First City Monument Bank (FCMB) and SystemSpecs have introduced a payroll solution designed to improve operations for thousands of its Small and Medium Enterprise (SME) customers, seeking efficient, easy-to-use and affordable business tools for their operations.
The payroll solution called ‘FCMB Payroll’, comes with exciting features that enable SME owners to easily process payroll; pay employee salaries into commercial/micro-finance bank accounts or wallets and issue them regular pay slips.
To all staff of any customer or registered SME, the solution also over-rides collateral requirements and the traditional documentation to access loans from FCMB. The product allows the customers to easily maintain historical personal and payment records of all employees, including their taxes, pensions and other possible transactions among other numerous benefits.
FCMB Payroll is delivered in partnership with SystemSpecs, one of Nigeria’s leading payroll solution and services companies with over 25 years’ experience of providing payroll solutions and services to public and private sector organisations in Nigeria and other African countries.
FCMB Executive Director of Retail Banking, Olu Akanmu said the introduction of the FCMB Payroll is in line with the commitment of the bank to grow the nation’s economy by providing SMEs with cutting-edge business tools to support their operations and help them build scale.
Akanmu stated that “we are pleased to partner with SystemSpecs, a major solutions provider in the financial ecosystem to address some of the challenges confronting SMEs. As a bank that is continually innovating to meet our increasingly dynamic customer base, we are confident that the FCMB Payroll initiative will go a long way to boost the operations of SMEs and improve their productivity”.
The Managing Director of SystemSpecs, John Obaro, said “we are delighted at the opportunity to partner FCMB to extend our experience and expertise in payroll solutions to FCMB customers. We are convinced that FCMB Payroll would help SME customers improve their processes, maintain a satisfied workforce, boost margins and increase scale speedily”.