Banking seamlessly with electronic offerings for financial inclusion

The advent of information technology, as exemplified by computers, mobile phones and other communication devices, has significantly revolutionalised the financial system globally. As the digital revolution catches on with its ample opportunities, people now conveniently and successfully carry out financial transactions on-the-go or in the comfort of their homes by visiting secure websites and apps developed and maintained by banks and other financial institutions.

Indeed, a large number of Nigerians, especially the youths, who are becoming more tech-savvy, have continued to adopt and prefer electronic banking (e-banking) and payment (e-payment) offerings, as their information technology knowledge and its value-addition grow.

The development has no doubt, gone a long way to ensure the success of the cash-less and financial inclusion policies of the Central Bank of Nigeria (CBN). For instance, the recent results of the Enhancing Financial Innovation & Access (EFInA) survey, regarding access to financial services in Nigeria, reveal that the number of adults that operate one form of bank account or another rose to 46.9 million, compared to 45.4 million in 2014.

First City Monument Bank (FCMB) is taking advantage of the opportunity to evolve more into an inclusive lender and leader in financial services delivery in Nigeria, and has continued to expand its service channels in the provision of world-class electronic banking offerings and solutions that align with the lifestyles of its existing and potential customers.

Over the years, the bank has continuously reinvented the wheel through cutting-edge, impactful and bespoke products and services for its customers at all touch points thereby enhancing their experience. By achieving this, FCMB has taken its valuable franchise to greater heights. The Bank is known for providing one of the best alternate channels banking services cutting across ATMs, mobile and Internet banking. The Bank is among the first to deliver on-the-spot ATM cards, including Visa and MasterCard issuance in Nigeria.

These achievements are due to the lender’s robust electronic banking platforms that ensure secure, convenient and seamless solutions, which have been deployed in driving its retail, corporate and commercial banking businesses.

In 2016, FCMB upgraded its information technology infrastructure to the new generation Finacle 10 Core Banking solution from the Finacle 7 version to further demonstrate its commitment to world class banking services. The advanced service-oriented architecture (SOA) of Finacle 10 has enabled the bank to optimise its processes, enhance system capability, scalability, security, service delivery, turn-around time and overall performance.

FCMB’s Mobile and Online banking enrolment as well as number of active customers using both channels have been on a steady increase. For instance, the number of active customers using its mobile banking platform grew by 92 per cent between January and July 2017. Similarly, active customers on FCMBOnline rose by 83 per cent within the period. In terms of Point of Sales (PoS) transactions, FCMB now ranks as the Bank with the third highest transaction volume in Nigeria with an average monthly count of 1.4 million.

With the mobile banking and internet banking alternate channels, customers of the bank now carry out banking transactions at any time in a hassle-free manner without having to step into the banking hall. These include checking account balance, funds transfer to loved ones and business associates easily within FCMB and other banks, purchase of airtime, payment of DSTV, GOTV and PHCN bills, viewing mini account statements, carrying out cardless ATM and other transactions round the clock.

The FCMBOnline Business version is another internet-based service of the Bank designed for Small and Medium Scale Enterprises (SMEs) and other corporate organisations. This is also an online real-time solution that allows such businesses, round the clock access to their FCMB accounts as well as the opportunity to manage their finances anywhere and anytime with the aid of an internet-enabled device.

In another move to support the growth of Small and Medium Scale Enterprises (SMEs) and the success of the cashless policy initiative, the Bank developed a virtual collection platform, known as MCash. This solution allows merchants to securely process payments in a seamless manner on a mobile phone via a unique identification code, called merchant Code, which is generated upon sign on and instantly mapped to the merchant’s account. For instance, to make payment through the FCMB MCash platform, all that is required is to dial *402*Merchant Code*Amount#, choose the account to be debited from a displayed list and send to the beneficiary.

Recently, FCMB again raised the bar in e-banking by introducing a new instant account opening platform, which can be completed within four minutes with the new customer’s account number immediately generated. To open the account, all a prospective customer is required to do is to visit the Bank’s website through a computer or mobile phone, download the online account opening form, fill his or her details and submit.

To complement the internet and mobile banking offerings, FCMB equally has a suite of card (or plastic money) products designed to meet the lifestyle of users. This array of branded electronic payment cards are used to make payments for goods/services on Point of Sales (POS) terminals or merchants’ websites as well as cash withdrawals from ATMs.

The Bank issues both naira debit cards (which come in the form of MasterCard, Visa and Verve) and foreign currency cards. The Visa and Mastercard, with the Personal Identification Number (PIN) of the customer, are issued instantly upon account opening at any of the Bank’s branches. This makes FCMB one of the few banks that deliver on-the-spot cards issuance.

Commenting on its impressive performance in electronic banking, the Managing Director of FCMB, Adam Nuru, said the Bank will continue to make banking more exciting and rewarding. He explained that the feat achieved so far is inspired by the Bank’s quest to ensure that all segments of the population, especially the unbanked and the under-banked, embrace mainstream banking services.

‘’We are conscious of the needs of our target market and the evolving dynamics of the society with an increasing technology savvy population. We will continue to leverage on our robust e-banking platforms and opportunities provided by digital channels to bring greater convenience and consistency of experience to our customers. These will further consolidate our position as an inclusive lender,” Adam assured.
With a clear understanding of its market and environment, FCMB is well positioned to create more value for its growing customers and other stakeholders.