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How to get First City Monument Bank Loan

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How to get First City Monument Bank Loan

In the chase to achieve your financial goals and dreams, getting access to flexible and convenient loans is often the turning point, that transforms your financial dreams into tangible reality. If you’re considering securing a loan, First City Monument Bank (FCMB) stands out as a trusted financial institution in Nigeria offering a variety of loan options to its customers.

In this guide, we’ll walk you through the important steps to applying for a First City Monument Bank (FCMB) loan, we’ll also look at the types of loans available to customers at First City Monument Bank, the eligibility requirements for the various loan options offered by FCMB, the benefits of First City Monument Bank loans. If you’re considering taking a loan from FCMB then this guide will show you all you need to know.

About First City Monument Bank

First City Monument Bank (FCMB) has operated as a prominent financial institution in Nigeria. The bank is is well for known for its commitment to providing a wide range of banking services, including a diverse portfolio of loan products. First City Monument Bank was established in 1982 and has grown to become a leading bank, in Nigeria offering innovative financial solutions to cater to the needs of individuals and businesses.

Does First City Monument Bank Give Loan

Yes, First City Monument Bank provides a wide range of loans to customers of the bank. The bank loans are provided with competitive interest rates according to the prevailing market lending rates. FCMB provides loans to individuals and businesses alike depending on their need for financing.

Types of Loans Offered By First City Monument Bank

First City Monument Bank has available on offer several types of loans, according to the financial needs and goals of the loan applicants. The major types of loans available to First City Monument Bank customers include:

  • Easylift Loan: This loan is a collaboration initiative between FCMB and MasterCard foundation, the loan is designed to support MSMEs who might have been affected by the severe effects of the COVID-19 pandemic to strengthen, revive, and expand old and new businesses. This loan has an interest rate of 9% and a maximum tenure of 12 months.
  • Fast Cash: This is a convenient to access cash loan,  which is designed to provide funds to customers with no collateral and paperwork requirements for the loan application. This loan is meant to help you out in emergencies where you need funds.
  • Salary Plus Loan: This loan is a consumer credit scheme that is made available to salary earners with their salary accounts domiciled with First City Monument Bank. This loan provides eligible FCMB customers with short or medium-term funding to meet financial needs before salaries are paid.
  • Premium Salary Loan: This is a salary loan category that provides confirmed staff of commercial organizations access to more usable funds. The employee organisation for such commercial organisations must be rated on Moody’s with a minimum rating of BB. This loan has a minimum loan tenure of 12 months and a maximum tenure of 60 months.
  • Auto Loan: This loan is designed to help FCMB-eligible and qualified customers to finance the purchase and acquisition of cars for personal use, and then pay back the loan gradually. This loan requires you to make a vehicle purchase from pre-qualified auto dealers approved by FCMB, these approved dealers have an SLA agreement with FCMB.
  • FCMB Cash-Backed Loan: This loan is designed to provide funding for FCMB customers who need funds and have an investment portfolio with the bank, the investment portfolio is used as collateral for this FCMB Cash-Backed loan. This loan is open to both salaried and self-employed FCMB customers who have a fixed deposit and other liquid investments with FCMB. This loan is designed with a competitive interest rate according to the
  • Mortgage: This FCMB loan is designed to help eligible FCMB customers own the home or property of their dreams. With this loan you can own your dream home in no time, giving you and your family the convenience and comfort you all deserve. FCMB provides this property financing in partnership with Brains & Hammers and Brooks Assets who are leading real estate developers.
  • Business Loans: The business loans are designed to help businesses grow and expand their business operations. The business loans are specially made for SMEs I’m these categories SME DEVELOPMENT FINANCE FACILITY, SME ASSET FINANCE FACILITY, SME WORKING CAPITAL FACILITY, QUICK LOAN, SME INVOICE DISCOUNTING FINANCE (IDF) FACILITY, and SME LOCAL PURCHASE ORDER (LPO) FINANCE FACILITY

First City Monument Bank Loan Interest Rate

First City Monument Bank offers loans with interest rates that are very affordable and are pegged according to the market lending rates and the bank’s rate decision which is based on the needs of the bank’s customers. The interest rates of loans offered by First City Monument Bank range from 9% to 20% per annum or more.

