FirstBank of Nigeria secures dual honors as it claims the titles of Best SME Bank in Africa and Best SME Bank in Nigeria at the prestigious Asian Banker Global Excellence Retail Awards 2024.
Renowned for acknowledging outstanding innovation, leadership, management, and performance in the financial sector, the excellence in retail finance awards program encompasses the global excellence in retail finance awards and the annual digital bank awards.
The venerable institution, boasting a legacy of 130 years, clinched these coveted awards due to its comprehensive array of solutions tailored to meet the requirements of medium and small enterprises, providing flexible financing options throughout the entire lifecycle of customers’ businesses.
The Asian Banker’s strategic business intelligence for the financial services community lauded FirstBank’s remarkable performance, particularly in the SME sector, citing over 100% revenue growth alongside a reduced cost-to-income ratio of 16.5%. SMEs contributed a substantial 26% to the bank’s overall revenue, with the SME customer base expanding by 7%, exceeding one million. Such stellar growth in the SME domain earned FirstBank the distinction of being named the Best SME Bank in Nigeria and Africa.
FirstBank’s unwavering support for its clientele encompasses an exceptional value proposition across various industry sectors, digital innovation in banking processes and financing options, and a robust relationship banking approach, fostering top-tier customer engagement. Its integrated platform not only facilitates business expansion and cost reduction but also enables ventures into regional and overseas markets through its sub-Saharan Africa subsidiaries.
Expressing jubilation at the accolades, Folake Ani-Mumuney, Group Head of Marketing and Corporate Communications, expressed gratitude to the Asian Banker Awards and dedicated the honors to the esteemed SME customers whose contributions have been pivotal to the socio-economic growth of Nigeria and the African continent at large.
With a legacy spanning 130 years, FirstBank remains steadfast in empowering its customers, including SMEs, and pledges to maintain the highest standards of value and excellence.
Adding to its illustrious list of accolades, FirstBank recently garnered recognition as the Best Private Bank in Nigeria and the Best Private Bank for Sustainable Investment in Africa by Global Finance, underscoring its commitment to integrating sustainable practices into its banking operations.
