FCMB Premium Banking: Growing wealth and ensuring financial well-being

First City Monument Bank (FCMB) has designed a comprehensive suite of financial solutions to assist Nigerians in their wealth-building journey. The exclusive offerings cover the entire wealth creation process from accumulation to preservation, including target and premium savings, wealth and investment management, pensions, and estate planning (Wills and Trusts). Other value-adds are education, travel, advisory services, and diaspora account management.

The target and premium savings plans recommended for upwardly mobile professionals and entrepreneurs provide a strong foundation for financial growth, while wealth and investment management services will help high-net-worth individuals build and protect their assets for the future. In addition to these core services, the Bank provides education, estate planning (wills and trust), travel, and specialised advisory services to ensure financial well-being in all aspects of life and account management for its global customers.

Commenting on FCMB Premium Banking offering, the Managing Director of the Bank, Mrs. Yemisi Edun, said:

“We are committed to providing our customers with the right products and services to meet their lifestyle needs. Our premium banking proposition offers various innovative and value-added financial services, including wealth and fund management, diaspora transactions, education, and discounted airfares. These benefits are also available to our customers’ families. We will continue to evolve our offering to ensure that we remain relevant to our customers’ changing needs”.

The products and services offered by the Bank in this segment are the FCMB Gro Suite, I-Nest, Education Investment Plan (EIP), Platinum Mastercard and FCMB e-Wills. They are available on the Bank’s various digital channels, including the FCMB Mobile App, and are structured to meet customers’ unique needs.

The FCMB GRO product is a digital savings and investment platform that allows customers and non-customers to earn interest without charging them for keeping their money. It comes in four variants, offering Naira and US Dollar investment options. The GROMax NGN is an investment plan with a minimum amount of N1 million at a competitive interest rate. At the same time, GROFlex NGN requires a minimum investment of N100,000 at a competitive interest rate for six months or yearly. This plan allows for automated top-ups either monthly, semi-annually, or quarterly.

Likewise, GROMax Dollar is an investment plan with a minimum amount of $5,000, while the GROFlex Dollar allows customers and non-customers to invest a minimum of $2,000 and yields a competitive interest rate at either six months or 365 days. Customers can conveniently access the Gro suite through the FCMB web platform or Mobile App by downloading the App, navigating to the investments feature and clicking Gro to proceed to any investments or savings plans to start a transaction.

FCMB’s Education Investment Plan (EIP) is another convenient and secure premium banking offering that allows parents or guardians to save for their child’s university education in the USA, UK, South Africa, Ghana, and Nigeria. The product helps parents and guardians build up a lump sum by investing periodically (monthly/quarterly/yearly) into an investment fund, which the Bank will pay out when the plan ends. The initial minimum deposit is between N100,000 and N250,000 for schools in the USA, UK, and South Africa and N50,000 to N100,000 for schools in Nigeria and Ghana.

FCMB equally has an e-Wills platform where clients can create their Wills online. The draft Will be reviewed for the Client to print and then sign, and also, where required, FCMB Trustees will offer assistance through its team of external solicitors to probate the Will. The robust FCMB Trustees e-Wills portal is designed to store essential files and data in the event of death. It can be accessed anytime by designated persons, even in another country. The files are also encrypted, restricting access to unauthorised persons.

Additional value-adds of the solution are estate administration (as Executors and Administrators), confirmation of the value of the assets and debts of the estate, disposal of assets, payment of obligations, taxes, and other liabilities, access to legal advice from retained external solicitors, and paying out the estate according to the Will.

First City Monument Bank (FCMB) is a member of the FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth within its communities, and it aims to build a supportive ecosystem rooted in Africa, connecting people, capital, and markets.