First City Monument Bank (FCMB) Group Plc has projected a 100 per cent increase in profit this year, driven by strong performance from its consumer finance subsidiary, Credit Direct Limited, which continues to expand its digital lending operations across the country.
Group Chief Executive of FCMB, Ladi Balogun, said the company’s rapid growth has been supported by technology-driven lending models and improved customer access through digital platforms.
According to him, “Credit Direct recorded a profit after tax of N5.98 billion as of June 2025, a 52 per cent increase from N3.93 billion in June 2024. The growth was linked to the firm’s use of artificial intelligence in credit decision-making and nationwide loan origination through digital channels.”
He added that revenues from digitally originated loans rose by 140 per cent year-on-year to N38.4 billion in 2024, up from N16 billion in 2023. “The company added 88,724 new customers during the period, while total loan disbursements grew by 65 per cent year-on-year.”
A data-driven approach to portfolio management and automation of the credit underwriting process helped improve asset quality, with non-performing loans declining from 6.7 per cent to 6.2 per cent year-on-year. “Credit Direct maintained strong liquidity to support further loan growth and customer acquisition,” Balogun explained.
Head of Embedded Finance at Credit Direct, Faith Ojeiku noted that the consumer finance business, which provides lending and fund management services to individuals and small businesses, continues to leverage Nigeria’s youthful population and rising smartphone usage to drive financial inclusion.
She said that the firm has also launched new products targeted at small business owners and individuals, aimed at expanding access to affordable credit and savings options.
“The company recently introduced a fully digital ‘Buy Now, Pay Later’ solution to improve access to credit.
“We are setting a seamless credit experience. Credit Direct Checkout is more than a payment option; it is an embedded finance solution to N1m in credit. We give this money at the point of shopping. It is woven into how they already shop, so customers don’t need to leave where they are shopping today. This is about customers’ convenience and also about creating measurable value for merchants and driving long-term sustainability,” she explained.
Digital revenues from FCMB Group’s operations accounted for 13.9 per cent of total earnings in the first half of 2025. The Group said digital customers grew by six per cent year-to-date to 12.6 million, supported by an improved digital onboarding process and increased cross-selling of lending, payment, and wealth products.
“We continue to see traction in revenues from our digital channels driven by increased adoption, origination and repeat transactions on our digital lending products,” Ojeiku said.
FCMB’s total digital loan portfolio grew by 21 per cent year-to-date to N211.1 billion in the second quarter of 2025, up from N174.4 billion in 2024, accounting for 8.9 per cent of the Group’s total loan book. The portfolio is split between the bank and its non-bank subsidiaries, including Credit Direct.
She noted that Nigeria’s fintech sector continues to expand rapidly, supported by a growing digital population and increased funding interest. Between 2014 and 2019, Nigerian fintechs raised over $600 million, representing about a quarter of Africa’s total tech funding during that period, according to McKinsey & Company. The Nigerian Communications Commission also projects that about 140 million Nigerians will own smartphones by the end of 2025, further widening access to digital financial services.
