First Bank of Nigeria Limited has reaffirmed its leadership in SME banking, winning Best SME Bank in Nigeria and Best SME Bank in Africa at the 2025 Asian Banker Awards for the second consecutive year. Recognized for its excellence in retail finance, these prestigious awards celebrate outstanding achievements in financial services, technology, risk management, and transaction banking.
The recognition underscores FirstBank’s unwavering commitment to Small and Medium Enterprises (SMEs)—a critical driver of economic growth in Nigeria and across Africa. As Nigeria’s oldest financial institution, FirstBank has played a pivotal role in shaping the country’s banking landscape, pioneering innovative solutions to empower businesses and foster entrepreneurship.
FirstBank’s success in SME banking stems from its strategic focus on tailored financial solutions, inclusive business initiatives, and global competitiveness. Its offerings include:
– Flexible Credit Facilities: Customized loans designed to support businesses at different growth stages, from microloans for startups to large-scale funding for expansion.
– SMEConnect Platform: A digital hub providing business advisory services, financial resources, and networking opportunities, helping thousands of entrepreneurs scale their businesses.
– Entrepreneurship Training Programs: Equipping SMEs with financial literacy, business management skills, and technology adoption strategies to enhance sustainability.
Beyond these, FirstBank has reinforced its SME-focused initiatives through partnerships with global and local organizations such as the International Finance Corporation (IFC) and the Nigerian government. Recognizing the role of women in economic development, the bank introduced FirstGem, a financial product designed to support women-led businesses. Additionally, its Retail Temporary Overdraft (RTOD) product ensures SMEs have access to working capital, preventing business disruptions.
FirstBank’s achievements go beyond institutional recognition—they reflect a broader impact on Nigeria’s economy. SMEs account for over **90% of businesses in Nigeria, playing a key role in job creation and GDP growth. By providing funding, training, and digital tools, the bank is strengthening the backbone of the country’s economy while positioning Nigerian SMEs for success on the global stage.
This latest award also reinforces 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. The recognition at the Asian Banker Awards marks another milestone in African banking history, highlighting the bank’s relentless commitment to empowering businesses, advancing digital transformation, and fostering economic prosperity.
For small business owners and aspiring entrepreneurs, FirstBank’s success serves as a beacon of hope demonstrating that with the right financial support, businesses can achieve limitless possibilities.
