FirstBank Named Best SME Bank in Nigeria and Africa at 2025 Asian Banker Awards

FirstBank Named Best SME Bank in Nigeria and Africa at 2025 Asian Banker Awards  

Lagos, March 14, 2025 – First Bank of Nigeria Limited has reaffirmed its position as a leader in SME banking by winning Best SME Bank in Nigeria and Best SME Bank in Africa at the 2025 Asian Banker Awards. This marks the second consecutive year the bank has received these prestigious honors.  

The Asian Banker Global Excellence in Retail Finance Awards are globally recognized for their rigor and transparency in celebrating outstanding achievements in financial services, technology, risk management, and transaction finance. FirstBank’s latest win further cements its commitment to supporting Small and Medium Enterprises (SMEs), a critical sector that drives economic growth in Nigeria and across Africa.  

Empowering SMEs Through Innovation and Strategic Initiatives  

For over a century, FirstBank has played a pioneering role in Nigeria’s financial evolution, introducing innovative banking solutions tailored to the needs of SMEs. The bank’s approach to SME banking is built on customized financial products, business support services, and digital transformation initiatives that have transformed the sector.  

Among its flagship SME-focused initiatives are:  

- Tailored Financial Solutions – FirstBank provides customized loans and flexible credit facilities, catering to businesses at different growth stages, from microloans for startups to large-scale funding for business expansion.  

- SMEConnect Platform – A digital hub offering SMEs access to financial resources, business advisory services, and networking opportunities. This initiative has empowered thousands of entrepreneurs to navigate challenges and scale their operations effectively.  

- Entrepreneurship Training and Financial Literacy– The bank invests in training programs to equip SMEs with business management skills and technology adoption strategies. Collaborations with the International Finance Corporation (IFC) and the Nigerian government have strengthened these initiatives.  

- Women and Youth Entrepreneurship Support – Through FirstGem, a dedicated product for women entrepreneurs, and the Retail Temporary Overdraft (RTOD) product, FirstBank is actively supporting financial inclusion and business growth among women and young entrepreneurs.  

Boosting Nigeria’s Economy Through SME Development 

SMEs account for over 90% of businesses in Nigeria, playing a crucial role in job creation and GDP growth. By providing access to funding, training, and technology, FirstBank is enabling small businesses to scale beyond local markets and compete globally.  

The recognition of FirstBank as the Best SME Bank in Nigeria and Africa is a testament to its unwavering support for entrepreneurship, innovation, and economic development. This milestone also highlights Nigeria’s potential as a hub for business growth in Africa.  

Setting a Benchmark for SME Banking in Africa  

FirstBank’s achievement is expected to inspire other financial institutions to enhance their SME-focused initiatives, fostering a more competitive and dynamic banking sector in Africa.  

As the bank continues to champion SME growth and digital transformation, its legacy as a trusted financial partner remains unshaken. This latest recognition serves as both an acknowledgment of its past achievements 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, SMEs can thrive and achieve limitless possibilities.