Business
When a Bank Puts SMEs First
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Last week will go down as one of the most challenging weeks, if not the most challenging, Nigeria has faced in 2020. What started out weeks before as very well-organised peaceful protests by young Nigerians campaigning to #EndSARS, was supplanted by hoodlums engaging in wanton looting, arson and destruction of public and private properties across many states at an unprecedented scale. By the end of the week, many lives had been lost, many properties and businesses completely destroyed and Nigeria has been left reeling from a shock that dwarfs any the country felt even at the peak of the COVID-19 outbreak.
In keeping with the Nigerian spirit of being one’s brother’s keeper, equally unprecedented efforts by individuals, groups and corporate organisations to try to provide assistance for people and businesses affected by the crises of the past week, have followed. Individuals and groups have announced donations of cash and materials, set up helplines to offer psychological counselling and support, and started online crowd-funding efforts in support of victims. Among corporate organisations, we have seen banks take a leading role. Some banks, such as Access Bank and Stanbic IBTC, have announced funds or desks they have set up to receive requests from, and process assistance for, affected individuals and businesses. One of these banks’ efforts include pledged interest-free loans and grants that affected businesses and individuals can access.
Another bank has seen thousands of requests for assistance pour in through the online channel it set up for the purpose. The requests have flowed in, not only because of the victims’ desperation for help, but also because of the humane approach to banking that this institution adopts. Always putting the customer at the heart of its business, FirstBank has been showing empathy with all those who have experienced one loss or the other as a result of the crises. Since last week, the bank has been seeking every opportunity to identify with people who are currently grieving and hurting.
Although the largest and most prominent member of Nigeria’s leading financial powerhouse, the FBNHoldings Group that is a one-stop shop for financial services ranging from commercial and investment banking to financial advisory, insurance brokerage and pensions custodianship, FirstBank is neither immune nor removed from the challenges people face. It is a human institution with thousands of humans working as employees to provide bespoke banking products and services to millions of other humans whose pulse the bank feels through its employees. Being part of a group with expertise across the broad spectrum of financial services, makes FirstBank the banking partner with the broadest shoulders to assist SMEs buffeted by the wave of violence witnessed across the nation last week.
Given the interconnectivity between Nigeria and FirstBank’s history, it is no surprise that a tumultuous week in Nigeria is giving way to one with stories of hope and optimism by Nigerians badly affected by the crises of the past week, who are looking to FirstBank for assistance. These Nigerians have been encouraged by the strides FirstBank has made over the years in the SME space as the bank of first choice for small businesses. Built around seven strategic pillars – of connect to infrastructure, connect to talent, capacity building, policy and regulation, connect to resources, connect to market as well as connect to finance – considered essential for the sustainability and growth of SMEs and intended to promote a healthy business interaction and adaptability of the SMEs with their immediate environment, FirstBank’s involvement with SMEs, through SMEConnect (the bank’s branded bouquet of empowerment initiatives, products and services tailor-made for SMEs), has been one that has sought to facilitate their growth into future economic powerhouses playing ever-increasing roles in Nigeria’s economic development.
Since its maiden SME National Conference in 2014, FirstBank has annually engaged small businesses and SME owners in series of empowerment seminars and workshops designed to improve their business capacity. Only this year, FirstBank held its inaugural SME Business Clinic in Lagos, Port Harcourt and Abuja with many SMEs in attendance. The SME Business Clinic featured Abayomi Adewumi, CEO of the Global Leadership Institute and an industry expert and business growth consultant with vast experience working with SMEs. He engaged participants on the FirstBank SME diagnostic tool designed for SMEs to check the health of their business, better understand it and drive profitability.
In 2019, FirstBank organised a weeklong SME event which had owners of SMEs in different sectors mentored across multiple states in the country. It was the first of its kind in the industry. Organised in partnership with SME Traction, a leading business coaching platform, it was aimed at empowering SMEs to make informed choices about their businesses, thereby facilitating growth and bolstering their contribution to the development of the economy. At the event, FirstBank’s Deputy Managing Director, Gbenga Shobo, underlined the importance the bank attaches to SMEs. He said: “At FirstBank, we recognise the impact SMEs have in promoting growth of the economy and are excited at the opportunity to continue to enable them prosper by strategically contributing to the sustainability of their business. We remain the trusted financial partner of SMEs and reiterate our resolve to be known as the brand that enables their success; much the same way that we have for over 125 years enabled Nigerians and the economy at large.”
