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FirstBank as Synonym for Growth of SMEs in Nigeria

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By Eric Elezuo

It is not by accident that banks need to be at the heart of the SME business, providing support, capital and innovative solutions to help small businesses prosper. It is also not accidental that most countries can boast of some quality banks that hold sway the prosperity of small and medium enterprises. In Nigeria, that bank is FirstBank Nigeria Plc, unarguably the best bank in the country going by its very many firsts, awards, honours and initiatives.

At inception 125 years old ago, FirstBank, having known that small and medium enterprises (SMEs) are the growth engines for much of the world’s economy as well as its sources of innovation, development and jobs, took it upon itself to pioneer the growth of the sector in Nigeria.

Small and Medium Enterprises (SMEs) by every standard play a major role in most economies, particularly in developing countries, and especially Nigeria. SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide.

According to the World Bank, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world. This is the yardstick FirstBank has keyed into to circulate among all and sundry through the provision of funds and technical know-how to practitioners of SMEs.

Again, in emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs. But because access to finance is a key constraint to SME growth, and of course the second most cited obstacle facing SMEs to grow their businesses in emerging markets and developing countries, FirstBank has stepped in to bridge the gap with clear cut modalities and activities tested and trusted to grow SMEs and lift not a few out of the poverty line.

It is worthy of note that the business of SMEs invariably refer to ‘individuals who are working alone, in growing firms or as part of platforms to create economic well-being’.

However, SMEs can basically be explained as businesses with 10 to 2,000 employees and an annual revenue of US$1m to US$500m. They make up a large, diverse group — both globally and across the industry.  However, many of these businesses face common challenges throughout their lifecycle such as access to working capital, talent and the expertise needed for growth.

It is in the light of the above that FirstBank has taken it upon itself to raise men and women who have what it take to develop businesses from the scratch, and nurtured to great heights in other to continue generating diverse revenue to sustain world economy and eradicate hunger in every form.

According to Ernst and Young 2019 Global Fintech Adoption Index, 25% of SMEs worldwide have used services in the past six months provided by FinTechs in all of these four categories: banking and payments, financial management, financing and insurance.

The bar FinTechs and big tech companies have raised notwithstanding, FirstBank has remained resolute in providing the needed assistance to SMEs and other developing businesses through the provision of funds and needed enablements for growth and sustainability.

It is on record therefore that FirstBank has in a space of just two years (2017 – date) released a total of N170.3 billion in terms of loans to SMEs, the product type notwithstanding while in the same vein a total of 70, 703 different and diverse kinds of SME businesses have been supported and given new leases of life within the last three to seven years. That is pure, transparent dedication to lifting Nigerians from poverty, and out of financial doldrum.

Over the years, FirstBank has delivered innovative solutions to SMEs for basic financial services, such as customer payments, foreign exchange hedging and cash flow management.

And in retaining their dominance, FirstBank has remained at the heart of the SME business, using technology to better understand the needs and context of the business.

As part of its efforts to further launch its specialized SME propositions to its customers, FirstBank cleverly designed a wide range of events and activities during its SMEs week, specifically targeted to and for the growth of SMEs operators. This includes the SME Masterclass with a mind boggling theme “Designing and Implementing a Growth Strategy for your Business”. There was also a specialized one on one sessions with renowned business coaches, culminating in the launch of seven unique pillars which make up the brand’s SME propositions. These and many more are available via SMEConnect – The FirstBank SME portal.

The SME portal is a platform through which SMEs can access FirstBank’s unique propositions specially tailored with the essential tools needed for the growth of their business. The SME portal, according to FirstBank, is also designed to help SMEs identify various gaps that hinder their business growth leveraging the brand’s innovative Business Diagnostics Tool, with a view to proffering tailored solutions and creating opportunities for business improvement, profitability and sustainability.

In addition, FirstBank through extensive research in the past years, has identified these seven strategic pillars to be essential for the sustainability and growth of the SMEs. These seven pillars are access to infrastructure, access to talent, capacity building, policy and regulation, access to resources, access to market as well as access to finance. The pillars, rightly named, have duly informed the bank’s strategy and propositions for SMEs.

