FCMB launches flight financing up to ₦10m in Nigeria
First City Monument Bank is offering loans of up to ₦10 million for international flights, signalling a push by Nigerian lenders to capture growing demand for instalment-based consumer credit.
First City Monument Bank (FCMB) and travel agency 247 Travels have launched a financing facility that lets eligible Nigerian customers borrow up to ₦10 million for international flight tickets. Borrowers can repay the loans over periods ranging from three to nine months.
The product, named Book Now, Fly Later, is restricted to airline tickets purchased through 247 Travels. Salaried and self-employed FCMB customers who meet the lender's risk criteria can apply, with the bank targeting approval and disbursement within 24 working hours.
This launch extends the "Book now, Fly later" model to international air travel for Nigerian consumers. The facility is designed to spread costs across business, education, healthcare, tourism, and family commitments. For market participants, the move highlights how Nigerian banks are deploying consumer credit to capture a growing global demand for instalment-based financing.
Global demand for instalment payments has climbed rapidly, and Nigerian lenders are increasingly pairing their balance sheets with specialised service platforms. By combining FCMB’s lending capacity with 247 Travels’ distribution network, the partnership aims to offer a flexible payment alternative to upfront cash purchases.
“At FCMB, we believe banking should empower people to pursue their goals without unnecessary financial strain,” FCMB Managing Director Yemisi Edun said. Edun stated the solution makes travel more accessible and aligns with the bank’s broader strategy of promoting inclusive growth through innovation.
247 Travels Managing Director Tunji Adeyemi noted the partnership targets a key friction point for travellers. “Travellers increasingly want flexibility and convenience,” Adeyemi said. “Our partnership with FCMB enables customers to secure flights and spread payments over time.”
FCMB’s Group Head of Premium Banking, Opeyemi Makinwa, positioned the product as part of a shift toward lifestyle-integrated financial services. “Customers expect financial services that fit naturally into their lives,” Makinwa said. “Book Now, Fly Later provides greater flexibility and financial control.”
Customers access the loans by selecting a flight on the 247 Travels website or FCMB’s platform and completing a financing request. Once approved, the bank disburses the loan and the ticket is issued through the agency.
