First Bank Introduces Accounts for SMEs

By Ahmed Rahma

Nigeria’s premier and leading financial institution, First Bank of Nigeria Limited, has unveiled its Small Medium Enterprise (SME) specific accounts designed to reinforce its role in putting the enterprises at an advantage whilst contributing to national growth and development.

The SME accounts are of two types; FirstSME Classic and FirstSME Deluxe.

The accounts are offered to SMEs, irrespective of industry, and tailored to have them exposed to a wide range of services and opportunities that are essential for their continued growth and role in contributing to national development.

According to the lender in a statement on Monday, the advantages and features of these accounts include; access to Temporary OverDrafts (TODs) and other facilities subject to meeting Risk Adjustment Capital (RAC) of each product; immediate enrolment on all digital platform; free access to FirstBank SME events; free access to extensive business promotional and networking opportunities on the SMEConnect portal; access to a wide range of discounted and promotional offers.

Amongst the many opportunities available to holders of FirstSME account is also the SMEConnect initiative of the bank which is a platform through which SMEs access the bank’s unique propositions that will equip them with the essential tools needed for the growth of their business.

The SMEConnect portal is also designed to help SMEs identify various gaps that hinder their business growth.

With FirstBank’s over 126 years of impacting the economy, the bank’s SME innovative Business Diagnostics Tool will also help proffer tailored solutions, whilst creating avenues for business improvement, profitability and sustainability.

Following extensive research by the bank, 7 strategic pillars have been considered essential for the sustainability and growth of SMEs.

The 7 pillars – connect to infrastructure, connect to talent, capacity building, connect to policy and regulation, connect to resources, connect to market as well as connect to finance.

According to the Chief Executive Officer of FirstBank, Mr Adesola Adeduntan, “FirstBank is delighted to unlock several opportunities for SMEs to thrive.”

“Our FirstSME account is one of the numerous opportunities designed to empower SMEs to continually drive impact as the backbone and contributors to employment and economic growth,” he further said.