FCMB (First City Monument Bank)Group Plc has disclosed plans to float a micro finance bank (MFB) as a full subsidiary in order to increase its business activities.
FCMB Group is perfecting arrangement to float a microfinance bank (MFB) as a full subsidiary to expand its business opportunities, Chief Executive Officer, Mr Ladi Balogun, has said.
Balogun disclosed this at the company’s third Annual General Meeting (AGM) held in Lagos on Friday.
Balogun said the microfinance bank was part of financial inclusion activities of the bank as it would capture the unbanked in the rural areas.
The bank chief explained that the micro finance bank would enable the bank to increase its activities the rural areas.
According to him, the bank would not establish more new branches but would use the MFB and Mobile banking system to attract more unbanked into the business and achieve its financial inclusion.
He said the bank would not establish more new branches, but would use the MFB to extend its services to the rural dwellers.
He stated that improvement in its operating efficiency would be the major focus in 2016 by achieving about nine per cent in cost savings.
We will continue to intensify our retail banking investment drive, particularly in alternative channels such as ATM, POS and agent banking.