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FIRSTBANK’S SMECONNECT PORTAL COULD BE THE DIFFERENTIATOR FOR SMES IN NIGERIA

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FirstBank - Reaping the Benefits of a Solid Legacy

FIRSTBANK’S SMECONNECT PORTAL COULD BE THE DIFFERENTIATOR FOR SMES IN NIGERIA

 

Firstbank– Over a hundred years since banks came into Nigeria, services rendered to small and medium scale businesses were limited to core banking services and transactions. However, those that cared to look further were able to stand the test of time, reinventing themselves with cutting edge financial services that remain key to sustaining its relevance to not just its host communities but the global community.

 

 

 

 

 

 

 

 

 

 

HAVING A FIRSTBANK SALARY ACCOUNT CAN EASE YOUR MONEY PROBLEMS

 

 

 

 

Based on findings from extensive engagements with customers, internal and external surveys and reports by SMEDAN, Efina and NBS, First Bank of Nigeria Limited has been deliberate in ensuring that SMEs thrive and grow their businesses as SMEs can access and enjoy the convenience of its industry-leading financial services. FirstBank thus launched the SMEConnect portal to congregate value-adding propositions & services for SMEs on a single platform for easy access.

 

 

 

 

 

 

 

FIRSTBANK’S SMECONNECT PORTAL COULD BE THE DIFFERENTIATOR FOR SMES IN NIGERIA

 

 

 

 

 

The value propositions and services on the SMEConnect portal educate and equip SMEs to combat challenges like poor business structure, lack of infrastructure, low market penetration, limited access to information and professional services, inconsistent government policies and others that might stifle their growth.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For example, lack of capacity is one of the most indicted reasons for business failure or stunted growth in business. The SMEconnect portal connects business owners to resources and information to educate them on structuring and better managing their businesses. The platform houses webinars on various important topics to help educate SMEs and build the required capacity.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The blog section of the portal has interesting and informative content like:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tips for Building and maintaining good customer relationshipsRemaining in business after Covid-19; How to scale up; How to successfully separate a financial business account from a personal business account; as well as  Creating a Micropension scheme for MSMEs etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FirstBank also runs varying degrees of entrepreneurship programs and activities through pieces of training, workshops, seminars, business clinics and webinars, and the events are displayed on the portal for business owners to access.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

It is known that over 60% of businesses fail in their first year, not only because of capacity constraints, access to finance is another reason they fail. The SMEConnect portal connects businesses to resources and finances by providing information on the various finance options available to registered users. There is a section of the portal that breaks down the steps to accessing finance for businesses, to simple actions such as opening either savings or domiciliary accounts After all, what would be the essence of all the education and capacity building if the business owner is still unable to access finances and other resources. SMEs that have an account with FirstBank can access direct and indirect funding throughout the business life cycle via grants, debt/loans, and equity.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In addition to other benefits, the platform connects SMEs to Market, Resources, Infrastructure, Talent for business development, Policy and Advocacy, giving them all they need to move to the next stage of their business growth. The portal also integrates SMEs into large distribution networks by connecting them to customers, distributor channels, suppliers, and large corporates.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

There are also productivity tools such as the Business Diagnostic tool that helps check the health of a business as well a pool of professionals like accountants, lawyers, digital marketers, consultants and business coaches, which SMEs can tap into. Some of these value-adding solutions are free, and for the few that are not, they come at substantially discounted rates. As the premier Bank in West Africa, First Bank has exceeded the expectation of what its services to individuals and businesses ought to be. The SMEConnect portal is one of First Bank’s initiatives to promote the sustainability of SMEs by exposing them to the knowledge and resources they need to grow their business.