First City Monument Bank Loan Eligibility

To be eligible for any of the First City Monument Bank loans you need to meet the eligibility requirements for the specific type of loan. The eligibility requirements for the major types of loans offered by First City Monument Bank are listed below:

Easylift Loan

  • Your business must have been impacted by COVID-19
  • You must operate an active account with First City Monument Bank

Fast Cash

  • You must be a First City Monument Bank account holder
  • Your account needs to be active and operational for you to be able to apply for this loan

Salary Plus Loan

  • Your salary account needs to be domiciled with First City Monument Bank
  • You need to have received your salary with your salary account domiciled with FCMB for at least six months consecutively before applying for the salary plus loan
  • You need to be a categorised employee working for any of the categorised employers
  • Your salary needs to be domiciliated with FCMB during the tenor of the loan
  • Minimum net monthly salary income of N18,000
  • You must receive at least 1 salary payment in your FCMB salary account before the loan disbursement

Premium Salary Loan

  • You have to be a confirmed employee of any of the FCMB rated companies (The list of FCMB rated companies can be found at all FCMB branches nationwide)
  • Your salary has to be domiciled with FCMB during the tenor of the loan
  • Your minimum net monthly income should be at least N18,000
  • Employees must receive at least 1 salary payment in FCMB before the loan disbursement.

Auto Loan

  • You need to be in structured employment such as a salary earner
  • You can apply for the loan if you are a self-employed individual with regular income
  • You need to have an active and operational FCMB account

FCMB Cash-Backed Loan

  • You must have an investment with FCMB
  • If you are not a salary earner you need to have a fixed deposit and other liquid investments with FCMB
  • You must hold an account with FCMB

Mortgage

  • You must have an active account with FCMB
  • If you are a salary earner your salary needs to be domiciled with FCMB

First City Monument Bank Loan Application Process

The different types of loans offered by First City Monument Bank have the same basic application processes with a few variations in certain instances. The steps to applying for the various types of First City Monument Bank loans are listed below:

Easylift Loan

  • To get this loan you are required to visit the nearest First City Monument Bank nearest to you to request this loan

Fast Cash

  • To apply for the First City Monument Bank fast cash loan you can apply through the FCMB mobile app
  • You can also apply by dialling the FCMB USSD code *329*11# and then following the prompts

Salary Plus Loan

  • To apply for the salary plus loan you have to visit any FCMB bank nearest to you to request application documents requirements

Premium Salary Loan

  • To apply for the salary plus loan you have to visit any FCMB bank nearest to you to request application documents requirements

Auto Loan

  • To apply for this loan visit any branch of First City Monument Bank nearest to you to request an auto loan

FCMB Cash-Backed Loan

  • Visit any of the bank’s branches nationwide to request an FCMB Cash-Backed loan

Mortgage

  • Visit any First City Monument Bank nearest to you and request a mortgage or home loan, your loan will be approved if you meet the eligibility requirements for the loan

Benefits of First City Monument Bank Loan

First City Monument Bank loans come with several benefits to the loan beneficiaries, some of the benefits of the different types of First City Monument Bank loans include:

Easylift Loan

  • This loan is provided at an affordable interest rate
  • The loan has a flexible repayment tenure maxed at 12 months, the loan repayment tenure can also be extended where applicable
  • The monthly repayment for this loan is done with ease through transfer or collection

Fast Cash

  • You get instant access to funds on approval of your loan application
  • You do not need paperwork to apply for this loan
  • You do not need collateral to apply for this loan
  • You get up to 90 days clean-up cycle for returning customers
  • You can reapply for this loan as many times in a year as you are qualified for
  • Once you apply and access the loan for three months at a time
  • The loan repayment is based on the amount utilized from the available limit

