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FirstBank’s FirstGem: Redefining Women’s Empowerment in Nigeria
FirstBank’s FirstGem: Redefining Women’s Empowerment in Nigeria
The story of women’s contribution to Nigeria’s economy is as old as the nation itself. It is no secret that women are the largest untapped source of national wealth worldwide. All over the world, women hold their place of pride in commercial enterprise. The Nigerian businesswoman have for a long time faced significant barriers in accessing the financial services and business support needed for their businesses to thrive. Globally, traditional banking failed to recognize the unique challenges of female entrepreneurs. It is against this backdrop that the 2019 International Women’s Day theme was, ‘Better the Balance, Better the World’. FirstBank’s ground breaking FirstGem product emerged, poised to redefine the landscape of women’s empowerment in Nigeria.
FirstBank in October 2016 launched FirstGem in line with the Bank’s deliberate strategy to drive financial inclusion and all round development of women through gender advancement programs wrapped around savings culture, financial literacy, loan management and building an investment portfolio. FirstGem represents a paradigm shift in the way women’s banking needs are addressed. “We recognized that women need more than just capital, they need a complete ecosystem of support,” explains FirstBank’s Sources. “They need a complete ecosystem of support that nurtures their ambitions and empowers them to reach new heights.”
This guiding principle has shaped FirstGem into a multifaceted program that seamlessly blends tailored financial services with comprehensive business development initiatives. By tackling the diverse needs of female entrepreneurs, FirstGem has become a catalyst for transformative change, empowering women to not just survive, but thrive.
At the heart of FirstGem lies a suite of financial offerings carefully curated to address the specific challenges faced by Nigerian businesswomen. Gone are the rigid requirements and one-size-fits-all approaches that have historically deterred female entrepreneurs from accessing crucial funding for their businesses.
FirstGem eliminates the financial barriers of account maintenance, ensuring that women can focus their resources on growing their enterprises as the account comes with Zero Monthly Service Fees. The program’s innovative approach to securing loans considers the unique circumstances of female entrepreneurs, opening up new avenues for access to funding.
Specialized Credit Lines is one of the offerings of FirstGem with a diverse range of financing options tailored to the diverse stages and needs of women-led businesses, empowering them to scale with confidence. Digital Banking Integration ensures seamless mobile and online banking services designed for busy entrepreneurs allow FirstGem members to manage their finances with unparalleled convenience.
While the financial services offered by FirstGem are undoubtedly transformative, the program’s true strength lies in its multifaceted approach to empowering women. By combining tailored banking solutions with comprehensive business development initiatives, FirstGem has created a robust ecosystem that nurtures the growth and success of female entrepreneurs.
Skills Development Programs designed as Regular workshops on financial management, business strategy, digital marketing, and e-commerce equip FirstGem members with the knowledge and tools needed to navigate the ever-evolving business landscape. Networking Opportunities are also provided through quarterly networking events, mentorship programs, and industry-specific forums connect FirstGem members with a vibrant community of successful businesswomen, fostering invaluable peer-to-peer learning and collaboration.
Advisory Services are also available through dedicated relationship managers, trained in understanding the unique needs of women-led enterprises, provide tailored guidance on business plan development, market analysis, and strategic expansion.
Recently at the FirstBank Sponsored Demo Day of Transitioning to Tech for Women Programme, that held on Wednesday, 15 January 2025, at The Mike Adenuga Centre, the Chief Technology Officer for FirstBank, Mrs Adeshina Rachel, delivered a keynote speech highlighting the commitment of FirstBank to women empowerment through the FirstGem initiative. She said “FirstBank’s commitment to women empowerment aligns seamlessly with the mission of the Transitioning to Tech for Women programme as part of our FirstGem initiative. We are thrilled to sponsor this initiative because it embodies everything we stand for—resilience, innovation, and a belief that everyone, regardless of gender, deserves a chance to succeed…. To the graduates of this programme, you are more than participants; you are pioneers. Your success is a declaration that the gender gap in tech is closing, not because others made space for you, but because you claimed it for yourselves., FirstBank is proud to be a part of this transition”.
The impact of FirstGem extends far beyond individual business success stories, as the program has become a catalyst for broad social change, creating ripple effects that are transforming communities across the country. In terms of economic empowerment, recent studies show that FirstGem members have experienced a 60% average increase in business turnover within two years, a 45% improvement in household income, and a 40% increase in employment generation — remarkable achievements that are redefining the entrepreneurial landscape.
The program’s influence on communities is equally profound, with over one million jobs created by FirstGem members all over the country and more than a million young women mentored, and a staggering 80% of members reporting increased participation in household decision-making.
FirstGem’s remarkable achievements have not gone unnoticed, with the program receiving prestigious accolades such as the “Best Women’s Banking Initiative” at the African Banking Awards, “Innovation in Financial Inclusion” from the Central Bank of Nigeria, and “Excellence in Women’s Economic Empowerment” from the Global Banking Alliance for Women.
As Nigeria continues its journey toward economic diversification, the role of FirstGem becomes increasingly vital. The program’s success has demonstrated the transformative power of tailoring financial services and business support to the unique needs of female entrepreneurs. FirstGem’s future initiatives include the expansion of digital banking solutions, the introduction of specialized investment products, enhanced cross-border trading support, and a heightened focus on nurturing tech-savvy women in business.
