Bank Loans in Nigeria

First City Monument Bank (FCMB) Bank History


First City Monument Bank (FCMB) Ltd is a banking group, headquartered in Lagos. As of December 2019, the bank’s total assets were valued at US$4.4 billion (NGN: 1.7 trillion).


The entity from which the bank was founded City Securities Limited, was established in 1977 by Oloye Subomi Balogun, the Otunba Tunwashe of Ijebu, a Yoruba traditional aristocrat. First City Merchant Bank was incorporated as a private limited liability company on 20 April 1982 and granted a banking licence on 11 August 1983. It was the first bank to be established in Nigeria without government or foreign support. In 2001, the name of the bank was changed from First City Merchant Bank to First City Monument Bank following the bank’s transformation to a universal bank.[3] On 15 July 2004, FCMB changed its status from a private limited liability company to a public limited liability company and was listed on the Nigerian Stock Exchange (NSE) by introduction on 21 December 2004.[4]

In November 2010, both FinBank and First City Monument Bank (FCMB) announced that FCMB has expressed interest in acquiring shareholding and become the strategic investor in FinBank, another Nigerian commercial bank that was undercapitalized.[5] In February 2012, following regulatory approval, FCMB acquired 100% shareholding and began the integration of Finbank in its existing operations.[6]

[according to Wikipedia]

FCMB Loan in Nigeria

Just like any other bank in Nigeria, First City Monument Bank has a a transparent loan and banking system for their customers. In fact, you can even request for a FCMB loan without any collateral.

This type of loan is mostly referred to as “Loan without Collateral”.

Am sure this is getting interesting, isn’t it?

Okay let’s go further in knowing the types of loan offered by FCM Bank in Nigeria.

Types of Loan offered by First City Monument Bank in Nigeria

  1. Personal loan
  2. Fast Cash loan
  3. Salary Plus loan
  4. Premium Salary loan
  5. Business loan

FCMB Bank Loan Requirement

Just like any other loan organization or body, FCMB Bank has certain criteria and requirement that has to be met before they can disburse loans. This is done to further create a well-structured and a more systematic loan interface.

So below are requirement that has to be met before anyone can qualify for the First City Monument Bank Loan in 2020.

  • Must have an active FCMB bank account number2. Be minimum of 18 years
  • Must have a BVN number
  • Government issued ID card or work place ID card (as the case may be)
  • Completion of the LOAN request form

Ways to Request for FCMB Loan

There are three ways to request for a loan from FCMB in 2020. These three methods include;

  1. Using FCMB Bank USSD code
  2. FCMB Mobile App for Android & IOS
  3. Visiting the bank

We’ll take you further on how you can successfully request for a loan using this three methods below.

NOTE: Loan request procedures and requirement may defer, depending on type of loan you are requesting. Below is the general procedure to request for a loan from FCMB

How to Request for a FCMB Bank Loan Using USSD Code

This is the quickest way to request for a Fast Loan from FCMB. All you have to do here is input the FCMB USSD Loan Code and follow the on-screen command to activate your loan.

  • Dial *329# from your registered SIM
  • Follow the on-screen command to activate your desired loan from FCMB
  • Enjoy your loan when received.

How to Request for a FCMB Bank Loan Using Mobile App

  • Download the FCMB mobile app on App Store or Playstore
  • Logon to your FCMB account with your valid details or signup for one
  • From the app, navigate to menu and scroll down to QUICK LOANS
  • Click on it to view your eligible loan offer
  • Select next and input desired amount (make sure its not more than your eligible amount)
  • Follow the on-screen command to activate your loan

How to request for a Loan by Visiting FCMB Bank branch

This is the easiest and most recommended method from us. This is because you will get to sit with the banking operatives directly.

This will sure help you in learning about the flexibilities, interest rates and all terms of each loans offered by FCMB. So let’s get started on how you can request for quick or business loan by visiting a FCMB branch near you.

  • Search for “Nearest FCMB Bank” on Google maps
  • Visit any of the bank branch with your recent passport, utility bill and a Government issued ID card.
  • Head directly to the customer care representative (or head straight to your account manage if possible)
  • Tell them you are here to request for a loan.
  • You will be provided with the loan request form and details about each loans (most importantly)
  • Fill the form appropriately and accept their terms
  • Submit your form will any other required details about you as directed by your account or branch manager.
  • Go home and wait for your loan to be credited into your account in roughly three working days.
  • Enjoy your loan

How to Pay Back Your FCMB Bank Loan After Due Date

Repayment of FCMB loan has little to no much work from your end. This means you don’t have to stress yourself in making any transfer to any bank.

In fact, if you receive any message like “send fund to a certain account as your loan repayment method”. Just don’t send the money it’s most likely to be a way scammers use to loop away fund from people. Always be scam wise by following banking security advice from your bank.

Anyway, FCMB bank will deduct their money from your account automatically when the loan period is due or elapse.

What Happens if I Don’t Pay Back in Time?

In a situation where fund is not readily available in your account, the loan repayment will be on hold.

PS: this doesn’t mean you won’t have to pay again, instead it’s just a pause thing.
FCMB Bank will deduct money from your account as soon as fund is available in your account.


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