FirstBank Reaffirms Leadership in SME Banking with Back-to-Back Wins at Asian Banker Awards

By Tosin Ajayi

First Bank of Nigeria Limited has once again proven its dominance in the financial sector by securing two prestigious awards at the 2025 Asian Banker Global Excellence in Retail Finance Awards. The Bank was named Best SME Bank in Nigeria and Best SME Bank in Africa for the second consecutive year, reinforcing its position as a leader in SME banking across the continent.

The Asian Banker Awards, known for their transparency and rigorous selection process, celebrate excellence in financial services, technology, risk management, and transaction banking. FirstBank’s recognition underscores its unwavering commitment to Small and Medium Enterprises (SMEs), a sector that remains the backbone of Nigeria’s and Africa’s economies.

A Legacy of SME Empowerment

With over a century of banking excellence, FirstBank has been instrumental in Nigeria’s financial evolution, pioneering innovative solutions that drive economic growth. The Bank’s commitment to SMEs is reflected in its tailored financial products and strategic initiatives that create an enabling environment for small businesses to thrive and scale globally.

FirstBank’s ability to consistently stand out in a competitive banking landscape is a testament to its well-structured SME support programs, which include:

• Tailored Financial Solutions: From microloans for startups to large-scale funding for expansion, FirstBank ensures that businesses at every growth stage have access to the capital they need.
• SMEConnect Platform: A digital hub that offers financial resources, business advisory services, and networking opportunities, enabling entrepreneurs to navigate challenges and accelerate growth.
• Entrepreneurship Training Programs: In collaboration with the International Finance Corporation (IFC) and government agencies, the Bank invests in financial literacy, business management, and technology adoption for SMEs.
• Support for Women and Youth Entrepreneurs: FirstBank’s FirstGem initiative provides financial backing to women-led businesses, while the Retail Temporary Overdraft (RTOD) product caters to SMEs needing short-term working capital support.

Impact on the Nigerian Economy

The recognition of FirstBank as Nigeria’s Best SME Bank is a significant win for the economy. SMEs contribute over 90% of businesses in Nigeria, playing a crucial role in job creation, innovation, and GDP growth. By providing robust financial solutions, FirstBank is fostering sustainable development, enabling Nigerian businesses to expand beyond local markets and compete on a global scale.

This achievement also sets a new benchmark for SME banking across Africa. Other financial institutions are expected to strengthen their SME-focused initiatives, leading to a more dynamic and competitive business environment on the continent.

Looking Ahead: A Commitment to Growth and Innovation

FirstBank’s back-to-back victories at the Asian Banker Awards reaffirm its status as the go-to financial partner for SMEs in Africa. As the Bank continues to innovate and expand its reach, it remains dedicated to empowering entrepreneurs, driving digital transformation, and fostering economic prosperity.

For small business owners, aspiring entrepreneurs, and the Nigerian economy, FirstBank’s success story serves as a beacon of hope—demonstrating that with the right financial support, businesses can achieve limitless possibilities.

This milestone not only highlights FirstBank’s leadership in SME banking but also signals a promising future for African enterprises in the global financial landscape.