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FCMB, SystemSpecs sign MoU, launch a payroll solution for SMEs

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First City Monument Bank (FCMB), a leading financial services provider, in collaboration with SystemSpecs Limited, has launched a solution that is focused on aiding different aspects of business operation.

In a Memorandum of Understanding (MoU) signing ceremony held in Lagos on October 24, 2019, the Bank said the product is a payroll solution, designed to meet the yearnings of thousands of its SME customers seeking more efficient, easy-to-use and affordable business tools to seamlessly operate their businesses. This, it was disclosed, will be very useful to individuals in business, small and medium enterprises as well as corporate organisations.

Tagged “FCMB Payroll”, the solution comes with exciting features that enable SME owners to easily process payroll; pay employees’ salaries into commercial/micro-finance bank accounts or wallets and issue them regular pay slips. To all staff of any customer or registered SME, the solution also over-rides collateral requirements, even without the traditional documentation to access loans from FCMB. The product enables these customers easily maintain historical personal and payment records of all employees, including items such as their taxes, pensions and other possible transactions.

Besides other benefits, staff who are on the payroll solution will have access to payday loans after 3-6 months of enrolment. This is on the premise that salary payments are consistently done through the portal. The lender also declared the solution is open to both FCMB and non-FCMB account holders. Meanwhile, salaries can be paid from any bank account in Nigeria to any individual salary account in any other bank.

FCMB Payroll is delivered in partnership with SystemSpecs, one of Nigeria’s leading payroll solution and services companies with over 25 years’ experience of providing payroll solutions and services to public and private sector organisations in Nigeria and other African countries. The company is also the provider of Remita Payments Application, Payment Gateway and Payment Infrastructure.

Commenting on the initiative, the Managing Director, First City Monument Bank (FCMB), Mr. Adam Nuru, said the introduction of the FCMB Payroll initiative is in line with the commitment of the Bank to grow the nation’s economy by providing SMEs with cutting-edge business tools to support their operations and help them build scale. Mr. Nuru further stated that, “we are excited to partner with SystemSpecs, a major solutions provider in the financial ecosystem to address some of the challenges confronting SMEs. The FCMB Payroll platform has been designed to provide a more convenient and modern business tool for business owners and their employees. As a Bank that is consistently innovating to meet our increasingly dynamic customer base, we are confident that the FCMB Payroll initiative will go a long way to boost the operations of SMEs and improve their productivity’’.

Also speaking, the Managing Director of SystemSpecs, Mr. John Obaro, said, “as an organisation, our aim is to continue to provide individuals and organisations with innovative tools to help them become more productive and take full charge of their operations. We are delighted at the opportunity to partner FCMB to extend our experience and expertise in payroll solutions to the Bank’s customers. We are convinced that FCMB Payroll would help SME customers improve their processes, maintain a satisfied workforce, boost margins and increase scale speedily.”

FCMB Payroll has offerings for SMEs at different phases of growth and these are available to all FCMB SME business account holders and a select SMEs segment that maintains business accounts with other banks. The base option is FREE to use for all SMEs. Signing up to use FCMB Payroll is easy and fast and can be achieved from the Bank’s website.

For more information about FCMB, please visit www.fcmb.com.

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FirstBank Lagos Amateur Open Golf Championship Achieves Global Recognition, Gets Listed In the WAGR

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Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited has announced that the FirstBank Lagos Amateur Golf Championship scheduled to Tee-Off on Friday, 15 November 2019 is now listed amongst the golf tournaments in the World Amateur Golf Ranking (WAGR). The WAGR is offered by the R&A and the United States Golf Association as a global service to golf.  Through incorporation and assessment worldwide of both amateur and professional events, WAGR™ encourages the international development of the competitive game. 

Since 1894, FirstBank has continued to promote the growth and development of sports in Nigeria. Apart from the Lagos Amateur Golf Championship which the Bank has supported for 57 years, the Bank has sponsored the Georgian Cup of the Kaduna Polo Tournament for 100 years. Other sports supported by the Bank include; the Dala Hardcourt Tennis, Kano for 32 years and for over a combined 30 years, the Bank has sponsored and owned the popular Elephant Girls Basketball club – which has remained a dominant force in the Nigerian Women Basketball league for many years – and the Elephant boys football club. The highpoint of these is the 2019 100th unbroken years of sponsoring the Kaduna Polo Tournament, widely attributed as the longest running sports sponsorship in the world and a Guinness Book of Records potential. 

The 56-hole golf tournament, to be played over three days would be rounded off with a grand finale and awards ceremony on Sunday, 17 November 2019. Other activities to be held in the course of the tournament are the “Professional Coaching Clinic” to nurture the skills of young and upcoming talents and “Beat the Pro Skills competition”. The 2018 edition which had over 260 golfers in attendance was won by Sam Njoroge from Kenyan.