This same point was elaborated at another FirstBank SME event, “Food Souk”, convened in 2019 in partnership with Eventful Limited, an events management firm, where the bank restated its commitment to the Federal Government’s diversification drive, promising to continue to support the agricultural value chain from production to consumption to create opportunities for SMEs in the food sector so they could in turn create job opportunities. The bank also extended its hand of partnership to all small businesses involved in organising different trade fairs and exhibitions. A food vendor at the event, Ms Ijeoma Ebeneme, the Chief Executive Officer, JEM N Iris, commended FirstBank for putting the event together. Ebeneme said she was at the food fair to make profit, meet new clients as well as create the needed publicity for her brand. It is for people like Ebeneme that FirstBank maintains an SME website (https://smeconnect.
In support of owners of SMEs operating in the education sector, FirstBank, in partnership with the Lagos State Employment Trust Fund (LSETF), set up a matching fund scheme of ₦5 billion LSETF-FirstEdu Loan. Officially launched in September by Governor Babajide Sanwo-Olu of Lagos State and Dr Adesola Adeduntan, Managing Director/CEO of FirstBank, the scheme aims to cushion the impact of Covid-19 pandemic on low-cost private schools by ensuring lending at an attractive interest rate. Speaking at the launch, Dr Adeduntan said: “At FirstBank we recognise the indelible role played by the education sector in the growth of any economy and this underscores our partnership with Lagos State Government for continuous development of the education services in Lagos State and the nation as a whole. The commitment by the Lagos State Government – including this partnership – to enable schools is quite commendable as this will mitigate the challenges caused by the lockdown on the education sector following the COVID-19 pandemic.”
It is for efforts like all those highlighted above and many more that the 2019 edition of KPMG’s Annual Banking Industry customer Satisfaction Survey named FirstBank as the biggest mover in the SME space. The 2014 edition of the Survey had named the bank as the most popular bank among MSMEs for both deposit transactions and credit/loan facilities with 26 per cent of the SMEs surveyed identifying the bank as one where they had an ongoing loan facility or had obtained one in the recent past. It is also for the same reason that the unfortunate events of the last week have reignited the bond between Nigerians and FirstBank, a partner that they can bank on in times of need. The bank’s track record leaves no one in any doubt of its unwavering commitment to continue to weather all storms with Nigeria and Nigerian SMEs with whom it shares a common destiny.
Culled from BusinessDay
Business
InnovateX Hackathon: Ecobank Rewards Young Innovators with N22m, Reinforces Commitment to Entrepreneurship
Ecobank Nigeria has reaffirmed its commitment to youth empowerment, innovation and entrepreneurship with the successful hosting of the grand finale of the InnovateX Hackathon, its flagship innovation challenge powered by Blaze by Ecobank in partnership with Verve.
Held in Lagos on Friday, the competition brought together some of Nigeria’s brightest undergraduate innovators, culminating in the emergence of Team Vhorde as the overall winner. Other top-performing teams were E-Nation (first runner-up), Konvoy (second runner-up), Kredo (third runner-up), and Aselabs (fourth runner-up).
All 20 finalist teams received cash prizes in recognition of their innovation and outstanding performance. Team Vhorde received N5 million, while the first and second runners-up were awarded N4 million and N3.5 million respectively. Even the team placed 20th received N500,000, reflecting Ecobank’s commitment to encouraging innovation at every level. In total, the Bank distributed N22 million in prize money to the finalists.
The grand finale marked the culmination of a rigorous innovation journey that attracted 168 teams comprising 672 students from 90 universities across Nigeria. Following a highly competitive selection process, 20 finalist teams drawn from Lagos, Port Harcourt and Abuja advanced to the final stage, where they pitched innovative solutions addressing challenges across multiple sectors.
Speaking at the event, Kola Adeleke, Executive Director, Commercial and Consumer Banking, Ecobank Nigeria, said the InnovateX Hackathon was established to provide a platform for young Nigerians to transform ideas into practical solutions capable of addressing real-world challenges. “InnovateX was created to give young Nigerians a platform to transform ideas into practical solutions to real-world challenges across banking, technology, business and society. The diversity of ideas emerging in areas such as financial technology, artificial intelligence, sustainability, digital services, education and enterprise solutions demonstrates the breadth of innovation taking place among our young people.”
According to Adeleke, the initiative goes beyond identifying winners. “Our objective goes beyond identifying winners. We want to help nurture ideas, develop entrepreneurial capabilities and connect promising innovators with the resources, mentorship and networks they need to succeed.”
