Banking
First Bank: Setting the Pace in World Class Banking Services, Citizen Empowerment and Social Intervention in Africa and Beyond
Foremost Financial Institution, First Bank of Nigeria Limited, is unarguably the leader in the banking industry in Nigeria.
Its capital base, national spread, customer-friendly products and services are second to none. The bank’s Corporate Social Responsibility (CSR) efforts cut across the nook and cranny of the country.
These activities which stand First Bank include social and health intervention as well as support; small business empowerment and educational support which are all implemented to reinforce the capacity of individuals and businesses to contribute to national development.
With its over 126 years of business operations in Nigeria, indeed the first Nigerian company to be listed and broadcasted on CNN 100 Club, the bank has been at the forefront of empowering the young and indigent elderly citizens, lifting the downtrodden out of poverty and hardships, rekindling hope, putting smiles on the faces of a younger generation of entrepreneurs through the issuance of low and friendly interest credit facility which transcend to building and promoting the small and medium scale businesses in the remotest rural areas and urban cities across the Niger.
These are and many more strides have distinguished First Bank in Nigeria.
Health Service Partnership with the Lagos State Government
To ensure that Lagos Residents at the grassroots across the state has unhindered access to affordable, effective and qualitative health care services, the Lagos State Health Management Agency partnered with First Bank to utilize its over 13,000 FirstMobile Agents as payment channels for the Lagos State Health Scheme.
During the flag-off ceremony, LASHMA GM, Dr Emmanuella Zamba, said, “The partnership became necessary to facilitate ease of health insurance premium transactions for residents, especially at the grassroots.
Zamba, however, mentioned that First Bank was selected for the partnership in recognition of its effectiveness, efficiency and large clientele.
For easy access and stress-free payment of Lagos Residents’ health insurance premiums, Firstmonie payment platform was considered the best.
Dr Zamba explained that the partnership offer opportunity to pay either N40,000 annually for a family plan or N8,500 annually for an individual plan via the Firstmonie Agents.
“Once the insurance premium is paid before 25th of every month, such enrollee can receive care from the first day of the following month at any public or private hospital of their choice within the scheme’s network of Providers”, Zamba clarified.
While commending the Lagos State Government, the Deputy Managing Director of First Bank, Mr Gbenga Shobo said “the initiative will have a crucial role at improving the life expectancy of Lagos residents whilst promoting their increased contribution to the growth and development of the state.
First Bank, Lagos State Employment Trust Fund Partnership and SMEs
First Bank partnered with the Lagos State Employment Trust Fund (LSETF). The scheme was launched in September by the Lagos State Governor, Mr Babajide Sanwo-Olu, and the Managing Director and Chief Executive Officer, Dr Adesola Adeduntan.
It is designed to cushion the resultant effects of the COVID-19 on low-cost private schools at an attractive lending interest rate.
While delivering his speech, Dr Adeduntan said “At First Bank, we recognise indelible roles played by the Education sector in the growth of any economy and this underscores our partnership with the Lagos State Government for continuous development of the education services in Lagos State and the nation as a whole.
“The commitment by the Lagos State Government -including this partnership to enable schools is quite commendable as this will mitigate the challenges caused by the lockdown on the education sector following the COVID-19.”
The 2019 KPMG’s Annual Banking industry customer satisfaction survey named First Bank as the ‘Biggest Mover in the SME Space’. It also earned the financial institution the most popular Bank among MSMEs for deposit transactions and credit loan facilities with 20% of SMEs surveyed.
In recognition of the role SMEs play as the engine of the economy, First Bank has been at the forefront of having them equipped with the required knowledge and information with a view to easing their sustainability. These have been achieved through several SME events including; an SME Business Clinic train that moved from Lagos to Abuja and Port-Harcourt in February.
The bank later embarked on virtual SME-based events, in order to adhere to the social distancing guideline essential to promoting the safety of every participant in view of the COVID-19 pandemic. These SME based webinars include SME Business Clinic in May as well as the SME Connect webinar to promote the growth of education sector held in July amongst others.
The value generated from the bank’s unprecedented business support and development activities to the small and medium scale enterprises, especially the young entrepreneurs across the Niger cannot be quantified.
With its mantra, You First, First Bank leaves no stone unturned in putting its customers first as it continues to deliver the gold standard of value and excellence to the banking and business climate across the world.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
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