Speaking on the Bank’s sponsorship of the tournament, Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited said; “We are excited at the giant strides achieved with the FirstBank Lagos Amateur Open Golf Championship. The championship is now one of the international golf events where all amateur golfers worldwide can now participate and amass points to aid their WAGR rankings.”

“FirstBank has been in the business of supporting sports in Nigeria throughout its 125 years of existence. We have partnered with individuals and institutions to provide support, not only in the sports arena, but also in Education, the Arts and Small and Medium Enterprises”, he concluded.

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FirstBank Partners With CFA Society Nigeria To Host 2019 Ethics Challenge Competition

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In the furtherance of the Bank’s commitment to promote business ethics, professional excellence and education, reflected in the Bank’s Endowment programme – the Samuel Asabia Chair for Business Ethics at the University of Lagos – First Bank of Nigeria Limited for three consecutive years is partnering with CFA Society Nigeria to host its annual flagship event, the Ethics Challenge,  scheduled for Friday & Saturday, 15 -16 November 2019 in Abuja and Lagos for the regional and national levels respectively.

The Ethics Challenge is designed to increase students’ awareness of the ethical dilemmas and issues they may face when they enter the investment management industry. At the Ethics Challenge, students are given an ethics case study to analyze, evaluate, recommend and present to a panel of judges. To determine the winning team, the judges provide feedback based on the identification and understanding of the ethical issues in the case, the recommendations provided with the depth of the analysis, quality of the presentation, and responses to the judges’ questions. 

The 2018 winner, Obafemi Awolowo University, would compete with 15 other higher institutions in the country to defend its trophy. Babcock University, Bowen University, Covenant University, Federal University of Technology Akure, Mountain Top University, University of Calabar, University of Ibadan and University of Lagos are the schools competing in the Lagos preliminary round.

Other schools are University of Abuja, University of Maiduguri, Bayero University, University of Ilorin, University of Nigeria and Madonna University in the Abuja based preliminary round.

The competition will be judged by Mrs. Adeola Asabia, Member, Board of Trustees, Business Ethics Chair, University of Lagos; Musa Bagudu, CFA, Head, External Funds Management Office, Central Bank of Nigeria; Kunle Anida, CFA, Director, Deals Advisory, PWC Nigeria amongst others.

According to CFA Society Nigeria President, Mr. Banji Fehintola, “The annual Ethics Challenge embodies CFA Society Nigeria’s mission to promote the highest standards of ethics in our investment and financial services industry. It touches on many of CFA Institute’s Future of Finance six areas of focus which include: Transparency and Fairness, Regulation and Enforcement, and Safeguarding the System. It also promotes ethical awareness and fosters a healthy investment industry that works for the ultimate benefit of society. Through our collaboration with First Bank of Nigeria Limited to run this competition annually, we will continue to invest in our university students and we hope to build the commitment of our future professionals to operate according to sound ethical principles”.

Expressing her delight on FirstBank’s support and participation in the CFA Ethics Challenge, the Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited, Folake Ani- Mumuney said “through our 125 years of existence, we at FirstBank pride ourselves in being exemplary in ensuring that global best practices are upheld in adherence to ethical standards across our organizational practices and activities. 

“We recognize the impact of the CFA Society Nigeria through its giant strides in fostering Code of Ethics and Standards of Professional Conduct amongst university students and other touch points in the society in preparing them to overcome ethical challenges that they may face in the workplace environment “. 

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Governor Bagudu Commends Dangote Group as firm begins installation of rice factory in Kebbi

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Gov. Atiku Bagudu of Kebbi on Sunday commended Dangote Group for setting up a rice mill in the state, saying it would create employment and boost the economy.

Bagudu who visited the factory site at Saminaka in Shanga Local Government Area of the state, said the investment would also rack up the rice value chain and add value to local farmers, City News reports.

The governor’s visit was announced in a statement on Sunday in Birnin Kebbi by his Press Secretary, Abubakar Dakingari.

Facilities for the factory, which will have 32 silos are being installed as at the time of the visit by Bagudu, who was accompanied by legislators and top government officials.

“I must commend Dangote Group of Companies especially Alhaji Aliko Dangote for initiating the project in Kebbi State.

“This will go a long way in providing employment to our youth as well as boosting the economy of the state and Nigeria at large “, he said.Bagudu used the opportunity to invite more investors to Kebbi to set up more factories.

Similarly, the governor made a stop over at a local rice mill in Yauri where he interacted with some women processing local rice.

The women told the governor that the price of rice has fallen which according to them was an indication that Federal Government’s rice initiative is working.

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