FirstGem represents more than just a banking program; it is a movement toward financial inclusion and women’s economic empowerment, a testament to the boundless potential that lies within Nigeria’s trailblazing female entrepreneurs. For aspiring women in business, FirstGem offers a clear message: success is not just possible — it is supported by a comprehensive ecosystem designed to unleash their full potential. As one FirstGem member eloquently stated, “This isn’t just about banking; it’s about believing in women’s power and providing the tools we need to succeed.”
FirstGem stands as a beacon of progress and possibility, in the face of Nigeria’s ever-evolving commercial milieu. By combining financial access with holistic business support, the program is helping write a new chapter in the story of Nigeria’s women in business — a chapter that celebrates their resilience, their innovation, and their unwavering determination to shape the nation’s economic future.
Testimonies abound from FirstGem account holders like MANKILIK RESAT BECKY the proprietor of 9thMay Enterprise: “the FirstGem loan was helpful to my business, it gave me a leap as the price of fabrics and other materials went really high and I needed to restock. The most amazing part of this facility is the interest rate, it is just WOW!”
Mrs Aluko Titilayo Magret is the prime mover of Precious Luck Top Farm Enterprises: She is into sales of Animalfeeds mill and Vaccines consultancy. She is enjoying the facility especially with the low interest rates she is paying, Customer is delighted that she has access to draw down any time she needs to stock her goods, which has led to an increase in her business monthly turnover.
For FirstBank, this journey is not merely about banking; it is about building a more inclusive and prosperous Nigeria, one woman at a time.
Through FirstGem, the bank is empowering females everywhere to transform their communities, contributing to the nation’s economic growth and inspiring generations to come. As Nigeria moves forward, initiatives like FirstGem are crucial in ensuring that women’s economic empowerment remains at the forefront of national development. For FirstBank, it’s not just about banking, it’s about building a more inclusive and prosperous Nigeria, one woman at a time.
By Tosin Ajayi
Culled from Nigerian Tribune
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
Bank
Separating Fact from Confusion: What Nigerians Need to Know About the 7.5% VAT on Banking Service Fees
In recent weeks, digital-banking customers and social media, especially on Twitter have raised concerns about deductions labelled as “VAT” on transfers and other charges.
Some dangerously false narratives, which when you take a critical look, you’ll clearly see that they have been orchestrated and sponsored by malicious elements, have given the impression that the 7.5% Value Added Tax (VAT) is a new or arbitrary charge introduced by fintechs, or that it applies to the amounts customers send. These claims are misleading and deserve careful clarification which is the purpose of this piece.
First, it’s important to understand how VAT works in Nigeria’s financial sector today. VAT on fees and charges for financial services has long been part of Nigeria’s tax system. The then Federal Inland Revenue Service (FIRS) had issued information circulars on March 31, 2021 where it stated that VAT on Financial Services (Circular No. 2021/04) that most fees, commissions, and charges by financial institutions (banks, insurance companies, brokers) are subject to 7.5% VAT.
This justifies a recent advertorial the Nigeria Revenue Service (NRS) which stated unequivocally that VAT was not newly introduced on banking service charges by recent tax reforms, and that it did not impose a new tax obligation on customers in that regard.
However what was left unsaid in that publication was that on the 12th of December, the tax agency had written to all financial institutions and payment gateways based on past meetings with operators that following from the new Tax Act, they were reminded of their mandatory obligations to collect, deduct and remit VAT at the prescribed rate.
The Agency then gave an 18- day grace period to all players to configure and align their systems while directing full compliance with the directive with effect from January 19, 2026. And so, some fintechs sent messages to their customers in the spirit of clarity and transparency.
It must be said that what has changed is that in a bid to widen the tax net, microfinance banks and fintechs who were not obligated to deduct and remit said VAT before now, have now become compelled to do so. The enforcement and standardised collection of VAT across banks and fintech platforms including mobile transfers, USSD transaction fees, and card issuance fees with compliance deadlines issued by tax authorities. So why anyone would vilify any financial institution obeying the laws of the land beats my imagination.
For those who have raised questions around transparency and wrongly suggesting that fintechs are suddenly imposing new, unexplained costs on users – as it has been explained above, this is a matter of regulatory compliance, not a lack of transparency or customer exploitation. These VAT deductions are not new fees created by the companies themselves, and providers are not arbitrarily raising their prices.
In closing, two things that everyone must bear in mind as we move forward in this new tax climate – all stakeholders including fintech platforms and regulators must communicate better and clearly. Nigerians must refrain from peddling unsubstantiated claims and malicious narratives, it has no benefits for anyone and erodes trust in systems.
FirstBank Introduces Exclusive 500-Seater Bleacher at Carnival Calabar & Festival 2025
Lagos, 26 December 2025 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, has officially announced its sponsorship of the Carnival Calabar & Festival 2025, unveiling a landmark addition set to redefine the carnival experience — the first-ever private premium seating area at the event.
The highlight of FirstBank’s participation is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.
Speaking on the sponsorship, the Acting Group Head Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the Bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria. He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.”
“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees,” Ijabiyi added.
The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship. “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal,” he said.
The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, the appointed Official Marketer responsible for brand partnerships, promotional engagements, and ticket sales. Okhma Global Limited has partnered with the Cross River State government in delivering Carnival Calabar & Festival for over ten years, playing a key role in strengthening the carnival’s commercial growth and global visibility.
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