First City Monument Bank Group (FCMB) has reported a substantial increase in its digital business arm, which encompasses digital lending, payments, and wealth management. This sector has been instrumental in supporting the group's ongoing digital transformation initiatives. By developing its own core banking platform, FCMB is actively fostering innovation, reducing its reliance on external vendors, and subsequently lowering overall technology ownership costs.
During the first nine months of the financial year ending September 31, 2025, FCMB's digital business contributed 13.7%, amounting to N113.6 billion, to the group's total gross revenue of N828.1 billion. This performance signifies a robust 54% year-on-year growth in digital revenues, rising from N73.6 billion in September 2024 to N113.6 billion in September 2025. The increase indicates a growing adoption and utilization of FCMB's digital applications, platforms, lending services, and payment solutions by its customer base.
The strategic focus on digital services has been effective in attracting new customers and enhancing the engagement with the bank's digital channels. The group highlighted in October that its innovative financial offerings, including mobile wallets and digital lending products, are contributing to the expansion of its revenue streams.
The group stated, "The implementation of digital banking has significantly improved FCMB’s operational efficiency by automating various processes, resulting in reduced manual workloads, reduced costs, and enhanced profit margins."
The core banking platform has now been successfully deployed across FCMB's three primary operating entities: Commercial and Retail Banking, Investment Banking, and Asset and Wealth Management.
The Structure of FCMB's Digital Business
The digital business division, comprising three key segments, generated N133.6 billion in revenue during the nine-month period ending September 31, 2025. The specific contributions from each segment are detailed below.
Digital Lending
Digital lending stands out as the largest contributor, accounting for 74.4% (N84.5 billion) of the digital business revenue. This substantial share indicates that a significant portion of FCMB's digital earnings are derived from customers borrowing through its digital channels.
The growth in this segment is attributed to the bank's successful digital lending initiatives. In October, the group reported loan disbursements exceeding N357 billion and over 1.6 million individual loans granted through digital channels in 2024 alone. FCMB's digital lending portfolio includes products such as FastCash loans, Salary-plus loans for salary account holders, digital loans for Small and Medium-sized Enterprises (SMEs), and Nano loans. In 2024, the group reportedly disbursed 18,000 loans to SMEs through these digital channels.
Payments
The Payments segment contributed 23% (N26.1 billion) to the group's Digital Business revenue, reflecting a positive customer reception to the increased use of digital payment methods. This segment encompasses services available through the FCMB mobile app and FCMBOnline Business platforms, facilitating transfers, bill payments, and bulk payments. The bank also provides specialized collection platforms, such as FCMBCollect, designed to assist businesses in managing multiple payment inflows and inventory.
Additional digital payment features include Point of Sale (POS) transactions, card payments, online merchant payments, and payments made via USSD and mobile applications.
Wealth Management
With a contribution of 2.6% (N3 billion) to the Digital Business revenue, the Wealth Management segment has experienced growth in its Assets Under Management (AUM), bolstered by digital innovation. The digital wealth offerings on the FCMB app include access to mutual funds, digital savings accounts, investment advisory services, and asset management tools.
| Digital Segment | Contribution | Revenue |
| Lending | 74.4% | N84.5 billion |
| Payments | 23% | N26.1 billion |
| Wealth | 2.6% | N3 billion |
| Total | 100% | N113.6 billion |
In its ongoing commitment to advancing digital banking innovation, FCMB recently launched a digital cross-border global banking and payments platform, www.getrova.com, operating in both the United Kingdom and Nigeria. This initiative aims to enhance remittance services, facilitate trade flows, and provide a comprehensive cross-border payments platform known as the Rova App. The group's objective is to support remittances and inbound and outbound payments to and from Africa for both SMEs and individual customers.
FCMB's Profit Performance
FCMB has reported a profit before tax of N134.497 billion for the nine months ending September 30, 2025. This figure represents a significant 46.2% increase compared to the N91.83 billion recorded during the same period in the previous year.
In terms of revenue, the Group achieved a 40.89% growth in gross earnings, reaching a total of N828.128 billion, up from N587.773 billion in the corresponding period of 2024.
The Group's financial results also indicate the successful completion of its public offer, which has positioned the company to meet the N500 billion capital requirement set by the Central Bank of Nigeria (CBN). Furthermore, FCMB confirmed that it is on track to finalize the sale of a minority stake in one of its subsidiaries before the end of December.