First Bank of Nigeria Limited has won the Best SME Bank in Nigeria and Africa for the second year at the 2025 Asian Banker Awards, highlighting its commitment to supporting SMEs crucial for economic growth. The bank’s innovative financial solutions and partnerships with organizations underscore its role in promoting entrepreneurship and economic sustainability. This recognition positions Nigeria as a prominent hub for SMEs, driving a competitive banking environment.
First Bank of Nigeria Limited has once again established its leadership in small and medium enterprise (SME) banking, securing the titles of Best SME Bank in Nigeria and Best SME Bank in Africa at the 2025 Asian Banker Awards. This marks the second consecutive year that the bank has received this recognition, highlighting its global acclaim in retail finance and dedication to advancing financial services, technology, and transaction banking.
The accolades affirm FirstBank’s unwavering commitment to SMEs, which are integral to economic growth in both Nigeria and Africa. As the country’s oldest financial institution, FirstBank has been instrumental in Nigeria’s financial development, consistently introducing innovative banking solutions designed to empower businesses across the continent.
FirstBank’s success in SME banking is rooted in its strategic emphasis on offering customized financial solutions and promoting an inclusive business environment aimed at enhancing global competitiveness for SMEs. This approach differentiates FirstBank from its competitors and establishes it as the preferred financial partner for entrepreneurs throughout Africa.
Notable offerings from FirstBank include flexible credit facilities suitable for various stages of business growth, the SMEConnect platform providing vital financial resources and business advisory services, and comprehensive entrepreneurship training programs. These initiatives help thousands of entrepreneurs refine their skills in financial literacy and business management to successfully scale their enterprises.
The bank has also enhanced its SME initiatives through collaborations with organizations such as the International Finance Corporation and the Nigerian government. Recognizing the importance of women in economic development, FirstBank has launched FirstGem, a financial product specifically supporting women-led businesses, alongside the Retail Temporary Overdraft (RTOD) product aimed at providing essential working capital to SMEs.
This recognition not only honors the institution but also significantly contributes to Nigeria’s economic landscape, where SMEs constitute over 90 percent of all businesses, playing a vital role in employment and GDP contributions. By ensuring access to funding, training, and digital tools, FirstBank is nurturing job creation and sustainable economic growth, thus positioning Nigerian SMEs competitively on the global stage.
The award further emphasizes Nigeria’s potential as a leading entrepreneurship hub in Africa, setting an elevated standard for banking excellence and prompting other financial institutions to reinforce their SME-focused strategies. As FirstBank continues to innovate and expand its services, its influence on Africa’s SME sector is expected to grow, marking a significant milestone in the history of African banking.
First Bank of Nigeria Limited’s achievement at the 2025 Asian Banker Awards highlights its pivotal role in SME banking in Nigeria and Africa. Through innovative financial solutions and dedicated support of women-led businesses, FirstBank has strengthened its commitment to fostering economic growth. This recognition also signifies Nigeria’s potential as an entrepreneurship hub, underscoring the critical contributions of SMEs to the economy. The bank’s initiatives, including tailored financial products and training, position it as a key driver of business success in the region.
Original Source: tribuneonlineng.com
