First Bank of Nigeria Limited has been named the Best SME Bank in Nigeria and Best SME Bank in Africa at the 2025 Asian Banker Awards, marking the second consecutive year it has received this recognition.
The Asian Banker Global Excellence in Retail Finance Awards celebrate outstanding achievements in financial services, technology, risk management and transaction finance.
FirstBank’s latest win reinforces its longstanding commitment to Small and Medium Enterprises (SMEs), a sector regarded as the backbone of Nigeria’s and Africa’s economy.
With a legacy spanning over a century, FirstBank has played a crucial role in Nigeria’s financial landscape, pioneering innovative banking solutions and fostering economic growth.
The bank’s strategic focus on empowering SMEs has been instrumental in securing these awards, as it continues to provide businesses with tailored financial solutions, advisory services and access to resources that enhance their growth.
FirstBank’s initiatives in SME banking have transformed the sector across its operational regions.
Its efforts include offering customized loan products and flexible credit facilities that cater to businesses at different stages of growth.
The bank’s SMEConnect platform has also been a game-changer, serving as a digital hub where entrepreneurs can access financial resources, business advisory services, and networking opportunities.
In addition to financial support, FirstBank has made significant investments in entrepreneurship training, equipping SMEs with knowledge in financial literacy, business management, and technology adoption.
The bank has further strengthened its impact through partnerships with organizations such as the International Finance Corporation (IFC) and the Nigerian government.
Recognizing the role of women in economic development, FirstBank introduced the FirstGem initiative to provide financial support to women entrepreneurs. It also developed the Retail Temporary Overdraft (RTOD) product, designed to assist SMEs in meeting short-term financial needs.
The recognition of FirstBank as the Best SME Bank in Nigeria highlights its crucial role in fostering economic growth. SMEs account for over 90% of businesses in Nigeria and significantly contribute to employment and GDP. By providing robust financial solutions and business support, the bank is driving job creation, innovation, and sustainable development.
With access to better funding, training and technology, more SMEs can scale their operations beyond local markets and compete globally.
FirstBank’s achievement is expected to set a new benchmark for banking excellence in Africa, encouraging other financial institutions to enhance their SME-focused initiatives. This is likely to lead to a more vibrant and competitive business environment across the continent.
As the bank continues to innovate and expand, its commitment to championing SME growth remains unwavering.
The latest recognition at the Asian Banker Awards not only affirms its legacy as a trusted financial partner but also reinforces its dedication to supporting African businesses and driving economic prosperity.
