First City Monument Bank Limited says it has introduced a tracking and reconciliation solution with electronic invoicing capabilities for Small and Medium-scale Enterprises.
The bank said in a statement that the ‘FCMB e-invoicing’ was 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.
According to the statement, the offering combined basic inventory management and accounting (with electronic payment) services.
This, it noted, provided 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.
FCMB’s Retail Banking Divisional Head, Mr. Olu Akanmu, was quoted as saying, “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.”
According to Akanmu, the FCMB supports its SME customers with collection and payment platforms that are convenient, easy to use and that help to manage their receivables and collections effectively with their customers.
Also speaking, the Group Head, SME Banking, Mr. George Ogbonnaya said, “With the introduction of the FCMB e-invoicing solution, we have taken our alternate channels to another height.”
He explained that apart from the flexible nature of the platform, other features included instant invoice generation, the ability to bill clients instantly, track and monitor payments, reconcile receivables and allows businesses make payments conveniently to their suppliers.