 

 

 

 

 

 

 

 

 

 

 

 

 

One of the most exciting features businesses get on the SMEConnect portal is the Business Diagnostic Tool earlier mentioned, it is a 15-minute survey where SMEs are asked questions about their business and at the end, get a customised report for their business. This is ordinarily, a service that business owners pay consultants to get, but First Bank has made it available for free even to businesses that do not have an account with them.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

There are special offers for SMEs that are registered and have an account with First Bank, and an opportunity to be listed on the portal. You can find businesses listed across different industries like education/training, manufacturing, trade, agriculture, hospitality, transportation/logistics, telecommunications, ICT, healthcare and fitness, sports, FMCG, financial services, media/entertainment, food, real estate, engineering/construction, oil & gas, fashion/beauty, and services.

 

 

 

 

 

 

 

 

 

 

 

 

 

These registered businesses get to showcase their products/services for free, interact with customers and other SMEs, have an opportunity to attend free monthly capacity building workshops, seminars and webinars; and get exclusive discounts on business development resources such as booking a business coach.

 

 

 

 

 

 

 

 

 

 

 

 

As more businesses sign up and use the SMEConnect portal, it is possible to see a future where Nigerian businesses break even, thrive, and grow amidst challenges.

 

Culled from Nairametrics

 

 

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Zero Processing Fee; GTBank Removes POS Processing Fees to Support Businesses

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Zero Processing Fee; GTBank Removes POS Processing Fees to Support Businesses

 

Lagos, Nigeria – Wednesday, 12 February 2025 – Guaranty Trust Bank Ltd has announced the removal of processing fees on all GTBank POS terminals, reinforcing its commitment to supporting businesses with cost-effective payment solutions.

 

This initiative, which took effect Tuesday, 11 February 2025, communicates that merchants using GTBank POS terminals will no longer incur Merchant Service Charges (MSC) when receiving payments from customers.

 

With this initiative, all qualifying SME Merchants can now receive payments at zero cost, allowing them to reduce operational expenses, whilst promoting the merchant’s enterprise, and enhancing customer experience.
Speaking on the initiative, Miriam Olusanya, Managing Director, Guaranty Trust Bank Nigeria, said: “At Guaranty Trust Bank, we are always looking for ways to add value to our financial ecosystem. By implementing the zero processing fees on POS transactions, we are empowering businesses to get the full value of every payment they receive, whilst also ensuring a more seamless and efficient payment experience.”
The Zero Processing Charge campaign aligns with GTBank’s ongoing efforts to empower businesses with innovative financial solutions that drive growth and efficiency.

 

For more information, merchants are encouraged to contact their Relationship Managers or reach out to the Digital Banking Support Team at [email protected].
About GTBank

 

Guaranty Trust Bank (GTBank) is a leading financial institution committed to delivering innovative banking solutions that empower businesses and individuals. With a strong focus on technology and customer satisfaction, GTBank continues to redefine the banking experience across Africa and beyond.

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Nigerian Officials Condemn Canada’s Visa Denial to Military Leaders

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Nigerian Officials Condemn Canada’s Visa Denial to Military Leaders

Nigerian Officials Condemn Canada’s Visa Denial to Military Leaders

 

The Federal Government and former diplomats have condemned Canada’s decision to deny visas to top Nigerian military officials, including the Chief of Defence Staff, Gen. Christopher Musa, and other senior officers. The controversy arose after Gen. Musa revealed that several high-ranking officials were barred from attending a Canadian event honoring war veterans, leaving some delegation members stranded.

 

National Security Adviser Nuhu Ribadu expressed outrage at the development during the maiden annual lecture of the National Association of the Institute for Security Studies in Abuja on Thursday. Ribadu described the visa denial as “disrespectful” and declared, “Canada can go to hell.” He applauded Musa for addressing the issue publicly and emphasized the need for Nigeria to strengthen its internal capacity.

 

“Even though it’s painful and disrespectful, we are peaceful, we are strong, and I agree with you—it is time to fix our country. This is yet another reason we must work hard to make Nigeria work,” Ribadu stated.

 

Gen. Musa called the incident a “wake-up call” for Nigeria to stand firm against being taken for granted by foreign nations. “This is a reminder that we must stand on our own, stand strong as a nation, and refuse to be taken for granted,” he urged.

An official from the Canadian High Commission, speaking anonymously, indicated that an official response would be provided on Friday.

