Business
FirstBank’s SMEConnect Portal Could Be the Differentiator for SMEs in Nigeria
Over a hundred years since banks came into Nigeria, services rendered to small and medium scale businesses were limited to core banking services and transactions. However, those that cared to look further were able to stand the test of time, reinventing themselves with cutting edge financial services that remain key to sustaining its relevance to not just its host communities but the global community.
Based on findings from extensive engagements with customers, internal and external surveys and reports by SMEDAN, Efina and NBS, First Bank of Nigeria Limited has been deliberate in ensuring that SMEs thrive and grow their businesses as SMEs can access and enjoy the convenience of its industry-leading financial services. FirstBank thus launched the SMEConnect portal to congregate value-adding propositions & services for SMEs on a single platform for easy access.
The value propositions and services on the SMEConnect portal educate and equip SMEs to combat challenges like poor business structure, lack of infrastructure, low market penetration, limited access to information and professional services, inconsistent government policies and others that might stifle their growth.
For example, lack of capacity is one of the most indicted reasons for business failure or stunted growth in business. The SMEconnect portal connects business owners to resources and information to educate them on structuring and better managing their businesses. The platform houses webinars on various important topics to help educate SMEs and build the required capacity.
The blog section of the portal has interesting and informative content like:
Tips for Building and maintaining good customer relationships; Remaining in business after Covid-19; How to scale up; How to successfully separate a financial business account from a personal business account; as well as Creating a Micropension scheme for MSMEs etc.
FirstBank also runs varying degrees of entrepreneurship programs and activities through pieces of training, workshops, seminars, business clinics and webinars, and the events are displayed on the portal for business owners to access.
It is known that over 60% of businesses fail in their first year, not only because of capacity constraints, access to finance is another reason they fail. The SMEConnect portal connects businesses to resources and finances by providing information on the various finance options available to registered users. There is a section of the portal that breaks down the steps to accessing finance for businesses, to simple actions such as opening either savings or domiciliary accounts After all, what would be the essence of all the education and capacity building if the business owner is still unable to access finances and other resources. SMEs that have an account with FirstBank can access direct and indirect funding throughout the business life cycle via grants, debt/loans, and equity.
In addition to other benefits, the platform connects SMEs to Market, Resources, Infrastructure, Talent for business development, Policy and Advocacy, giving them all they need to move to the next stage of their business growth. The portal also integrates SMEs into large distribution networks by connecting them to customers, distributor channels, suppliers, and large corporates.
There are also productivity tools such as the Business Diagnostic tool that helps check the health of a business as well a pool of professionals like accountants, lawyers, digital marketers, consultants and business coaches, which SMEs can tap into. Some of these value-adding solutions are free, and for the few that are not, they come at substantially discounted rates. As the premier Bank in West Africa, First Bank has exceeded the expectation of what its services to individuals and businesses ought to be. The SMEConnect portal is one of First Bank’s initiatives to promote the sustainability of SMEs by exposing them to the knowledge and resources they need to grow their business.
One of the most exciting features businesses get on the SMEConnect portal is the Business Diagnostic Tool earlier mentioned, it is a 15-minute survey where SMEs are asked questions about their business and at the end, get a customised report for their business. This is ordinarily, a service that business owners pay consultants to get, but First Bank has made it available for free even to businesses that do not have an account with them.
There are special offers for SMEs that are registered and have an account with First Bank, and an opportunity to be listed on the portal. You can find businesses listed across different industries like education/training, manufacturing, trade, agriculture, hospitality, transportation/logistics, telecommunications, ICT, healthcare and fitness, sports, FMCG, financial services, media/entertainment, food, real estate, engineering/construction, oil & gas, fashion/beauty, and services.
These registered businesses get to showcase their products/services for free, interact with customers and other SMEs, have an opportunity to attend free monthly capacity building workshops, seminars and webinars; and get exclusive discounts on business development resources such as booking a business coach.
As more businesses sign up and use the SMEConnect portal, it is possible to see a future where Nigerian businesses break even, thrive, and grow amidst challenges.
