Nigeria’s Gross Domestic Product. Data from Nigeria’s GDP Report for the third quarter of 2024 show that some of the best-performing sectors include Crop Production, which contributed 26.51 per cent, Trade at 14.78 per cent, and Telecommunications at 13.94 per cent. Other important sectors include Real Estate with 5.43 per cent and the Food, Beverage and Tobacco sector contributing 4.06 per cent. The bank said these figures guided its investment decisions, ensuring that its loans and development programmes align with areas that create the most jobs and economic activity.
The Chartered Institute of Bankers of Nigeria explained that the award winners were chosen based on verifiable industry-wide data supplied by the Central Bank of Nigeria. This data tracks how banks support businesses across the economy and highlights financial institutions with strong contributions to national development. According to CIBN, FCMB’s large participation in the SME lending space and its continued engagement with entrepreneurs played a major role in the bank’s selection.
Speaking at the event, Mr Obaro Odeghe said the recognition is a major encouragement for the bank. He noted that FCMB remains committed to giving entrepreneurs the support they need to grow their companies, create jobs, and boost national productivity. He added that the bank will continue to provide financing, technology solutions, advisory services, and market opportunities for thousands of small businesses across Nigeria.
“We are truly honoured to be recognised by the Chartered Institute of Bankers of Nigeria based on data from the Central Bank of Nigeria. This recognition affirms our purpose as an institution committed to making a meaningful difference in the lives of Nigerian entrepreneurs, who are the backbone of our economy. We will continue to support SMEs with accessible finance, technology, and expert advice. By strengthening these businesses, we contribute directly to national development,” Odeghe said.
Beyond the main award, First City Monument Bank was also celebrated when one of its promising young staff members, Mr Tooritsemoshe Ojei, received the Next Generation Class of 2025 Award. The honour was given to young professionals showing strong leadership potential, innovation, and dedication to growth within Nigeria’s financial services sector.
The bank noted that the honours add to its long list of achievements in recent years. FCMB has received several international and local recognitions, including the Excellence Award for Promoting Financial Inclusion for Grassroots Entrepreneurs from the Mastercard Foundation, the SME Financier of the Year (Africa) from the Global SME Finance Forum/IFC, and the award for Best Bank with the Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria from the Development Bank of Nigeria. The bank said its goal is to continue supporting inclusive growth by connecting people, capital, and markets both within Nigeria and among Nigerians abroad.