Former Nigerian Ambassador to Cameroon, Ambassador Rasheed Akinkuolie, criticized the visa denial as inconceivable and proposed a reciprocal delay in processing Canadian visa applications. He also recommended summoning the Canadian High Commissioner for an explanation.

“High officials of the rank of the CDS, COAS, and Service Chiefs should normally hold diplomatic passports. Application for visas of such top officials should be routed through the Ministry of Foreign Affairs, and forwarded with a Note Verbale,” Akinkuolie explained. “If such a denial occurs, the Nigerian mission in Canada should delay all diplomatic, official, and private applications of Canadians visiting Nigeria as a reciprocal measure.”

Ambassador Akinkuolie also emphasized the importance of limiting delegations to official personnel to avoid unnecessary complications.

Similarly, retired Ambassador to Algeria, Amb. Mohammed Mabdul, described the visa denial as “highly undiplomatic” and urged the Canadian High Commission to reconsider. “The issue of security should not be taken for granted,” Mabdul warned, stressing that diplomatic relations should not be jeopardized by such actions.

However, former Nigerian Ambassador to the Philippines, Yemi Farounbi, criticized Ribadu’s language, calling it undiplomatic.

“I don’t think the NSA handled the matter in the best possible way, and the language used cannot be considered diplomatic,” Farounbi said. He suggested that the issue should have been referred to the Ministry of Foreign Affairs.

“Every sovereign nation has the right to grant or deny visas to any applicant. Considering the bilateral relationship, the matter could have been addressed through diplomatic channels. The Ministry of Foreign Affairs is the best agency for handling such matters, and they would have used appropriate language,” he added.

Farounbi further warned against ministries and agencies taking on roles that fall under the Ministry of Foreign Affairs.

“There are instances where top officials visit foreign countries without informing the Nigerian Embassy in those countries. This is not how such matters should be handled,” he said.

As diplomatic tensions rise, all eyes are on Canada’s official response and any potential actions Nigeria may take to address the issue.

 

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Elon Musk’s Team Accuses FEMA of Misusing $59 Million to House Illegal Migrants in Luxury Hotels

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Elon Musk’s Team Accuses FEMA of Misusing $59 Million to House Illegal Migrants in Luxury Hotels

Elon Musk’s Team Accuses FEMA of Misusing $59 Million to House Illegal Migrants in Luxury Hotels

Elon Musk’s Department of Government Efficiency (DOGE) has made serious allegations against the Federal Emergency Management Agency (FEMA), claiming that the agency misused $59 million to accommodate illegal migrants in luxurious hotels.

 

The billionaire entrepreneur revealed this in a tweet on Monday morning, stating that the discovery was made last week. According to Musk, the funds were intended for American disaster relief but were instead diverted in violation of national regulations.

 

He wrote: “The @DOGE team just discovered that FEMA sent $59M LAST WEEK to luxury hotels in New York City to house illegal migrants. Sending this money violated the law and is in gross insubordination to the President’s executive order. That money is meant for American disaster relief and instead is being spent on high-end hotels for illegals! A clawback demand will be made today to recoup those funds.”

 

The revelation has sparked controversy, with critics arguing that FEMA’s allocation of funds should prioritize American citizens affected by disasters. The allegations have also intensified scrutiny on FEMA, which has faced previous accusations of financial mismanagement.

 

An inspector general audit recently revealed that FEMA mishandled nearly $10 billion in COVID-19 relief funds. The audit stated that $8.1 billion in costs remained questionable, while $1.5 billion was allocated prematurely and could have been better utilized for other emergencies.

 

As scrutiny mounts, former President Donald Trump has reportedly considered abolishing FEMA, describing the agency as “a disaster.” To address these concerns, Trump has established a council, led by Homeland Security Secretary Kristi Noem and Defense Secretary Pete Hegseth, to review FEMA’s operations and propose necessary reforms by late June.

 

The allegations against FEMA have triggered a broader debate on the proper allocation of taxpayer funds and the government’s role in disaster management. More updates are expected as the situation develops.

 

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