FirstBank Wins 2024 Best SME Bank in Nigeria, Africa at Asian Banker Awards

Nigeria’s premier financial institution, FirstBank, has won two prestigious awards: Best SME Bank in Africa and Best SME Bank in Nigeria at the highly coveted Asian Banker Global Excellence Retail Awards 2024.

The Excellence in Retail Finance Awards Programme, which includes the Global Excellence in Retail Finance Awards and The Annual Digital Bank Awards, recognizes exceptional innovation, leadership, management, and performance in the financial sector. FirstBank’s comprehensive suite of solutions for small and medium enterprises (SMEs) and its flexible financing options across the lifecycle of customers’ businesses earned it these accolades.

According to The Asian Banker’s Strategic Business Intelligence, “FirstBank demonstrated exceptional performance in its SME sector, achieving over 100% revenue growth while maintaining a reduced cost-to-income ratio of 16.5%. SMEs contributed 26% of overall bank revenue, and the SME customer base grew by 7%, surpassing one million.”

Expressing her delight at the recognition, Group Head of Marketing & Corporate Communications, Ms. Folake Ani-Mumuney, said, “We thank the Asian Banker Awards for the recognition and dedicate these awards to our esteemed SME customers who have significantly impacted the socio-economic growth of Nigeria and the African continent.”

FirstBank’s commitment to providing value propositions, digital innovation, and strong relationship banking has solidified its position as a leader in SME banking. The bank’s integrated platform not only aids business growth and reduces operational costs but also facilitates expansion into regional and overseas markets through its Sub-Saharan Africa subsidiaries.

In addition to these awards, FirstBank recently received the Best Private Bank in Nigeria and Best Private Bank for Sustainable Investment in Africa by Global Finance for its leadership in integrating sustainable practices into its banking operations.