FirstBank unveils accounts to support growth of SMEs

02 Mar 2021
Financial Nigeria


FirstBank’s SMEConnect is a digital platform through which SMEs can access the bank’s services.

FirstBank CEO Adesola Adeduntan

First Bank of Nigeria Limited (FirstBank), one of Nigeria’s tier-1 banks, has announced its specific accounts designed to support the growth of small and medium-scale enterprises (SMEs). In a statement sent to Financial Nigeria today, FirstBank said the accounts will reinforce the bank’s role in putting SMEs at an advantage whilst contributing to national growth and development.

The accounts, FirstSME Classic and FirstSME Deluxe, are offered to SMEs, irrespective of their industry and are tailored to have the businesses gain exposure to a wide range of services and opportunities that are essential for their continued growth. Account holders will have access to temporary overdrafts and other facilities from the bank subject to meeting the risk management benchmarks for each product. They will also be enrolled on all the digital platforms of the bank. The SMEs will have access to FirstBank’s SME events, extensive business promotional and networking opportunities on its SMEConnect portal, and a wide range of discounted and promotional offers.

FirstBank’s SMEConnect is a digital platform through which SMEs can access the bank’s services. The portal is also designed to help SMEs identify various gaps that hinder their business growth. FirstBank said its over 126 years of impacting the economy and innovative business diagnostics tool will help proffer tailored solutions, whilst creating avenues for business improvement, profitability, and sustainability.

According to the statement by the bank, its extensive research has identified seven strategic pillars considered essential for the sustainability and growth of SMEs. The pillars are: 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.

“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,” said Adesola Adeduntan, Chief Executive Officer of FirstBank. “Being woven into the fabric of the society for close to 127 years means that we remain at the forefront of providing the desired financial products and services to fit the needs unique to the SMEs as well as facilitating the requisite tools and resources to efficiently and effectively drive business sustainability and expansion strategies essential to taking SMEs to the next level.”

FirstBank is one of the oldest banks in Nigeria, where it has been providing financial services for over 126 years. The bank is promoting financial inclusion. Apart from its digital offerings, FirstBank has over 750 business locations and over 86,300 Banking Agents spread across the country and serves over 30 million customers. The bank has subsidiaries in the UK, France, Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

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