First City Monument Bank Limited says it has introduced a tracking and reconciliation solution with electronic invoicing capabilities for Small and Medium-scale Enterprises (SMEs).
The solution known as FCMB e-invoicing is a unique payment system for SMEs keep track of their cash flow, especially as it affects payments, receivables, reconciliation and other financial transactions, through Internet banking, cards and other channels.
In addition this value added offering from FCMB combines ‘basic inventory management and accounting (with electronic payment) services, which FCMB says will offer SMEs customers with triple advantages: 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.
Mr. Olu Akanmu, Divisional Head of FCMB’s Retail Banking said in a statement, that the “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.”
According to Akanmu, “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.’’
Mr. George Ogbonnaya the Group Head, SME Banking also believes the introduction of the FCMB e-invoicing has “taken our alternate channels to another height.’’
FCMB says that the e-invoicing has other features such as instant invoice generation, the ability to bill clients instantly, track and monitor payments, reconcile receivables and allows businesses make payments conveniently to their suppliers.
The FCMB E-invoicing solution provides various benefits to users including enabling customers keep tab on their daily sales and cash flow, reconcile daily receivables, including those by cash, card or credit sales, customers who need to electronically present invoices to their clients as well as to those who are comfortable to receive payments via alternate channels, among other transactions.
According to the bank, SMEs can signing up to FCMB e-invoicing is at no extra cost.