To this end, FirstBank’s weeklong activity dedicated to operators of SMEs and held across six locations in Lagos, Abuja, Rivers, Oyo, Kano and Owerri in the month of August was practically centred on one on one coaching advisory sessions. The business owners came out of the sessions better equipped and prepared for the task ahead.

Buttressing FirstBank’s unalloyed leadership status in SME projection in Nigeria, the bank’s Deputy Managing Director, Gbenga Shobo, hinted thus:

“FirstBank has over the years, been at the forefront of supporting Businesses, especially the SMEs as we recognise that the SMEs are the engine of the economy. We are committed to ensuring that we leave no stone unturned as we connect with them in their continued contribution to national development in terms of the employment opportunities they create as well as their contribution to the nation’s GDP amongst many economic values.”

The event promoted the Bank’s SME proposition, and helped SMEs bolster their contribution to the growth and development of the economy.

Consequently, every SME operator can visit www.firstbanknigeria.com/SMEConnect/ to take the FirstBank SME Diagnostics test and get guidance for business improvement opportunities.

It must not be forgotten that in October, at the prestigious Oriental Hotel, Lagos, FirstBank celebrated some SME operators, better known as Firstmonie Agents, when it held the Agent Banking National award in an event themed Planting Community Heroes Nationwide. The Agent Banking Scheme was initiated in 2017, and ever since, has recorded giant strides at promoting financial inclusion across the nook and cranny of the country. There are about 40, 000 agents raised by FirstBank in the 774 local government areas of the nation. Through this medium, FirstBank is leading the effort at supporting the Federal government objectives to deepen access to financial services.

Summing it up, FirstBank’s Chief Executive Officer, Dr. Asesola Adeduntan noted “the unwavering efforts and remarkable contributions by our Firstmonie Agents at promoting financial inclusion in Nigeria, and indeed very much appreciated. Within the past two years, we have been able to create not only 40, 000 access points, but over 150, 000 indirect jobs. We remain committed to doing more, strengthening business activities, driving economic growth and development thereby reducing poverty.”

The CEO is of the opinion that FirstBank will never rest on its laurels as every individual’s contribution to national growth and development is important to the bank, and so will spiritedly continue to support the growth of SMEs.

Over the years, FirstBank has develop customer loyalty through development of a clear value proposition and strategy to partner with their SME customers, and offer them a broad range of solutions to run, control and grow their businesses. The following are some of the ways

  • Helping SMEs connect with an ecosystem of suppliers, distributors and other SMEs
  • Using their expertise across industries, channels and regions, to offer growth opportunities and insights
  • Supporting business productivity by offering solutions, such as cash flow management, HR, talent and tax; and keeping their businesses safe through education on regulatory compliance.

With all these, FirstBank has got the basics right, and it is therefore not surprising that the bank has become a synonym for growth of SMEs in Nigeria.

Additional information from:

https://www.worldbank.org/en/topic/smefinance

 

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Wema Bank’s 5 for 5 Rewards: 273 Customers Receive ₦17.96m in One Month

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One month after launching Season 5 of its flagship 5 for 5 Rewards campaign, Wema Bank has rewarded 273 customers with a total of ₦17.96 million, demonstrating the strong early impact of its refreshed customer rewards platform and reinforcing its commitment to rewarding everyday banking.

Launched on May 2, 2026, as part of the Bank’s 81st anniversary celebration, this season of the campaign introduced a more structured and inclusive rewards framework designed to encourage positive financial habits while recognising customer loyalty across the Youth, Women and Mass Market segments.

The season opened with a special anniversary activation at Ikeja City Mall, where 81 customers received ₦81,000 each, resulting in ₦6.56 million in rewards on launch day. Since then, the campaign has continued to reward customers through daily and monthly draws, with an additional 192 winners emerging within the first month.

Across the Youth segment, 37 students have received rewards worth ₦4.4 million, including 20 students who received ₦50,000 PocketMoni rewards and 17 university students who received ₦200,000 each in Tuition Support.

