One of the top players in the Nigerian banking sector, First City Monument Bank (FCMB), has just launched a new product to boost customers businesses, this new product from the bank is called, Personal Business Account (PBA). Personal business account according to the bank is actually to give customers peace of mind while going about their business, a kind of insurance strategy from the bank. This product is accessible to traders, merchants and various small and medium sized enterprises,SMEs.
Femi Bakare, Executive Director, Lagos and South-west of the Bank, had this to say, “as a bank, this is one of our products we are showcasing when you talk about customer focus. This particular product is expected to take care of traders and merchants because when trading, there are some unexpected hazards which include fire and flood.
“We have considered the concern of our customers and we decided to offer with a reliable and dependable ally Cornerstone insurance to provide insurance cover for any such hazards that may happen to any of our customers.
Bakre further explained that the bank would insure to the limit of N1 million but in cases where the goods exceed that value they would link customers to the insurer to cover the excess, adding that “We don’t charge more than N1500 unlike the conventional per pay turn over that competitor are charging.”
Also speaking at the event, Olu Akanmu, FCMB’s Divisional Head, Retail Banking, said the product offers unique benefits to customers. He informed that customers can obtain MasterCard and Visa Card linked to their accounts and use the cards to make purchases when they travel abroad.