Connect with us

Bank

FirstBank’s FirstGem: Redefining Women’s Empowerment in Nigeria

Published

on

FirstBank - Reaping the Benefits of a Solid Legacy

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

Continue Reading
Advertisement

Business

Fidelity Bank set to Launch Innovative SME Hub with Creative Studios

Published

on

Fidelity Bank set to Launch Innovative SME Hub with Creative Studios

 

Fidelity Bank, a leading financial institution, has announced the imminent launch of its dedicated physical facility for Small and Medium-scale Enterprises (SME) and entrepreneurs in the creative sector.

Known as the Fidelity SME Hub, the multipurpose facility features training halls, meeting rooms, networking spaces, podcast rooms as well as music, photography and content production studios.

“For nearly four decades, Fidelity Bank has been at the forefront of supporting small businesses in achieving their potential and driving the nation’s economy. During this time, we have recognized that SMEs require more than just financial assistance. This realization has led to the implementation of various non-financial initiatives tailored to support this sector.

“The Fidelity SME Hub is our latest non-financial solution for SME growth. The facility is designed to foster innovation, collaboration, and capacity-building -vital elements necessary for strengthening Nigeria’s SME ecosystem and driving economic growth”, commented Dr Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc in a chat with journalists recently.

 

Located at the heart of Lagos, the Fidelity SME Hub will provide entrepreneurs with networking and stakeholder engagement initiatives as well as access to industry experts and mentors for hands-on guidance and business advice. A key feature of the facility is the Creativerse, a well-equipped space for entrepreneurs in the creative industry.

The bank has also announced the launch of dedicated courses to be hosted at the SME Hub in areas such as Financial Management & Investment Readiness, Digital Transformation & Technology Adoption, Marketing, Branding, and Business Growth Strategies. Furthermore, a fully-fledged creative academy will be established to cover courses on Music Production, the Business of Music, Website Design & Development, Mobile Videography, Disc Jockey and Photography. To see a comprehensive list of available courses or to apply, please visit https://www.fidelitybank.ng/smehub/.

Explaining further, Onyeali-Ikpe said, “Beyond empowering small businesses, the Fidelity SME Hub will also serve to bolster our non-oil exports drive as we empower SMEs to increase their contribution to Nigeria’s non-oil GDP thus supporting government’s economic diversification drive. Through our investment in Creativerse in particular, we anticipate that content creators will unlock new revenue streams in entertainment, digital media, and arts, an industry already contributing 2.3% to GDP.”

Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.

The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Continue Reading

Business

BUA Foods Achieves Record-Breaking Growth: Revenue Soars 109% to ₦1.53 Trillion in FY 2024

Published

on

BUA Foods Achieves Record-Breaking Growth: Revenue Soars 109% to ₦1.53 Trillion in FY 2024

BUA Foods Achieves Record-Breaking Growth: Revenue Soars 109% to ₦1.53 Trillion in FY 2024

 

BUA Foods Plc, a leading name in Nigeria’s food manufacturing industry, has delivered an impressive financial performance for the fiscal year 2024, showcasing substantial growth across all key metrics. The company’s relentless pursuit of innovation and efficiency has solidified its leadership position in the market.

 

Founder and Chairman, Abdul Samad Rabiu, CON, attributed this success to strategic investments and operational excellence. “Our exceptional growth in 2024 underscores our commitment to ensuring food security in Africa. We remain focused on sustainable growth and delivering superior value to our stakeholders.”

Key Financial Milestones:

Revenue: ₦1.53 trillion (+109.3%)
Gross Profit: ₦541.71 billion (+107.9%)
Profit After Tax: ₦274.95 billion (+145.3%)
Earnings Per Share: ₦15.27 (+145.3%)
EBITDA: ₦499.4 billion (+131.5%)
The company recorded impressive growth across its product categories, with sugar sales rising 74% to ₦733.8 billion, flour sales surging 172% to ₦589.5 billion, and pasta sales increasing 125% to ₦197.6 billion.

Engr. (Dr.) Ayodele Abioye, Managing Director of BUA Foods, highlighted the company’s resilience amidst macroeconomic challenges. “Our expansion strategy and operational excellence have driven strong growth and positioned us for future success.”

With a clear roadmap for expansion and a commitment to innovation, BUA Foods is well-poised to continue delivering sustainable value while addressing Africa’s evolving food security challenges.

Continue Reading

Business

Access Bank to Host Pioneering Africa Trade Conference in Cape Town

Published

on

Access Bank to Host Pioneering Africa Trade Conference in Cape Town

Access Bank to Host Pioneering Africa Trade Conference in Cape Town

 

Cape Town, South Africa – January 29, 2025: Access Bank PLC is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’. Scheduled for March 12, 2025, in Cape Town, South Africa, the conference is poised to bring together the most influential voices in trade, finance, and policy to address the future of commerce across the continent.

 

Access Bank to Host Pioneering Africa Trade Conference in Cape Town

With Africa’s trade finance gap estimated at $81 billion annually, the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and domestic firms. By fostering collaboration among key stakeholders, the Conference will explore innovative solutions, sustainable trade practices, and strategies for expanding African economies into global value chains.

Roosevelt Ogbonna, Group Managing Director/Chief Executive Officer, Access Bank PLC, emphasised the importance of the Africa Trade Conference, in addressing these pressing issues. “The Africa Trade Conference represents a crucial step in redefining Africa’s trade potential. By creating platforms for dialogue, innovation, and actionable solutions, Access Bank is enabling African businesses to connect and thrive in the global economy.”

Access Bank’s presence across 24 countries globally, including 16 in Africa, provides a unique advantage in facilitating inter- and intra-African trade. The Bank’s growing network positions it as a key player in addressing trade complexities and promoting inclusive growth across the continent.

Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, highlighted the broader vision of the forum, saying, “The Africa Trade Conference is a platform to not only address Africa’s trade challenges, but to champion the continent’s opportunities. Through strategic partnerships, tailored financial solutions, built on the ethos of sustainability, we are paving the way for Africa’s businesses to take their place on the global stage.”

This flagship event will convene a distinguished line-up of seasoned speakers, and top executives from leading international banks, Development Finance Institutions (DFIs), and captains of industry in Africa.

The ATC will also shine a spotlight on the transformative potential of the Africa Continental Free Trade Area (AfCFTA), which aims to reduce trade barriers, enhance infrastructure, and integrate African economies into global trade networks. Furthermore, the event will explore critical themes shaping the continent’s economic future, including the transformative role of digitisation and innovation in global trade, solutions for overcoming trade barriers to enhance market access, as well as sustainable trade practices and innovative financing models, thereby providing a comprehensive roadmap for advancing Africa’s position in global commerce. Please visit https://africatradeconference.accessbankplc.com/ for more information.

Continue Reading

Cover Of The Week

Trending