First Bank of Nigeria Limited has once again established itself as a leader in the banking industry by clinching two major accolades at the 2025 Asian Bankers Awards. For the second consecutive year, the bank was named the Best SME Bank in Nigeria and the Best SME Bank in Africa, solidifying its reputation as a powerhouse in financial services.
The Asian Banker Global Excellence in Retail Finance Awards are renowned for their rigor, prestige, and transparency, celebrating excellence across financial services, technology, risk management, and transaction finance. The recognition of FirstBank reaffirms its unwavering commitment to the Small and Medium Enterprises (SMEs) sector, which serves as the backbone of both Nigeria’s and Africa’s economies.
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Transformative initiatives for SMEs
With over a century of experience, FirstBank has played a crucial role in Nigeria’s financial evolution, pioneering innovative banking solutions and fostering economic growth. The bank offers customised financial solutions, including loans and flexible credit facilities designed to cater to SMEs at various growth stages. From microloans for startups to large-scale funding for expanding businesses, FirstBank ensures small businesses have access to the capital they need to succeed.
The bank’s SMEConnect platform, a digital hub providing access to financial resources, business advisory services, and networking opportunities, has been a game-changer. This initiative has supported thousands of entrepreneurs in navigating challenges and scaling their operations effectively.
Furthermore, FirstBank invests in entrepreneurship training programmes aimed at enhancing financial literacy, business management, and technology adoption among SMEs. Collaborations with organisations such as the International Finance Corporation (IFC) and the Nigerian government have further bolstered these initiatives.
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Broader economic impact and recognition
Reports note that FirstBank’s achievements are not only a triumph for the institution but also for the Nigerian economy, where SMEs account for over 90 percent of businesses and contribute significantly to employment and the Gross Domestic Product (GDP). The bank fosters job creation, innovation, and sustainable economic growth by offering robust financial solutions and business support.
The 2025 Asian Bankers Awards not only highlight FirstBank’s continued excellence but also shine a spotlight on Nigeria’s potential as a hub for entrepreneurship and business expansion. The bank’s success serves as a benchmark for banking excellence in Africa and a testament to its dedication to empowering SMEs, driving digital transformation, and fostering economic prosperity across the continent.
