First Bank of Nigeria Limited has reaffirmed its leadership in SME banking, winning the Best SME Bank in Nigeria and the Best SME Bank in Africa at the 2025 Asian Banker Awards for the second consecutive year. Recognized globally for its excellence in retail finance, these prestigious awards celebrate outstanding achievements in financial services, technology, risk management, and transaction banking.
FirstBank’s latest recognition highlights its unwavering commitment to supporting Small and Medium Enterprises (SMEs)—a critical sector driving Nigeria’s and Africa’s economic growth. As Nigeria’s oldest and most distinguished financial institution, FirstBank has played a pivotal role in the country’s financial evolution, pioneering innovative banking solutions that empower businesses.
The Bank’s consistent success in SME banking is a result of its strategic focus on providing tailored financial solutions, fostering an inclusive business environment, and driving global competitiveness for SMEs. These initiatives have distinguished FirstBank from its competitors, solidifying its reputation as the preferred financial partner for entrepreneurs across the continent.
One of FirstBank’s standout offerings is its customized financial products, including: Flexible credit facilities tailored to different business growth stages, from microloans for startups to large-scale funding for expansion; SMEConnect platform, a digital hub providing financial resources, business advisory services, and networking opportunities, helping thousands of entrepreneurs scale their businesses; Entrepreneurship training programs; equipping SMEs with essential skills in financial literacy, business management, and technology adoption.
A statement from the bank notes that the Bank has also strengthened its SME-focused initiatives through partnerships with organisations such as the International Finance Corporation (IFC) and the Nigerian government.
Recognising the role of women in economic development, FirstBank introduced FirstGem, a dedicated financial product that supports women-led businesses. Additionally, the Retail Temporary Overdraft (RTOD) product provides working capital to SMEs, ensuring business continuity and growth.
FirstBank’s recognition is not just a win for the institution but a significant boost for Nigeria’s economy. SMEs make up over 90 per cent of businesses in Nigeria, contributing substantially to employment and GDP. By providing accessible funding, training, and digital tools, FirstBank is fostering job creation, innovation, and sustainable economic growth—positioning Nigerian SMEs for success on the global stage.
This award also underscores Nigeria’s potential as a leading hub for entrepreneurship in Africa. It sets a new benchmark for banking excellence, encouraging other financial institutions to enhance their SME-focused strategies and drive a more competitive business environment.
As FirstBank continues to expand its reach and innovate, its impact on Africa’s SME sector will only grow stronger. This latest achievement at the Asian Banker Awards marks a milestone in African banking history, showcasing the Bank’s relentless commitment to empowering businesses, advancing digital transformation, and fostering economic prosperity.
For small business owners, aspiring entrepreneurs, and the African economy, FirstBank’s success serves as a beacon of hope, proving that with the right financial support, businesses can achieve limitless possibilities.
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