He further emphasized Ecobank’s commitment to developing the next generation of innovators and entrepreneurs. “At Ecobank, we recognise that young people are not merely the leaders of tomorrow; they are innovators, entrepreneurs and contributors to economic growth today. As a pan-African bank, we believe that digital transformation and innovation are essential to expanding opportunities, improving access to financial services and creating sustainable economic value.”
Also speaking, Victor Yalokwu, Head, Products and Analytics, Ecobank Nigeria, described InnovateX as an extension of Blaze by Ecobank’s commitment to empowering young Nigerians. “The InnovateX Hackathon is driven by Blaze, our dedicated youth proposition that serves as a vehicle for young people to express their talents, ideas and abilities to drive economic growth. Through Blaze, we continue to create opportunities that empower the next generation of innovators and entrepreneurs.”
Yalokwu highlighted other youth-focused initiatives under Blaze, including the Campus Ambassadors Programme, which provides students with stipends and opportunities to develop leadership and entrepreneurial skills while serving as brand ambassadors on their campuses.
He noted that all 20 finalist teams were rewarded for their creativity, resilience and innovation, with Ecobank committing N22 million in prize money to support the participants and encourage the growth of their ideas.
Speaking on behalf of the winning team, Henry Uti of Team Vhorde expressed appreciation to Ecobank and its partners for creating the opportunity.
“Winning the InnovateX Hackathon is both an honour and a huge motivation for our team. This platform has shown us that young Nigerians have the creativity and capacity to build solutions that can transform industries and improve lives. We are grateful to Ecobank, Blaze and Verve for believing in young innovators and providing an opportunity to showcase our ideas.”
The InnovateX Hackathon forms part of Ecobank’s broader strategy to support innovation, entrepreneurship and digital transformation by providing young Nigerians with access to funding, mentorship, industry exposure and growth opportunities.
Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced November 6, 2026, as the date for the grand finale of Hackaholics 7.0, its flagship innovation platform.
Themed “Festival of the Future.” The grand finale will bring together innovators, technology leaders, startup founders, investors and other key players in Nigeria’s innovation ecosystem for an immersive celebration of ideas, technology and the possibilities shaping the future.
Beyond the much anticipated announcement of this year’s Hackaholics Finalists, the event will feature innovation showcases, interactive experiences and conversations exploring how emerging technologies are transforming the way people live, work, build and create.
Designed to go beyond the traditional innovation competition, the Festival of the Future will provide a platform for participants and attendees to experience emerging technologies, discover innovative solutions, connect with industry players and engage in conversations about the opportunities and challenges of a rapidly evolving world. The event will also recognise and celebrate outstanding innovators whose ideas have demonstrated the potential to address real-world challenges and create meaningful impact.
Speaking on the significance of the grand finale and the inspiration behind the Festival of the Future, Wema Bank’s MD/CEO, Moruf Oseni, explained that the concept builds on the Bank’s commitment to creating a future of possibilities while encouraging Nigerians to take a more active role in shaping that future.
“The world is changing at an unprecedented pace. Artificial intelligence and emerging technologies are transforming industries, businesses and everyday life, creating opportunities that would have been difficult to imagine just a few years ago. The question is no longer simply what the future holds, but how prepared we are to shape it.
“This thinking inspired the Festival of the Future. We want to create an experience that brings innovation closer to people, encourages meaningful conversations and challenges us to think differently about how we will live, work, build and create in the years ahead,” he said.
Reaffirming Wema Bank’s commitment to supporting innovation and empowering young Nigerians, Oseni noted that Hackaholics has continued to evolve beyond a competition into a platform for discovering talent, nurturing ideas and connecting innovators with opportunities.
“Since we launched Hackaholics, our goal has remained consistent; to provide young Nigerians with the platform, resources, opportunities and support they need to transform their ideas into practical solutions. We believe that the future of innovation in Nigeria must be driven by the talent, creativity and potential of our people.
“With Hackaholics 7.0, we are taking that commitment further. Beyond recognising outstanding ideas, we want to bring together the people, conversations and experiences that can inspire the next generation of solutions. Our ambition is to continue building an ecosystem where innovation thrives, possibilities are unlocked and Nigeria is better positioned for the future,” he added.
Launched on July 1, 2026, under the theme “Powering Possibilities,”Hackaholics 7.0 commenced with a nationwide pitch centre tour designed to discover and support innovative ideas from young Nigerians across different regions of the country.
