First City Monument Bank
About Company
Overview
FCMB stands for **First City Monument Bank Limited**, a leading Nigerian financial institution and a key member of the FCMB Group Plc. It is a full-service commercial bank headquartered in Lagos, Nigeria, offering a wide range of retail, corporate, and investment banking services. FCMB is known for its focus on digital innovation, customer-centric solutions, and sustainable growth, serving millions of customers across Africa and beyond.
History
Founding: The bank’s origins trace back to 1977 with the establishment of City Securities Limited (CSL), an investment firm founded by the late Oloye Subomi Balogun. FCMB itself was incorporated as First City Merchant Bank on April 20, 1982, and received its banking license in August 1983.
Evolution: In 2001, it transitioned to a universal bank and rebranded to First City Monument Bank Limited. By 2004, it became a public limited company and was listed on the Nigerian Exchange Group (NGX) under the ticker FCMB.
Key Milestones: During the 2009 Nigerian banking crisis, FCMB acquired the failed FinBank, propelling it into the top 10 banks in Nigeria by 2012. In 2010, FCMB Group Plc was formed as the holding company. The bank expanded internationally with FCMB (UK) Limited in 2014 and a representative office in South Africa.
Services and Operations
FCMB provides comprehensive financial services, including:
Retail and Commercial Banking: Account opening, savings, loans, payments, and transfers via its highly rated mobile app (available on Google Play and Apple App Store), which allows instant account creation without paperwork.
Investment and Wealth Management: Through subsidiaries like FCMB Capital Markets and FCMB Asset Management (established in 1997), offering mutual funds, portfolio management, and foreign currency investments.
Pensions and Trustees: FCMB Pensions administers retirement benefits free of charge, emphasizing ethical practices.
Other Subsidiaries: Includes Credit Direct (consumer finance), FCMB Microfinance Bank, and CSL Stockbrokers for securities trading.
The bank emphasizes digital banking, with features like real-time account management and secure transactions. It also supports infrastructure financing, including a US$60 million facility in partnership with FMO (Dutch Entrepreneurial Development Bank) for on-lending to projects and trade activities.
Key Facts and Figures
| Aspect | Details |
|---|---|
| Headquarters | Lagos, Nigeria |
| Employees | Approximately 3,610 (as of 2020) |
| Customers | Over 2 million |
| Branches | 278 branches and cash centers in Nigeria |
| International Presence | UK (full branch), South Africa (representative office) |
| Stock Listing | NGX: FCMB |
| Website | https://www.fcmb.com |
Recent Developments
In November 2025, FCMB appointed Oluyinka Johnson as a Non-Executive Director, enhancing board diversity and focusing on corporate governance, innovation, and women’s leadership. The bank continues to grow its digital offerings and sustainable financing initiatives amid Nigeria’s evolving financial landscape.
For more details, visit the official FCMB Group website at [fcmbgroup.com]