Salary Plus Loan

  • You can get loans up to a minimum of ₦18,000 to a maximum of ₦10,000,000
  • The repayment tenure for this loan is very flexible and spread out for a long time up to a maximum of 60 months
  • You do not require any collateral for this loan
  • You can apply for a top-up of this loan online through the bank’s online portal
  • This loan has a quick turnaround time

Premium Salary Loan

  • No collateral is required for this loan
  • You have easy access to funds to meet your financial needs
  • You do not need equity contribution for this loan
  • You have the opportunity to apply for a loan top-up online
  • This loan has a speedy turnaround time
  • You have access to repayment holiday to allow for financial planning
  • This loan has a minimum loan amount of ₦2,000,000

Auto Loan

  • This loan has a tracking device attached to the vehicle which gives additional security and safety (The tracking device is installed free for cars above ₦3milion otherwise it costs N50,000.00 to install)
  • This loan helps you to acquire a car of your choice from FCMB’s list of acceptable brands while allowing you to spread payment over a convenient period
  • You are guaranteed to get your vehicle from a trusted dealer
  • Your car is covered with insurance payment which is built into your loan repayment amount
  • You do not incure residual cost at the end of your loan tenure

FCMB Cash-Backed Loan

  • This loan is available to eligible customers as an overdraft and term loan
  • Provided your investment remains with the bank you will enjoy an overdraft line
  • This loan has a flexible loan tenor which is subject to the maturity date of your investment
  • You will not have to pay insurance charges
  • You always have unrestricted access to funds when you need funds while you continue to enjoy interest on your investments with the bank
  • Interest is charged per month only on the portion of the utilized overdraft

Mortgage

  • You can get up to a maximum of 200 million Naira for this loan
  • The loan has a reasonable repayment period of up to 10 years (120 months)
  • You do not need to provide any additional collateral to qualify for this loan
  • This loan comes with adequate insurance cover
  • You get access to verified real estate developers with this loan

Cons of First City Monument Bank Loan

First City Monument Bank offers several benefits to its loan beneficiaries, the bank loans also come with a few cons you should take note of some of which include:

  • The maximum loan amount available for the fast cash loan is small at ₦200,000
  • Fat cash loan tenure can be increased as it is very short at 30 days
  • You have to make the payments for Fees – 1% flat, Fire & Special Peril Insurance – 0.25%, and Life Insurance – 1% all one-off payment upfront.

Conclusion

FCMB offers a diverse portfolio of loan products, which reflects the bank’s commitment to providing financial solutions that empower individuals and businesses to achieve their financial aspirations. If you need to get a loan that will help you settle your personal and business needs First City Monument Bank is the bank to approach for your loan request. Why not visit an FCMB bank to request that loan to change your financial life and business outlook?

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BANKING

Rand Merchant Bank (RMB) works with World Bank in closing first to market MIGA guaranteed short-term sovereign loan

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Rand Merchant Bank (RMB) works with World Bank in closing first to market MIGA guaranteed short-term sovereign loan

Through collaboration with MIGA and the Minister of Economy and Finance for Côte d’Ivoire, RMB facilitated a short-term loan to support crucial trade related initiatives

Rand Merchant Bank (RMB) (www.RMB.co.za), a division of FirstRand Bank Limited, has achieved a significant milestone in Africa by partnering with the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank, to extend short-term funding support on a trade-backed facility for the Republic of Côte d’Ivoire.

Through collaboration with  MIGA and the Minister of Economy and Finance for Côte d’Ivoire, RMB facilitated a short-term loan to support crucial trade related initiatives.

Said Ben Bechet from RMB’s Trade and Working Capital, Structured Solutions team: “While RMB has a proud history of supporting sovereigns on the continent with their funding and capital markets requirements, this is a first of its kind facility for an African sovereign. This transaction will pave the way for further MIGA guaranteed short-term facilities across the continent to assist with developmental initiatives, critical projects and the importation of crucial goods such as food, fertilizer and medicines alongside other resources.”

