First City Monument Bank (FCMB’s) new logo reinforces its position as one of Nigeria’s financial institutions with a heritage of investment and corporate banking long before universal banking. A major difference from the previous corporate identity is the purple background that replaces a deep black background.
The purple, explained Ladi Balogun, the Managing Group Managing Director/Chief Executive, heralds a new chapter in the evolution of the bank.
Said he: “Our colours of black and gold which spoke to an exclusive audience have been replaced by a vibrant combination of purple and yellow, speaking to a broader audience.
“Our logo has also been modified to be slightly less formal and more contemporary, yet retaining a distinctly FCMB feel.”
Balogun disclosed at the “facts behind the figures” event at the Nigerian Stock Exchange (NSE), Lagos that FCMB sets itself a long term vision to be the premier financial services group of African origin.
Rewriting the rules
At the heart of the group is emerging a vibrant retail bank that seeks to “rewrite the rules of the game,” he stressed, and the bank has reached a tipping point in its evolution, and is ready to wear a new look that reflects where it is and where it is going.
“Today our products provide practical solutions to the borrowing, saving, investment, and payment needs of our customers. Every month, we welcome 50,000 new customers and we disburse 20,000 new loans, with over 2,000 monthly to women owned micro-enterprises.
“Every month, over 70,000 customers are registering on our mobile banking solutions that offer reliable and convenient ways to bank.” He said this “not so quiet revolution” is also becoming evident in the bank financial statements. Currently, 50 per cent of FCMB’s deposits are retail deposits, 30 per cent of its loans are retail loans, the vast majority of which are to individuals.
“The diversity of the bank’s business is bringing greater resilience and strength. Steadily this strength is revealing itself in our financial performance.”
A senior manager in the bank, who pleaded anonymity added: “For us it is not just about numbers, but more importantly it is about quality.
“We have been investing in building a unique FCMB customer experience, defined by simple helpful reliable products and services, and professional and friendly bankers willing to go the extra mile for you.”
Future tied to customers
However, the new identity may stir controversy particularly with the use of purple, a predominantly Wema Bank colour but Balogun explained that the future of FCMB is intertwined with the collective future of its customers.
“We do not believe that we can succeed if you do not. Hence, we will reinforce our position of being an inclusive lender. We will support sectors that will drive the prosperity of the markets in which we operate.
“We will bring greater accessibility to a broad range of financial services. By so doing, we will build one of the most relevant financial service franchises of African origin, providing the best customer experience.
“We are optimistic about the future and determined, whatever the challenges, to make this happen.”
To Balogun, FCMB has taken the best of its traditional values of professionalism and excellence and complemented them with the sustainability and customer focus that a more inclusive bank demands.
He believes that a strong retail franchise strengthens the corporate and investment banking aspects of the group, providing a more robust balance sheet and better distribution of opportunities.
“Our new look, whilst unexpected to many in its vibrancy, is reassuringly familiar. This not so quiet revolution is about much more than a look. It is an honest reflection of where we are, and a signaling of where we are going, together.
“Welcome to the new look of opportunity.”