The Women segment also recorded strong participation, with 12 customers receiving ₦150,000 each through the #SelfCare category, while the Mass Market segment recorded the highest number of winners. Within the first month, 120 customers received daily cash rewards, and 23 customers won ₦200,000 each in the monthly draw, bringing total rewards in the category to ₦5.2 million.

Commenting on the campaign’s early impact, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said; “At Wema Bank, we believe loyalty should be rewarded in ways that are meaningful, transparent and accessible. The response to Season 5 of the 5 for 5 Rewards campaign has been encouraging, and seeing hundreds of customers benefit within just one month reinforces our belief that everyday banking should create everyday opportunities.

Beyond rewarding transactions, we are encouraging positive financial habits while delivering real value to our customers. He added; “This is only the beginning. With more reward categories, more winners and more opportunities still ahead, we remain committed to creating meaningful impact for our customers and ensuring more Nigerians experience the value of banking with Wema.”

Customers can participate by opening or reactivating a Wema Bank account, funding it with a minimum of ₦5,000, maintaining an average monthly balance of ₦5,000, and completing at least five transactions every month using the ALAT app, Wema or ALAT cards, or *945#.

With over ₦170 million earmarked for rewards between May and December 2026, thousands more customers are expected to benefit as the campaign continues, reaffirming Wema Bank’s commitment to rewarding loyalty, promoting positive financial behaviour and delivering value beyond banking.

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UBA Foundation Marks World Environment Day 2026 with Tree-Planting Initiative

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In commemoration of World Environment Day 2026, the UBA Foundation, the Corporate Social Responsibility arm of United Bank for Africa (UBA) Group, has reinforced its commitment to environmental sustainability through a tree-planting exercise at two of Lagos’ most historic educational institutions – King’s College, Lagos, and CMS Grammar School, Bariga.

The exercise marks the commencement of the Foundation’s 2026 Tree Planting for Sustainability Initiative, which is being implemented across selected schools in Nigeria to promote environmental consciousness among young people and encourage climate-positive action.
Observed annually on June 5 and coordinated by the United Nations, World Environment Day is the world’s leading platform for environmental awareness and advocacy. The 2026 theme, “Inspired by Nature. For Climate. For Our Future,” underscores the urgent need for collective action to address climate change and environmental degradation.

Speaking during the exercise at CMS Grammar School, Managing Director/CEO, UBA Foundation, Bola Atta, described the initiative as a strategic investment in the future.

“We want young people to understand that the environment needs our collective support and protection. Through initiatives like this, we are encouraging the next generation to embrace sustainable practices that will help create healthier communities and a better future for all,” she said.

Now in its fourth year, the Tree Planting for Sustainability Initiative is designed to instill environmental responsibility in students by integrating sustainability practices into school communities and empowering young people to become environmental ambassadors.

Atta explained that the choice of King’s College and CMS Grammar School was deliberate, reflecting both institutions’ rich heritage and their capacity to sustain the initiative over time.

“These are iconic institutions with deep historical significance. CMS Grammar School is Nigeria’s oldest secondary school, while King’s College has been shaping leaders for more than a century. We wanted schools where these trees will be nurtured and allowed to flourish for generations to come,” she noted.

The initiative comes at a time when rapid urbanisation has continued to reduce green spaces across many Nigerian cities, highlighting the need for sustained environmental restoration efforts.

“Over the years, development has often taken precedence over environmental preservation, leading to the loss of many trees and green areas. However, there is no better time than now to begin restoring our environment and making a lasting impact,” Atta added.

The exercise forms part of UBA Group’s broader commitment to Environmental, Social and Governance (ESG) principles.
Speaking at the event, UBA’s Group Chief Risk Officer, Awele Ajibola, emphasized the importance of proactive environmental stewardship in addressing climate-related risks.

“At UBA, initiatives like this demonstrate our commitment to the environment and the communities we serve. Climate change presents real and growing risks, and as a responsible financial institution, we recognise our role in driving positive environmental action and sustainable development,” Ajibola stated.

