FCMB, SystemSpecs Sign MoU, Launch Payroll Solution For SMEs

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 recently, 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.


Besides other benefits, staff who are on the payroll solution will have access to payday loans after 3-6 months of enrolment. This is on the premise that salary payments are consistently done through the portal. The lender also declared the solution is open to both FCMB and non-FCMB account holders. Meanwhile, salaries can be paid from any bank account in Nigeria to any individual salary account in any other bank.

FCMB Payroll is delivered in partnership with SystemSpecs, one of Nigeria’s leading payroll solution and services companies with over 25 years’ experience of providing payroll solutions and services to public and private sector organisations in Nigeria and other African countries. The company is also the provider of Remita Payments Application, Payment Gateway and Payment Infrastructure.