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* Facility to strengthen FirstBank’s commitment to gender financing with US$30 million targeted to women-owned and led businesses
* Partnership will enhance funding to local SMEs to boost growth and promote financial and social inclusion across Nigeria
* The facility adds US$100 million to CDC/BII’s contribution to the 2XChallenge
First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced its partnership with CDC Group, the UK Government’s development finance institution on a US$100 million finance facility to FirstBank. This new facility will direct funding to women-owned and led businesses as well as to local small and medium-sized enterprises (SMEs) in Nigeria.
The deal will support FirstBank to deliver financial solutions that help to address the challenge of limited access to capital faced by underbanked and underserved groups in the country. As part of the new facility, a minimum of US$30 million will be allocated in the form of credit lines to women entrepreneurs. The facility will also support FirstBank’s ‘FirstGem’ gender-focused services offering, which takes steps to promote gender inclusion by improving lending and support to female entrepreneurs.
The new partnership between CDC, which will be renamed British International Investment in April, and FirstBank demonstrates a shared mission to spur sustainable, productive and inclusive growth in Nigeria.
CDC’s commitment will facilitate an expanded offer by FirstBank to its clientele, which will accelerate financial inclusion and increase opportunities for marginalised groups, including an estimated 59 million unbanked Nigerians, to participate in the country’s formal economy. As such, the partnership will capitalise on the FirstBank’s expansive network of over 700 branches and 150,000+ agents, leveraging its market leading expertise to scale financial solutions to underbanked entrepreneurs and populations.
In addition, CDC/BII will support FirstBank with a technical assistance programme which will build on the Bank’s knowledge base of the women-led and women-owned businesses in its portfolio, strengthening the Bank’s technical capabilities and ability to reinforce its commitment to gender-based initiatives. This will enable the Bank to further leverage the facility to provide vital funding to scale business growth across Nigeria’s market – increasing job creation and improving livelihoods throughout the country.
The facility’s target to increase financial inclusion and opportunities for women, qualifies this facility under the 2x Challenge – a commitment by the development finance institutions (DFIs) of the G7 to mobilise capital to support increased economic empowerment for women in emerging economies. Moreover, the US$100 million commitment aligns with the UN’s Sustainable Development Goal 5 Gender Equality and Goal 8 Decent Work and Economic Growth.
Nick O’Donohoe, Chief Executive of CDC Group, said: “Promoting financial inclusion is a key component for advancing sweeping productive and sustainable growth across both rural and urban areas in Nigeria. This facility will channel CDC’s flexible and long-term capital toward expanding the financial solutions made available to women entrepreneurs, who are often the drivers of small business ideas and services to their communities.
“Our commitment demonstrates a deepening of British partnership with Nigeria’s businesses, as we collaborate to unlock the potential for entrepreneurial success and economic growth across the country.”
Adesola Adeduntan, Managing Director / Chief Executive Officer, FirstBank said: “Beyond the mutual benefits this partnership offers to both organisations, this transaction offers yet, another occasion for FirstBank to contribute immensely, to the United Nation Sustainable Development Goals.
“Enabling financial inclusion for SMEs has been a strategic priority for FirstBank over the last 128 years. Similarly, FirstBank has been at the forefront of financially empowering women-owned and women-led businesses on the continent. This partnership with CDC/BII offers a fantastic opportunity to accelerate the momentum.
“At FirstBank, we remain ever committed to fostering financial inclusion, creating wealth for the underserved, enhancing access to quality education and health care, improving lives and empowering women.”
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for 128 years.
With over 750 business locations and over 150,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 30 million customers. The Bank has an international presence through its subsidiaries, FBNBank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
The Bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 10million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 4.5 million people on FirstMobile platform.
Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.
FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is always to put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of the first choice in building your future”. Our brand promise is always to deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.
Breaking: PDP induces people to impersonate political parties, plans press conference.
Concerned citizens in Ogun state on Friday raised an alarm over the inducement of some buyable politicians by PDP governorship candidate, Hon. Ladi Adebutu.
The insider source revealed that Adebutu, who lost out in the governorship election of last Saturday, has slated a press conference where some people will impersonate the executives of the Ogun State Chapter of Inter-Party Advisory Council (IPAC) along with few politicians claiming to be Chairmen of registered political parties, with a promise of N2 million naira each.
The press conference slated for Park Inn Abeokuta, owned by Ladi Adebutu’s father will hold any moment from now.
According to the insider source, “Ladi and his party know they cannot win at the Tribunal because they are quoting a wrong section of the Electoral Act 2022, while ignoring the relevant and applicable section of the law. That is why they are bent on inciting and inducing the public instead of going to the Tribunal”
Wema Bank Organises Financial Literacy Programme for Students to mark 2023 Global Financial Literacy Day
Wema Bank Plc, Nigeria’s leading Innovative Financial Institution is championing financial literacy for the next generation by participating in the Global Money Week to commemorate the Financial Literacy Day on March 23, 2023.
In alignment with the theme “Plan your Money, plant your Future”, Wema Bank organized financial literacy sessions for secondary school students across all states where the Bank is represented. This is to instill an early understanding of the significance of building a solid financial foundation and achieving financial stability and success from a young age.
The Deputy Managing Director of Wema Bank, Mr. Wole Akinleye, led the Financial Literacy Session at Yola Model School, Adamawa State. The students were trained on personal finance topics such as budgeting, emergency funds, saving for goal actualization, investment, donating for positive societal impact amongst others. He further encouraged the students on the importance of developing financial literacy as a life skill.
Speaking on the significance of Financial Literacy Week, Mr. Akinleye emphasized Wema Bank’s commitment to empowering young minds with the skills and knowledge necessary to make informed financial decisions. In his words, “Our hope is that through these initiatives, we can empower more individuals to take control of their finances and achieve financial stability.”
Financial literacy is vital for the achievement of financial stability, and it is essential to ensure that everyone has the necessary tools to manage their finances effectively and achieve their financial goals. Wema Bank Plc is committed to providing educational resources and opportunities for children through the Royal Kiddies Account and a range of other savings products, supporting financial empowerment for the next generation.
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