The four-month tour attracted 5,329 participants and 1,632 innovative ideas and solutions, with pitch centres hosted across seven locations: Uyo, Kano, Yabatech, Benin, Ibadan, Enugu and Lagos.
Through three distinct tracks; the Ideathon, Hackathon and Social Impact, the initiative provided opportunities for students, graduates, technology enthusiasts, developers and social innovators to present solutions addressing challenges across different sectors. The Ideathon focused on promising ideas, the Hackathon provided a platform for technology developers and builders, while the Social Impact track recognised solutions designed to deliver measurable value to society.
At the conclusion of the nationwide tour, 59 participants emerged from the various pitch centres, reflecting the diversity of ideas, talent and innovation discovered throughout the programme.
As Hackaholics 7.0 progresses towards its final stage, the 59 finalists will be further shortlisted to 20, who will present refined versions of their solutions at the Pre-Pitch scheduled for November 4, 2026.
On November 5, the participants will embark on an Ecosystem Tour powered by Wema Bank, providing an opportunity to visit other top institutions within the technology and innovation ecosystem, interact with industry professionals and gain practical insights ahead of the grand finale.
The journey will culminate on November 6 at the Festival of the Future, where the top innovators will be recognised and celebrated.
Through Hackaholics, Wema Bank continues to demonstrate its commitment to driving innovation, supporting entrepreneurship and creating opportunities for young Nigerians to contribute meaningfully to economic development.
Boost Africa, a joint initiative of the European Investment Bank (EIB) and the African Development Bank (AfDB), supported by the European Union, is launching “From Capital to Impact,” a communications campaign highlighting the achievements of the initiative and the experiences of innovative Nigerian businesses supported through its venture capital investments.
Running from 1 November to 31 December 2026, the campaign will bring the impact of
Boost Africa closer to the public through entrepreneurial success stories, investment
insights, digital storytelling and media engagement.
Launched to address financing challenges facing innovative African businesses, Boost Africa has helped strengthen the continent’s venture capital ecosystem by investing in funds that provide financing and strategic support to promising startups and growing enterprises.
The initiative demonstrates how development finance can help mobilise private investment and enable businesses to develop solutions, expand operations, reach new markets and create employment opportunities.
Putting Businesses and People Behind the Numbers
At the heart of the campaign are stories of Nigerian businesses whose growth journeys
illustrate the wider impact of investment.
The campaign will feature companies including Daya, ChipMango and TradeDepot, highlighting their innovations, entrepreneurial journeys and experiences working with venture capital funds supported by Boost Africa.
From developing cross-border financial infrastructure to strengthening digital commerce and creating opportunities for technology talent, these businesses demonstrate how investment can support solutions to real economic and societal challenges.
Through founder interviews, beneficiary success-story videos, digital content and editorial features, the campaign will explore not only the financing received by businesses but also the expertise, networks and strategic support that help them grow.
From Investment to Measurable Impact
Boost Africa’s achievements extend beyond the capital committed to venture funds.
According to EIB-reported results as of December 2023, the initiative had invested €88 million, supported approximately 15,000 jobs and helped mobilise nearly €400 million in additional investment across Africa.
These figures illustrate the potential of development finance to catalyse private investment and strengthen the businesses contributing to Africa’s economic transformation.
The campaign will connect these broader achievements with the experiences of Nigerian entrepreneurs, investors, employees and customers, demonstrating how investment translates into tangible opportunities.
Amplifying Africa’s Entrepreneurial Success Stories
The From Capital to Impact campaign will feature a coordinated programme of social media storytelling, video documentaries, thought-leadership articles and online media publications.
It will also provide perspectives from venture capital fund managers on the importance of patient capital, technical expertise, business networks and investment partnerships in helping African enterprises scale.
By making investment outcomes more visible and accessible, the campaign aims to
strengthen public understanding of Boost Africa’s contribution to entrepreneurship,
innovation and sustainable economic development.
The central message is simple: the true value of investment is reflected not only in the capital deployed, but in the businesses strengthened, opportunities created and
impact made possible.
About Boost Africa
Boost Africa is a joint initiative of the European Investment Bank and the African
Development Bank, supported by the European Union. The initiative promotes
entrepreneurship and innovation across Africa by supporting venture capital funds investing in innovative startups and growing businesses, alongside complementary technical assistance and ecosystem support.
Media Contact
European Investment Bank
Press Office
press@eib.org
www.eib.org