Clarine Stenfert, Global Trade Finance Head and Head of UK for MIGA, said: “Through deep collaboration with RMB and MIGA, the teams were able to successfully structure and execute a process we hope to scale and introduce to other African countries. MIGA’s Trade Finance Guarantee Framework seeks to support sovereigns or sub-sovereigns across emerging markets with their trade financing requirements, alleviating the current liquidity constraints imposed by the current high inflationary environment and the retreat from markets by private sector players.”

MIGA provides political risk insurance guarantees to private sectors and investors in a broad range of sectors in developing  economies. MIGA promotes foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfills this mandate by offering political risk insurance guarantees and credit enhancement to private sector investors and lenders.

“RMB’s strategy entails forging partnerships with insurance, guarantee and export credit agency providers to extend meaningful funding support to our clients across Africa. Collaboration with development financial institutions and multilaterals remains key to truly unlocking new opportunities to support our clients, concluded Bechet.”

Distributed by APO Group on behalf of Rand Merchant Bank.

About RMB:
Rand Merchant Bank (RMB) is a leading African corporate and investment bank (CIB) and part of the largest financial services group (by market capitalisation) in Africa – FirstRand Bank Limited (which is wholly owned by FirstRand Limited). We offer our clients innovative, value-added advisory, funding, trading, corporate banking, and principal investing solutions.
With a presence in 10 African countries, we have a significant footprint on the continent. We also have access to a network of retail banks, representative offices and branches across Africa, the UK, India and the US.

At RMB we are passionate about solving problems for our clients by asking the hard questions. We challenge accepted thinking. We analyse and seek solutions beyond the obvious. We are innovative in our thinking and turn challenges into opportunities, while delivering on Traditional values. Innovative ideas. Our ability to think differently, our collaborative spirit, our client-centric solutions and our belief that great minds don’t always have to think alike, is what sets us apart.

For more information visit: www.RMB.co.za

About MIGA:
MIGA was created in 1988 as a member of the World Bank to promote foreign direct investment in emerging economies by helping to mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance; and offering credit enhancement to private investors and lenders. Since its creation, MIGA has issued over $76 billion in guarantees across 123 developing countries, supporting more than 1,000 projects. Over the past decade, MIGA’s guarantees have generated more than 156,000 jobs in developing countries.

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BANKING

Equatorial Guinea and Ghana Accede to the Establishment Agreement for Afreximbank’s Fund for Export Development in Africa (FEDA)

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The Fund for Export Development in Africa (FEDA), the development impact-focused subsidiary of the African Export-Import Bank (Afreximbank) (www.Afreximbank.com), has announced that the Republic of Equatorial Guinea and the Republic of Ghana have recently signed the FEDA Establishment Agreement.

This important milestone is the result of several months of cooperation between Afreximbank, FEDA and government officials in Equatorial Guinea and Ghana.

As Afreximbank member states, Equatorial Guinea and Ghana have taken another step towards closer collaborations with FEDA by signing the FEDA Establishment Agreement. This milestone marks the countries’ support for Afreximbank’s efforts to extend FEDA’s impact investing objectives across the continent.

New memberships are crucial to broaden the scope of FEDA’s interventions and its mission of delivering long-term capital to African economies with a focus on industrialization, intra-African trade and value-added exports.

Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, said: “We heartily welcome the signing of the FEDA Establishment Agreement by the Republic of Equatorial Guinea and the Republic of Ghana. The signing of the FEDA Establishment Agreement lays the groundwork for an enhanced and more effective cooperation with better access to the full range of interventions offered by Afreximbank and FEDA. This milestone builds on the solid partnership already established with both Equatorial Guinea and Ghana. The aim is to support transformative investments in these countries in the near future.”

About FEDA:
The Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of Afreximbank set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the Trade sector in Africa. FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks.

