FCMB launches mutual funds access on mobile app
The First City Monument Bank (FCMB) has introduced a new mobile-app feature that enables customers to access and invest in mutual funds directly from their smartphones. The launch marks a major move in expanding digital investment options for retail investors in Nigeria.
According to a news release, the feature allows users of FCMB’s mobile banking platform to open investment accounts and initiate investments in mutual funds seamlessly via the app. By integrating asset-management services into its digital channel, FCMB is aiming to make wealth-creation tools more accessible, particularly to younger and tech-savvy customers.
This development comes amid growing demand in Nigeria for easier-to-use investment platforms, especially as the capital-markets and asset-management sectors embrace digitisation. FCMB’s app update is consistent with its previous digital banking enhancements aimed at delivering more self-service and convenience.
For consumers, the benefits include the ability to manage investments alongside everyday banking activities, reducing the friction of going through separate investment platforms. For FCMB, the move potentially opens up new revenue streams and deepens customer engagement. It also aligns with broader trends in Nigeria’s financial sector toward mobile-first investment services.
However, users should be aware of potential considerations: fees associated with the funds, minimum investment thresholds (if any), fund performance risks, and the regulatory environment governing mutual funds in Nigeria. While the offering is promising, investors should still conduct due-diligence and consider their risk appetite.
