First City Monument Bank (FCMB) in collaboration with SystemSpecs Limited, has launched a solution that is focused on aiding different aspects of business operation.
In a Memorandum of Understanding (MoU) signing ceremony held in Lagos, the bank said the product is a payroll solution, designed to meet the yearnings of thousands of its SME customers seeking more efficient, easy-to-use and affordable business tools to seamlessly operate their businesses.
This, it was disclosed, will be very useful to individuals in business, small and medium enterprises as well as corporate organisations.
Tagged “FCMB Payroll”, the solution comes with exciting features that enable SME owners to easily process payroll; pay employees’ 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, even without the traditional documentation to access loans from FCMB. The product enables these customers easily maintain historical personal and payment records of all employees, including items such as their taxes, pensions and other possible transactions.
Managing Director, First City Monument Bank (FCMB), Adam Nuru, said the introduction of the FCMB Payroll initiative 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. Mr. Nuru further stated that, “we are excited to partner with SystemSpecs, a major solutions provider in the financial ecosystem to address some of the challenges confronting SMEs.
The FCMB Payroll platform has been designed to provide a more convenient and modern business tool for business owners and their employees.
As a Bank that is consistently 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’’.
Also speaking, the Managing Director of SystemSpecs, John Obaro, said, “as an organisation, our aim is to continue to provide individuals and organisations with innovative tools to help them become more productive and take full charge of their operations. We are delighted at the opportunity to partner FCMB to extend our experience and expertise in payroll solutions to the Bank’s customers. We are convinced that FCMB Payroll would help SME customers improve their processes, maintain a satisfied workforce, boost margins and increase scale speedily.”