First Bank Becomes Best SME Bank in Africa and Nigeria 2024

First Bank Nigeria’s leading financial institution and provider of financial inclusion services has been honored with two prestigious awards: Best SME Bank in Africa and Best SME Bank in Nigeria at the esteemed Asian Banker Global Excellence Retail Awards 2024.

The Excellence in Retail Finance Awards Programme, which encompasses the Global Excellence in Retail Finance Awards and The Annual Digital Bank Awards, is a highly respected platform that acknowledges outstanding innovation, leadership, management, and performance within the financial industry.

The institution, with a history spanning 130 years, clinched these two accolades due to its comprehensive range of solutions tailored to meet the financial requirements of medium and small enterprises, providing flexible financing options throughout the entire lifecycle of a customer’s business.

As per The Asian Banker’s Strategic Business Intelligence for the Financial Services Community, “FirstBank exhibited remarkable performance, particularly in its SME sector, achieving over 100% revenue growth while maintaining a reduced cost-to-income ratio of 16.5%. Small and medium-sized enterprises accounted for 26% of the bank’s total revenue.

Moreover, the institution’s SME customer base expanded by 7%, surpassing a total of one million customers. In recognition of its substantial growth in the SME segment, FirstBank has been awarded the titles of Best SME Bank in Nigeria and Africa.”