Does your business need a loan to keep it going? Have you exhausted other means of raising fund for your business? Are you tired of the complicated and frustrating lending process you experience when you approach financiers for money?

Welcome to the growing rank of players in Nigeria’s financial technology space where some banks are now hopping on the bandwagon of online lending platforms that are helping Small Business Owners with quick loans for their businesses.

Enters FCMB SME Quick Loan.

First City Monument Bank (FCMB) Limited, a member of FCMB Group Plc, with subsidiaries in wealth management and retail banking, is offering the FCMB SME Quick Loan to Small Business Owners in need of instant cash. This facility gives eligible businesses access to credit of Five Million Naira or lower. The amount the bank will approve is determined by the history of the business, with particular reference to its transactions with FCMB.

Subject to checking the credit and appraising the business of the borrower, an eligible business receives an approval within five minutes of submitting an application. The bank then credits the account of the recipient with the agreed sum within two business days. The borrower does not need to provide a collateral to secure the loan.

For customers who open accounts in order to qualify for this loan, FCMB offers the following benefits for the first three months of operating their accounts:

  • Zero account maintenance fee.
  • Zero cost for cheque book and counter cheques.
  • Zero charge on bank drafts.
  • Zero cost for printing of account statements.
  • 75 percent discount on local transfers with FCMBOnline Business Version and Business App.
  • 50 percent discount on charge for use of Business Debit Card.

What are the minimum conditions a Small Business Owner and his or her business must meet to access this loan? The primary requirements are that the applying business must be an FCMB Business Banking customer and must have maintained a banking relationship with FCMB for at least six months. In addition, the Small Business Owner and/or his or her business must:

  • Demonstrate experience in their line of business.
  • Have a business registered with Corporate Affairs Commission.
  • Own a legal business at a verifiable address.
  • Be signed up on FCMBOnline Business Version or FCMB Business App.

The interest rate for the loan is 2.5 percent per month, which translates to 30 percent per annum. Depending on the business cycle of the applicant, the loan could be repaid in 30, 60 or 90 days or 12 months.

What is the application process for this loan? To apply for this loan, the Small Business Owner would login at the FCMB Online Business platform via or the FCMB Business App at

After clicking on the SME Quick Loan link, and answering a set of questions relating to the loan application, the applicant will receive a quick reply on eligibility and the approved amount.

The Small Business Owner, in considering the FCMB offer as a solution to the financial need of his or her business, should consider the pros and cons of opting for the FCMB SME Quick Loan.

One advantage is the ease of application as FCMB web portal enables the business to fill and submit an application online, which is immediately moved to assessment. With the bank instantly notifying an applicant of its decision, the quick approval serves the purpose of the loan, which is to assist the business with the emergency funds. As an unsecured loan, the business enjoys the benefit of a fast turnaround without bureaucratic and time-wasting paperwork.

On the other hand, while the loan receives quick approval and is collateral-free, its short tenure and high interest rate require close examination by potential borrowers. Its tenors of 30, 60, 90 days to 12 months could be challenging to small businesses.

Furthermore, while the interest rate of 2.5 percent per month appears low and attractive, it aggregates to 30 percent per year, which is high, and not small business-friendly. This annual interest rate could drop if the business has the capacity to fast track its repayment, and the interest payment is calculated on a reducing balance basis.

The FCMB SME Quick Loan is inviting but, given its short tenor and high interest rate, it may not be best option for a small business with low income and weak cash flow.

Would the FCMB SME Quick Loan breathe life into your business? You be the judge!

Contact Us Now or email me at if you need help to access funding to start, grow or scale your business.

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