About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of September 2023, Afreximbank’s total assets and guarantees stood at over US$33.4 billion, and its shareholder funds amounted to US$5.8 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

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Financial Analysis: A Comprehensive Study of The Well-Being of A Country 

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Financial Analysis: A Comprehensive Study of The Well-Being of A Country

Understanding the financial stability of a country requires a thorough understanding of financial analysis. In order to offer insights into the overall financial stability and overall wellness of the country, it entails evaluating a range of economic indicators, financial performance, and market movements.

In this article, we will delve into the fundamentals and importance of financial analysis in evaluating a country’s economic situation.

THE HISTORY ABOUT FINANCIAL ANALYSIS

Ancient Beginnings:

The roots of financial analysis can be traced back thousands of years. The ancient Mesopotamians, Egyptians, and Greeks were among the pioneers of documenting financial transactions, creating basic records of assets and liabilities. These early attempts laid the groundwork for the concept of financial analysis through the study of financial statements and ledgers.

Medieval Europe:

During the Middle Ages, Europe witnessed the rise of merchant guilds and the emergence of double-entry bookkeeping. Italian mathematician and Franciscan friar, Luca Pacioli, is often credited with formalizing double-entry bookkeeping, publishing his seminal work “Summa de arithmetica, geometria, proportioni et proportionalita” in 1494. The concept of balancing debits and credits within financial records formed the basis for modern financial analysis techniques.

Industrial Revolution:

The Industrial Revolution in the 18th and 19th centuries revolutionized business and the need for financial analysis grew rapidly. As companies expanded and diversified, investors began demanding more comprehensive financial reports to assess the potential risks and returns of their investments. The birth of limited liability companies further accelerated the need for financial analysis, as shareholders sought transparency in the performance of their investments.

Modern Era:

The 20th century witnessed significant advancements in financial analysis techniques. The advent of electronic computing in the mid-1900s enabled the processing and analysis of vast amounts of financial data, leading to the development of sophisticated financial models and ratios.

The Great Depression of the 1930s laid the groundwork for modern financial analysis as regulators sought effective ways to prevent future economic crises. The establishment of the U.S. Securities and Exchange Commission (SEC) in 1934 brought about standardized reporting requirements, including the filing of audited financial statements. This increased transparency and standardized financial reporting provided analysts with a more accurate and consistent basis for their analysis.

The Rise of Quantitative Analysis:

In the latter half of the 20th century, the growth of computing power and the availability of large data sets propelled financial analysis into new territory. Quantitative analysis, utilizing statistical models and mathematical algorithms, started gaining prominence. Financial analysts began incorporating complex mathematical methods to assess investment opportunities, risk management, and portfolio optimization.

Modern Financial Tools:

With the advent of the internet and the digital age, financial analysis has become even more accessible and data-driven. Sophisticated software programs, data analytics tools, and artificial intelligence have revolutionized the way financial data is analyzed and interpreted. In recent years, technologies like machine learning have been leveraged to develop predictive models that can assess future trends and make accurate financial forecasts.

MEANING

Financial analysis is the process of evaluating businesses, projects, budgets, and other finance-related transactions to determine their performance and suitability. Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid, or profitable enough to warrant a monetary investment.

Financial analysis is a fundamental tool that allows organizations and individuals to assess the past, present, and future financial health of a business or investment. Through a systematic examination and interpretation of financial statements, ratios, and other key indicators, financial analysis helps in making informed decisions, optimizing resources, and improving overall financial performance. In this article, we will delve into the meaning of financial analysis, its prominent components, and its significance across various sectors.

Financial analysis involves scrutinizing financial data to evaluate the performance and profitability of an entity. It assists in quantifying the effectiveness of financial decisions, identifying trends, predicting future outcomes, and benchmarking against industry standards. By analyzing financial statements, investors, analysts, and other stakeholders gain valuable insights into the financial position, liquidity, solvency, and operational efficiency of an organization.