The tree-planting exercise is one of several activities being implemented by the Group to commemorate #WED2026. Other activities include UBA’s inauguration as a member of the Finance Taskforce for Plastic Action in Nigeria, Green Talk sessions with customers across branches, the launch of Sustainability Clubs in participating schools, environmental awareness campaigns across the Bank’s communication platforms, and a month-long Green Challenge designed to encourage environmentally responsible behaviour.

Commending the initiative, Principal of CMS Grammar School, Revd. Jacob Ayokunle Ogunyinka, described the exercise as a practical extension of environmental education.

“Our students learn about the importance of trees and environmental conservation in the classroom. Seeing these principles demonstrated in practice deepens their understanding and inspires greater responsibility towards protecting the environment,” he said.

Similarly, Principal of King’s College, Magaji Zachariah, expressed appreciation to UBA Foundation for selecting the institution as one of the beneficiaries of the programme and for investing in environmental education.

Beyond planting trees, the Foundation engaged students in discussions on environmental stewardship, encouraging responsible practices such as proper waste disposal, water conservation, recycling, and energy efficiency.

Referencing the famous words of Nobel Laureate and environmentalist Wangari Maathai, Atta reminded participants of the importance of immediate action: “The best time to plant a tree was twenty years ago. The second-best time is now.”

UBA Foundation is the Corporate Social Responsibility arm of United Bank for Africa (UBA) Group. The Foundation is committed to the socio-economic development of communities across Africa through strategic interventions focused on education, environmental sustainability, economic empowerment, and special projects.

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Glo Fetes Customers with New “More Data More Value” Offer

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Determine to enrich the digital experience of its subscribers, Globacom has introduced a new data offer, tagged “More Data More Value only on Glo”. The new offer gives customers as much as 10 percent more data across its bundles as the Nigerian telecom landscape shifts toward a data-led economy.

Globacom explained in a statement that “The new offer is designed to ensure that every Naira spent by a Nigerian consumer yields the highest possible digital return”, thus reinforcing the company’s long-standing reputation for affordability and empowerment.

“More Data More Value” offers a variety of weekly and monthly options planned to balance daytime and night-time usage. The weekly plan includes ₦1,000 option which provides 3.7GB of total data, consisting of 1.7GB main data and 2GB night data, while that of ₦2,000 offers 9GB in total, divided into 6.5GB main data and 2.5GB night data.

The monthly plan also comes with different options including that of ₦1,500 which delivers a total of 5.2GB (2.2GB main data paired with 3GB night data); the ₦2,000 option offering 6.25GB data, a combination of 3.25GB main data and 3GB night data and16.5GB, comprising 14.5GB main data and 2GB night data which goes for N5,000. There is also the ₦10,000 and N15,000 options, with N10,000 providing 42GB total, 38GB main data and 4GB night data, while ₦15,000 offers 64GB in total, consisting of 62GB main data and 2GB night data.

Glo’s enhanced bundles provide the necessary incentive for students, remote workers, and entrepreneurs to browse longer, whether for TikTok trends, Instagram aesthetics, YouTube streaming, or high-stakes gaming and stream without fear, ensuring their professional and social lives remain uninterrupted.

These improved bundles from Globacom give entrepreneurs, remote workers, and students the incentive they need to browse longer, whether for high-stakes gaming, YouTube streaming, Instagram aesthetics, or TikTok trends, and stream on end, while ensuring seamlessness in their social and professional lives.

Beyond individual users, the “More Data More Value” offer also extend its benefits to families and SMEs. With the reliance of small businesses and households on mobile hotspots for their daily operations, Glo has optimized its offerings to serve as the preferred network for high-volume usage.

The offer also serves as a driver of digital transformation through the Glo Café app. Customers are encouraged to utilize the app for seamless bundle subscriptions, as it allows them to manage their “more than 10% extra” data with ease, thus ensuring rewarding user experience.

“More Data More Value” offer underscores Glo’s commitment to providing the best value-for-money which gives Nigerians the benefit of not compromising on their digital lifestyle.

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