First City Monument Bank (FCMB) Limited has declared the introduction of a tracking and reconciliation solution known as ‘FCMB E-invoicing’ to help SMEs in the Nigerian banking industry.
FCMB E-invoicing, Footprint to Africa reports, is a unique payment offering, designed to help SMEs keep track of their cashflow, especially as it affects payments, receivables, reconciliation and other financial transactions, through internet banking, cards and other channels.
“In addition, this value-added offering from FCMB combines basic inventory management and accounting (with electronic payment) services. This provides SME customers with tripartite advantages of; convenience of receiving payments regardless of the bank’s card used, the ease of generating and sending invoices to their customers and the means to be competitive in their business space,” the bank said in a statement.
FCMB’s Retail Banking Divisional Head, Mr. Olu Akanmu, said: “This offering is to demonstrate the bank’s value as a helpful financial institution and further amplify our commitment to enhance the operations and fast-track the growth of SMEs.
“We understand that one of the best ways to grow SMEs is to offer products and services that are simple, convenient, secure and at the same time add significant value to their businesses.
“We are excited to pioneer this initiative. It is another testimony of our unequalled commitment in offering exceptional offerings. We always want to go the extra mile to satisfy our customers and this is sustained by investing in initiatives that enhance customer experience and best practices as an inclusive lender.”
Akanmu further stated that FCMB supports its SME customers with collections and payments platforms that are convenient, easy to use and that help to manage their receivables and collections effectively with their customers, ensuring that our SME customers maximize the full potential of their business opportunities.
The Group Head, SME Banking of the bank, Mr. George Ogbonnaya also said that, with the introduction of the solution, the bank had taken its alternate channels to another height.
Ogbonnaya explained that, apart from the flexible nature of the platform, it has other features such as instant invoice generation, the ability to bill clients instantly, track and monitor payments, reconcile receivables and allows businesses make payments conveniently to their suppliers.
The Group Head disclosed that signing up to FCMB e-invoicing was at no extra cost to SMEs, adding that FCMB E-invoicing solution provides various benefits to users including enabling customers keep tab on their daily sales and cash flow, reconcile daily receivables, including those by cash, card or credit sales, customers who need to electronically present invoices to their clients as well as to those who are comfortable to receive payments via alternate channels, among other transactions.