Women in Business at First City Monument Bank Limited (FCMB) are set to launch a proposition that offers zero-interest rate on loans to small and medium scale enterprises (SMEs).
The development is in line with the commitment of the bank to empower women-owned SMEs (existing and start-ups), through financial support, advisory and value-added products, to enhance customer experience and overall contribution to the growth of the country.
A statement explained that the bank has established a dedicated desk for women-owned businesses, under its Business Banking Group and equipped this unit with highly professional personnel to meet the needs of this segment.
The bank explained that the zero-interest rate product which is for an initial period of three months, was designed as an all-round programme structured to prepare and equip the bank’s female owned SME customers to take their business to greater heights.
This product comes with additional benefits, such as capacity building programmes through trainings and financial advisory services.
In all, 80 women every quarter would have access to mentorship and training and 40 of these women will benefit from the loan. This means that by the end of the year, we would have mentored 320 women and 160 women would have enjoyed the facility.