Culled from Nairametrics
About 20 fresh millionaires have emerged in the Fidelity Bank Plc Get Alert in Millions (GAIM) Season 6 promo.
They winners were picked at the second and third monthly draws of the financial institution held at its corporate headquarters in Lagos recently.
The events were monitored by the representatives of relevant regulatory bodies, including the South-West Zonal Coordinator of the Federal Competition and Consumer Protection Council (FCCPC), Mrs Aboluwade Margaret; and the Principal Legal Officer of the Lagos State Lotteries and Gaming Authority, Oyinkan Kusamotu.
A statement from the lender disclosed that the 20 lucky winners were randomly selected through an electronic draw across Lagos, North, Abuja, South-West, South-South, and South-East zones and would be rewarded with N1 million each.
The Fidelity Bank GAIM campaign was launched in November 2024 and about N19.75 million has been won by 869 customers across different categories.
The GAIM 6 campaign, which will run until August 2025, is set to reward lucky customers with a total of N159 million.
Speaking at the draws, the promo Chairperson and Executive Director for Lagos and South-West, Fidelity Bank, Dr Ken Opara, noted that the GAIM 6 promo was designed to reward customers’ loyalty, encourage a savings culture, and promote financial inclusion across the country.
Dr Opara, represented by the Regional Bank Head for Ikoyi, Chetachi Okechukwu, said, “Fidelity Bank is dedicated to the financial well-being of our customers and this commitment inspired the launch of the GAIM Promo, designed to cultivate a strong culture of savings.
“Through this promo, customers have the chance to win substantial cash prizes up to N10 million by saving and transacting with their Fidelity Bank Savings accounts.
“In addition to the monetary rewards, winners will receive complimentary financial advisory services to secure and grow their wealth for the future.”
Fidelity Bank, ranked among the best banks in Nigeria, is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
Through a legacy of excellence and Innovation, First Bank of Nigeria Limited, the country’s oldest and most distinguished financial institution, has once again solidified its reputation as a leader in the banking industry. The Bank was recently crowned the Best SME Bank in Nigeria and the Best SME Bank in Africa at the 2025 Asian Bankers Awards for the second year running. The Asian Banker Global Excellence in Retail Finance Awards are renowned for their rigour, prestige and transparency, celebrating excellence across financial services, technology, risk management and transaction finance.
These prestigious recognitions reaffirm FirstBank’s unwavering commitment to Small and Medium Enterprises (SMEs), a sector that serves as the backbone of Nigeria’s and Africa’s economy. For over a century, First Bank of Nigeria Limited has been instrumental in the nation’s financial evolution, pioneering innovative banking solutions and fostering economic growth.
The awards underscore the efficacy of its strategic focus on empowering SMEs through tailored support programs and an inclusive economic environment where small/medium businesses can thrive and also grow to compete globally. Winning these distinguished awards is no small feat. FirstBank stood out among its competitors across the continent due to several of the Bank’s key initiatives which have effectively transformed the SME banking landscape in all the countries where the bank operates.
Some of the Bank’s Tailored Financial Solutions include customised loans and flexible credit facilities to cater to SMEs at various growth stages. From microloans for startups to large-scale funding for expanding businesses, FirstBank has ensured that small businesses have access to the capital they need to thrive.
The bank’s SMEConnect platform, a digital hub that provides SMEs with access to financial resources, business advisory services, and networking opportunities, has been a game-changer. This initiative has helped thousands of entrepreneurs navigate challenges and scale their operations effectively.
Beyond financial support, FirstBank has invested in entrepreneurship training programs to equip SMEs with knowledge in financial literacy, business management, and technology adoption. Partnerships with organisations like the International Finance Corporation (IFC) and the Nigerian government have further strengthened these initiatives.
Women-Led and Youth Entrepreneurship Support is another tool which he Bank has deployed to its benefit. By recognising the role of women in economic development, the Bank has a dedicated product – FirstGem, which provides financial support to women entrepreneurs. In addition, the Retail Temporary Overdraft (RTOD) product, tailored to SMEs aims to provide financial support for their businesses. These strategic efforts have set FirstBank apart, positioning it as the ‘go-to’ financial partner for SMEs across Africa.