FUNDAMENTALS OF FINANCIAL ANALYSIS IN A COUNTRY

  1. Gross Domestic Product (GDP): GDP is a primary indicator used to gauge the economic performance of a nation. Financial analysts analyze GDP growth rates and its components, such as consumer spending, government expenditure, investments, and net exports. This analysis helps in determining the overall strength of the economy and identifying areas of potential growth.
  2. Trade and Balance of Payments: Trade analysis focuses on a country’s imports, exports, and balance of payments. Evaluating trade patterns helps identify sectors driving the country’s economic growth, trade imbalances, and potential risks to the economy from external factors such as changes in global demand or disruptions in supply chains.
  3. Inflation and Interest Rates: Analyzing inflation rates and interest rates provides insights into the stability of a country’s economy. High inflation erodes purchasing power, while high-interest rates can impact borrowing costs, affect consumer spending, and investment behavior. Financial analysts assess the impact of inflation and interest rates on an economy’s overall competitiveness and economic growth potential.
  4. Government Debt and Fiscal Policy: Analyzing a country’s government debt levels and fiscal policy is crucial in understanding its financial sustainability. A high level of government debt may lead to increased borrowing costs, reduced investor confidence, and potential risks to economic stability. Evaluating fiscal policies helps determine whether a country is managing its finances effectively and implementing sustainable economic growth strategies.
  5. Stock Market Performance: The stock market reflects investor sentiment and provides valuable insights into a country’s economic outlook. Analysts evaluate key stock market indices, such as the country’s primary exchange, sector-specific indices, and market capitalization trends. Monitoring stock market performance allows for an understanding of investor confidence, economic growth expectations, and potential risks to the financial system.
  6. Banking Sector and Financial Institutions: A robust banking sector is essential for economic stability. Financial analysts assess the health of the banking system by evaluating indicators such as non-performing loans, capital adequacy ratios, and the overall stability and soundness of financial institutions. Understanding the well-being of financial institutions helps gauge the potential risks to the overall economy, including credit availability, liquidity, and financial contagion.
  7. Regulatory Environment and Governance: The regulatory environment and governance play a critical role in attracting investment and fostering economic growth. Financial analysts assess the effectiveness of regulatory frameworks, transparency in financial transactions, and the overall credibility and efficiency of institutions responsible for enforcing regulations. Evaluating the regulatory environment aids in understanding potential risks and opportunities for sustainable economic development.

SIGNIFICANCE OF FINANCIAL ANALYSIS IN A COUNTRY

Financial analysis plays a vital role across various sectors, serving the following purposes:

  1. Evaluating Financial Performance: By conducting a comprehensive financial analysis, companies can assess their performance, profitability, and financial stability. This, in turn, helps in identifying areas for improvement, developing strategic plans, and making sound financial decisions.
  2. Assessing Investment Viability: Investors rely on financial analysis to evaluate the profitability and risks associated with potential investments. Through detailed scrutiny of financial data, investors can determine the financial health and growth prospects of a company, aiding in making informed investment decisions.
  3. Facilitating Lending Decisions: Financial institutions utilize financial analysis to assess the creditworthiness of loan applicants. By analyzing financial statements, evaluating ratios, and assessing the risk profile, lenders can ascertain the borrower’s ability to repay loans and make sound lending decisions.
  4. Supporting Strategic Decision-Making: Financial analysis aids in strategic decision-making, such as expansion, diversification, or mergers and acquisitions. Understanding a company’s financial position and performance provides a foundation for evaluating the feasibility and potential outcomes of such decisions.

CONCLUSION

Conducting a comprehensive financial analysis provides valuable insights into the economic landscape of a country. By evaluating indicators such as GDP, trade patterns, inflation rates, government debt, stock market performance, banking sector health, and regulatory environment, financial analysts can gauge the overall financial health, identify potential risks, and recommend strategies for sustainable economic growth. Accurate and timely financial analysis acts as a compass, guiding policymakers, investors, and businesses to make informed decisions and contribute to the overall prosperity of the nation.

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