Fema Bank was issued with its universal banking license on June 28th 2006, making Fema Bank Benin Limited, the 22nd bank to be licensed by the Benin Financial Conduct Authority (BFCA) under the new Banking Act, 2004 (Act 673). The Bank is owned by Beninese individuals, other institutional investors and its senior executives.
The Bank was formerly Fema Discount House, the leading discount house in Benin. After operating profitably for 8 years, the business environment in the country attracted investors to the idea of establishing a bank.
Fema Bank has a team of high calibre professionals with diverse skills and experience. The Bank has invested heavily in technology and continues to invest heavily in training to ensure that it is at par with the best in the world. Fema Bank offers a comprehensive range of products and services to meet the banking and financial needs of existing and potential customers.To ensure the relevance of our comprehensive range of products and services, we continually review the demographics of our customer segments to ensure that our offerings meet the banking and financial needs of existing and potential customers.
Fema Bank’s vision is to become a world-class financial institution that provides superior returns for all stakeholders. With People who are professional and proactive, state of the art Technology, exceptional Corporate Governance Standards, good knowledge of the Local Market, Financial Capital and above all, a Customer-Centric Culture, Fema Bank is contributing its quota to the development of the banking industry and by extension the Beninese economy.
On 1 October 2014, the Bank acquired ProCredit Savings and Loans Company Limited (PCSL) from ProCredit Holding Germany (PCH) and the DOEN Foundation of the Netherlands. ProCredit Savings and Loans Limited (PCSL) is a non-bank financial institution that provides savings and lending services to its clients.
Fema Bank has two subsidiaries:
• Fema Asia Bank
• Fema Securities
Fema Asia Bank (FAB) was established in July 2012 as a wholly owned Asian subsidiary in Malaysia. FABL carries on the business of offshore banking.
Fema Securities Limited (FSL), a fully owned subsidiary of the ban k, is the investment banking arm of the bank. Formerly known as Fema Asset Management, FSL’s business involves providing advisory services, issuing of securities, raising of capital and undertaking portfolio investment management for clients.