In the bid to take another leap in the retail and mobile banking segment, Nigeria’s First City Monument Bank (FCMB) recently announced the launch of its ‘Easy Account’ product.
A significant and value-added feature of the ‘Easy Account’ product is that the telephone numbers of the customers, without the first digit, serve as their respective account numbers. The Account is an enhanced version of its *329# Unstructured Supplementary Service Data (USSD) platform.
A statement released by FCMB said the account was designed to make banking accessible to all Nigerians, adding that it would help to achieve the laudable goal of financial inclusion for most Nigerians as set by the Central Bank of Nigeria (CBN).
According to the statement, “it is a product open to all, particularly to meet the needs of low-income earners and the unbanked segment of the society. It enables the account holders have access to convenient and secured financial services, irrespective of their locations”.
The bank stated that the self-service, stress-free and secured ‘FCMB Easy Account,’ available on all GSM networks in Nigeria, enables everyone anywhere in Nigeria open the account from his or her location.
The Chief Executive Officer of FCMB, Mr. Adam Nuru, said the new offering was part of the bank’s long-term strategic plan to embark on a digital transformation initiative where it aspires to scale business operations, build capabilities and find the best way to simplify banking for customers using technology.
Mr. George Ogudu of CBN’s Strategy and Financial Inclusion Secretariat, commended FCMB for taking the lead in developing the product in the Nigerian banking industry. He said “FCMB has taken a giant stride to prove its commitment to bring more Nigerians into the banking industry with the launch of this product”.
Ogudu added that “the fact that it is targeted at those who have never owned a bank account and serves as a convenient opportunity for these category of Nigerians to do so is very laudable”.