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FirstBank, Nigeria’s premier financial institution, has been honored with two prestigious awards: Best SME Bank in Africa and Best SME Bank in Nigeria at the esteemed Asian Banker Global Excellence Retail Awards 2024.
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The Excellence in Retail Finance Awards Programme, which includes the Global Excellence in Retail Finance Awards and the Annual Digital Bank Awards, is renowned for recognizing exceptional innovation, leadership, management, and performance in the financial sector.
FirstBank, a 130-year-old institution, earned these accolades for its comprehensive suite of solutions tailored to meet the core financial needs of small and medium enterprises (SMEs). The bank offers flexible financing options that support the entire lifecycle of customers’ businesses.
According to The Asian Banker’s Strategic Business Intelligence for the Financial Services Community, “FirstBank demonstrated exceptional performance in its SME sector, achieving over 100% revenue growth while maintaining a reduced cost-to-income ratio of 16.5%. SMEs contributed 26% of the bank’s overall revenue, and the SME customer base grew by 7%, surpassing one million customers. For its significant growth in the SME business, the award for Best SME Bank in Nigeria and in Africa goes to FirstBank.”
FirstBank supports its customers by providing exceptional value propositions across various industry sectors, digital innovation in its processes, and a strong relationship banking approach to foster best-in-class customer engagement. The bank’s integrated platform helps businesses grow, reduce operational costs, and expand into regional and overseas markets through its subsidiaries in Sub-Saharan Africa.
Expressing her delight at the recognition, the Group Head of Marketing & Corporate Communications, Ms. Folake Ani-Mumuney, said, “We thank the Asian Banker Awards for this recognition and dedicate these awards to our esteemed SME customers who have significantly impacted the socio-economic growth of not just Nigeria but also the African continent, given their critical role as the engine of any economy.”
“For 130 years, FirstBank has continued to enable the giants in our customers, including our SMEs and other stakeholders, and we remain committed to delivering the ultimate ‘gold standard’ of value and excellence,” she concluded.
In addition to these accolades, FirstBank has recently been recognized as the Best Private Bank in Nigeria and the Best Private Bank for Sustainable Investment in Africa by Global Finance, highlighting its exceptional leadership in integrating sustainable practices into its banking operations.
