First City Monument Bank Limited (FCMB) has launched the Personal Business Account to support traders in the country.
The bank unveiled the product in an event held at the Alade market, Ikeja, Lagos on Wednesday.
In his remark at the event, the Executive Director, Lagos and South West, FCMB, Mr. Olufemi Bakre said the product was designed to guarantee and give traders and merchants security in the conduct of their business.
According to Bakre, FCMB understands that several factors combine to determine the success and sustainability of any business.
“We always pride ourselves as solution providers and a support base to our customers; knowing that it is their success that ultimately guarantees ours as a bank.
“Equipped with this knowledge, we will continue to design products and services that will protect and lift our customers to them an advantage and ensure they win in the market place,” he said.
The Personal Business Account is a current account designed for traders and merchants with reduced cost of banking and protection against the unexpected, arising from a disaster
It offers a zero commission on turnover (COT) charge, which is replaced by a small monthly service fee. Customers can carry out an unlimited volume of debit transaction/withdrawals for a fee as low as N1,500
Furthermore, the bank explained that the account reduces the cost of banking for customers with heavy and daily transactions
“In addition to a reduce banking charges, there is a free cover for loss to stock up to the tune of N1,000,000 in case of fire or flood,” he said.
Also speaking at the forum, the leader of the market wome association, Mrs. Folashade Tinubu-Ojo commended the bank for developing the product.
“It shows the bank knows and is responsive to the needs of the people. The FCMB personal business account will solve a lot of problems being faced by business operators.
“It will ameliorate the financial difficulties they usually face in the event of hazards. I therefore urge all our traders and business owners to take advantage of this product in order grow their businesses and also to safeguard them from hazards,” she added.
FCMB had embarked on series of activities to make account opening simple and accessible to all its customers.
The bank had explained that the move was part of efforts to encourage financial inclusion as well as to deliver mainstream financial services to the unbanked Nigerians. – Thisday.