The recognition of FirstBank as the Best SME Bank in Nigeria is not just a win for the Bank but also for the entire Nigerian economy. SMEs account for over 90% of businesses in Nigeria and contribute significantly to employment and GDP. By providing robust financial solutions and business support, FirstBank is fostering job creation, innovation, and sustainable economic growth. With access to better funding, training, and technology, more SMEs can scale their operations beyond local markets and compete on the global stage. This award also highlights Nigeria’s potential as a hub for entrepreneurship and business expansion.
FirstBank’s achievement is expected to set a new benchmark for banking excellence in Africa. Other financial institutions will likely follow suit, improving their SME-focused initiatives, leading to a more vibrant and competitive business environment.
FirstBank will continue to champion SME growth, affirm its legacy as a trusted financial partner whose commitment remains unshaken. This award serves as both recognition of past efforts and a call to push boundaries further in supporting African businesses.
For small business owners, aspiring entrepreneurs, and the Nigerian economy, FirstBank’s success story is a beacon of hope, proving that with the right financial backing, the possibilities are limitless for the average businesses.
For the African continent, First Bank of Nigeria Limited’s win at the Asian Banker Awards for Excellence in Retail Finance Global Award 2025 marks a significant milestone in African banking history. It showcases the Bank’s relentless commitment to empowering SMEs, driving digital transformation, and fostering economic prosperity across the continent. As the Bank continues to innovate and expand its reach, the future for SMEs in Nigeria and Africa looks brighter.
This piece is contributed by Tosin Ajayi
Unity Bank Plc has reaffirmed its commitment to women’s empowerment with a series of high-impact initiatives designed to inspire action toward gender equality and sustainable development.
The Bank hosted a webinar with the theme: “Unleashing Women’s Potential,” pivoted by the Unity Bank Women Network as it was marking this year’s International Women’s Day,
Being one of the Bank’s thought leadership on self-reliance, opportunity and equity, the webinar featured influential female leaders, including Gbemi Olateru-Olagbegi, a Nigerian entrepreneur and media personality, and Oluwabusayo Adegoke, a certified life coach and Strategy Consultant, who shared perspectives on women’s leadership, financial inclusion, and breaking barriers in male-dominated industries. The event provided an opportunity for professionals, entrepreneurs, and young women to gain valuable insights into personal and professional development.
The Bank also spotlighted women making significant contributions to their communities, particularly those driving change through education, mentorship, and financial empowerment. Among them were Abisoye Ajayi-Akinfolarin, a trailblazer empowering girls through technology; Tejumoluwa Olaobaju, an advocate leading the fight against period poverty in her community; and Chioma Ohakwe, a champion of inclusivity and women’s empowerment through targeted skill acquisition programmes for girls and women.
Speaking on the Bank’s commitment to gender equity, Mrs. Particia Ahunanya, Unity Bank’s Chief Compliance Officer and Chair of Unity Bank Women’s Network, stated: “Our commitment to financial inclusion and gender equity has made Unity Bank remain in the vanguard of championing opportunities for empowering women across all sectors. This is in view of the realization that women are crucial drivers of economic growth and societal transformation. Through initiatives like the ‘Unleashing Women’s Potential’ webinar and our community spotlights, the Bank is focused on promoting more initiatives to drive impact among the female gender”.
Unity Bank’s IWD 2025 initiatives align with its broader vision of supporting women in leadership, business, and entrepreneurship. Through gender-focused initiatives – particularly with products like the Yanga Account – the bank is committed to driving financial inclusion and empowering women to actively participate in economic and financial systems. By providing tailored financial solutions, Unity Bank aims to create equal opportunities for women to thrive, grow, and succeed.
As the global conversation on gender equality continues to gain momentum, Unity Bank calls on stakeholders across industries to accelerate actions toward creating a more inclusive society without limitations.
