A glittering record was made on Thursday, March 14, 2024 in Ilorin, the Kwara State capital, for the entire Nigerian banking industry. The First City Monument Bank (FCMB) Ilorin organised an iftar session for its premium customers in the holy month of Ramadan. It is never the culture for banks in Nigeria to hold Ramadan iftar, even when they have over the years spent huge sums of money commemorating Christmas with carol and other programmes.The Ramadan iftar initiative by FCMB Ilorin for Muslim customers is therefore novel and stands as a shining example for other banks across the country to follow. Muslims are a key stakeholder in Nigeria and they make up an appreciable percentage of the customer base of Nigerian banks.In many other societies, this Ramadan iftar initiative has been embraced by banks as a way of appreciating their Muslim customers and acknowledging the significance of the period.
Ramadan is a special period for the Muslim community, and it is held in high esteem. Muslims undergo a journey of intense spiritual rejuvenation. Iftar (breaking of Ramadan fast) is a major highlight of the period. It is in fact considered charitable to organise iftar for fasting Muslims. It is one of the cherished gestures of the period.It is important to state that iftar sessions by banks will not only serve as a platform for them to bond with their customers, it will also create an avenue for customers to forge new business relationships and beneficial connection among themselves, the impacts of which we will feel on the economy.
This template that FCMB Ilorin has set in Nigeria’s banking ecosystem is commendable and laudable. It should be maintained and inspire other banks to walk in the same direction. Not only banks, other corporate organisations will find this initiative a useful strategy for customer retention and bonding.FCMB Ilorin should take their flowers. Other banks in Nigeria, most especially those touted to be running the Islamic banking model, should follow suit. This is a nice initiative that should be encouraged and promoted.
