In brief
First City Monument Bank Ltd is among Nigeria’s ten biggest commercial banks. It finances retail, micro, SME and corporate clients. The bank’s strategic goal is to grow its SME and retail portfolio, facilitating financial inclusion among underserved clientele and in agribusiness. The Bank has in-house and client-focused incentives and programmes to support and encourage women’s participation in employment and entrepreneurship. The loan will support the growth of the bank’s lending to local and women-empowered businesses involved in the transformative sectors of agribusiness, manufacturing, health, and renewable energy. At a minimum, 30% of the loan proceeds will be channelled to women-owned businesses.
Main development impact
Financing of SME and agribusiness clients, financial inclusion, employment, taxes paid, and gender. Empowering women is one of the bank’s core principles.Investment details
| Name: | First City Monument Bank Ltd |
|---|---|
| Project number: | 80000164 |
| Region: | Africa |
| Country: | Nigeria |
| Sector: | Financial institution |
| Signing date (month/year): | November 2023 |
| Currency: | USD |
| Finnfund's financing (commitment): | 10,000,000 |
| Instrument: | Loan |
| Size of the project financing: | USD 50,000,000 |
| Share of Finnfund's financing (%): | 20 % |
| Status: | Active |
Please note, that in principle, this information is given at the time of signature according to Finnfund's disclosure policy. However, in the case of investment funds, the share of Finnfund’s financing (%) is disclosed after the fund’s final closing, and information on the portfolio companies financed by the fund is updated at least once a year.
Other investments
| Name | Country | Signing date (month/year) | Currency | Finnfund's financing (commitment) | Instrument |
|---|---|---|---|---|---|
| First City Monument Bank Ltd | Nigeria | December 2019 | USD | 5,000,000 | Loan |
