FCMB leverages culture to deepen markets, support SMEs

First City Monument Bank is positioning culture as an economic engine, leveraging platforms such as the Ibadan Cultural Festival to support small businesses, deepen inclusion, and connect local enterprises to broader markets.

As a lead partner in the festival organised by the Central Council of Ibadan Indigenes, the bank said in a statement on Wednesday that cultural gatherings are fast becoming viable commercial ecosystems, bringing together thousands of vendors, creatives, and service providers to drive economic activity.

Speaking at a press conference in Ibadan, FCMB’s Divisional Head of Corporate Affairs, Diran Olojo, said the bank’s approach is to enable participation, support business growth, and capture transaction flows within these ecosystems.

“We see culture as a functioning marketplace. Events like this concentrate demand, talent, and enterprise in one place.

Our role is to help businesses plug into that, through access to finance, visibility, and the systems that support transactions and growth,” he said.

He noted that the festival stimulates activity across hospitality, retail, transport, and the creative sector, while also attracting diaspora engagement that strengthens remittance flows and local investment.

The Ibadan Cultural Festival, also known as Okebadan, attracts residents, indigenes and visitors, driving a surge in commercial activity across the city.

President-General of the CCII, Ajeniyi Ajewole, said the festival has become both a cultural and economic platform.

“It drives tourism, supports local businesses, and creates an opportunity for Ibadan indigenes in the diaspora to return, reconnect, and contribute to the city’s growth,” he said. He added that FCMB’s involvement reflects growing private sector interest in culture-led development.

Chairman of the Planning Committee, Gbolagade Akere, said the 2026 edition is structured to strengthen Ibadan’s profile as a tourism and investment destination, with activities that combine cultural expression and economic engagement.

FCMB said its involvement reflects a broader strategy to build ecosystems that connect informal and small-scale businesses to finance, markets and opportunities for scale.