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

World Bank Debars Nigerian Companies Over Corruption in Social Safety Net Project

By femi oyewale

The World Bank Group has announced the 30-month debarment of two Nigerian companies, Viva Atlantic Limited and Technology House Limited, along with their Managing Director and CEO, Mr. Norman Didam, for engaging in fraudulent, collusive, and corrupt practices linked to the National Social Safety Nets Project in Nigeria.

In a statement released on Monday, the World Bank detailed unethical actions during the 2018 procurement and contract processes for the project, which was designed to provide financial assistance to poor and vulnerable households.

“The World Bank Group today announced the 30-month debarment of two Nigeria-based companies—Viva Atlantic Limited and Technology House Limited—and their Managing Director and Chief Executive Officer Mr. Norman Bwuruk Didam. The debarment is in connection with fraudulent, collusive, and corrupt practices as part of the National Social Safety Nets Project in Nigeria,” the statement read.

Allegations and Findings

According to the World Bank, Viva Atlantic Limited, Technology House Limited, and Mr. Didam misrepresented a conflict of interest in their bids and gained access to confidential tender information from public officials. These acts violated the bank’s Anti-corruption Framework.

The companies and Mr. Didam also falsified experience records, submitted fake manufacturer authorization letters, and offered inducements to project officials, further undermining the integrity of the initiative aimed at assisting Nigeria’s most vulnerable populations.

The statement added, “Viva Atlantic Limited and Mr. Didam misrepresented Viva Atlantic Limited’s experience and submitted falsified manufacturer’s authorization letters, as well as offered and provided things of value to project public officials. These actions were fraudulent and corrupt practices, respectively.”

Sanctions and Compliance Measures

The debarment bars the two companies and Mr. Didam from participating in World Bank-financed projects and operations for the next 30 months. As part of their settlement agreements, the parties admitted their culpability and agreed to meet specific conditions, including enhanced compliance measures.

Mr. Didam is required to complete individual ethics training, while both companies must strengthen their internal integrity policies and implement corporate ethics training programs aligned with the bank’s Integrity Compliance Guidelines.

The World Bank noted that reduced debarment periods were granted due to the parties’ cooperation during the investigation, voluntary corrective actions, self-imposed restraints from bidding, and the time elapsed since the infractions.

Broader Implications

The debarments are subject to cross-debarment by other multilateral development banks under the 2010 Agreement for Mutual Enforcement of Debarment Decisions, further limiting the companies’ ability to participate in international development projects.

The World Bank reiterated its zero-tolerance policy on corruption, emphasizing that the implicated parties must fulfill the stipulated conditions during the debarment period to regain eligibility for future Bank-funded initiatives.

“The companies also commit to continue to fully cooperate with the Bank Group Integrity Vice Presidency,” the statement concluded.

This development underscores the World Bank’s commitment to ensuring transparency and accountability in its projects, particularly those aimed at improving the livelihoods of the world’s most vulnerable populations.

…Set to reward 131 Nigerians in first monthly draw of 2025*

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, is set to reward 131 customers across Nigeria with N11,000,000 in cash prizes, in its first 5 for 5 Promo Season 4 monthly draw of the year happening in Warri, Delta State, on January 24, 2025.

Launched in 2021, the 5 for 5 Promo is a reward initiative introduced by Wema Bank to reward its diverse range of customers for active loyalty to the brand, its products, and offerings. The 5 for 5 Promo selects winners from the Bank’s pool of active and transacting customers, via thoroughly regulated electronic live draws. The first 3 seasons saw the Wema Bank 5 for 5 Promo disburse over N150,000,000 to 2,378 Nigerians across the six geopolitical zones in Nigeria, and with the launch of Season 4 on October 1, 2024, Wema Bank raised the bar, setting aside a whopping N135,000,000 for disbursement this season alone.

So far, over 1,000 Nigerians have won cash prizes in daily, weekly and monthly draws, with 540 customers winning in 55 daily draws, 550 customers winning in 11 weekly draws and 262 customers winning in 2 monthly draws; totalling over N27,000,000 disbursed so far. The 3rd monthly draw of the season, which also happens to be the first monthly draw of 2025, is set to hold this January in Warri, and another 131 winners will emerge from the draw. Among these 131, 80 will each win N25,000, 40 will win N100,000 each, 8 domiciliary account holders will win N250,000 each and 3 lucky customers will win N1,000,000 each, with one of the millionaires guaranteed to be from Warri, since the draw holds in Warri.

Referring to the trailblazing monthly draw as a timely intervention for Nigerians in light of the new year, Moruf Oseni, MD/CEO Wema Bank, recounted the big picture for the Promo and the impact this draw will have on the lives of the customers who will be starting their year out with cash prizes to support their personal, professional or business endeavours. According to him, “The goal for us with the Wema Bank 5 for 5 Promo is giving back, providing support and rewarding our loyal customers, it’s been one of the key means through which we say ‘thank you’ as a Bank, and four years strong so far, it’s only gotten better with each season. We made millionaires in December ahead of Christmas and it was heartwarming to hear from our amazing customers how instrumental these rewards were in sorting out some bills. Now, we are even more ready to kickstart 2025 on a millionaire note”.

“As a tradition, the 5 for 5 Promo continues to tour different locations across the six geopolitical zones, however, our winners are always selected from across the country. So even though one of the millionaires will be from Warri where this draw will hold, there’s still room for 2 more millionaires and over 120 more winners of cash ranging from N25,000 to N250,000. The joy for us is in the smiles that are made, the stories that are positively impacted and the hope that these cash rewards bring to the winners; from students to small business owners, working professionals, and so on. We are all too familiar with the running ‘100 days of January’ reality that plagues a lot of us after the heavy spending that comes with December, so this draw is the perfect opportunity to support our customers beyond the daily and weekly draws that we hold every other weekday. I congratulate the winners in advance, and I encourage every new and existing Wema Bank customer to seize this opportunity and start transacting today. The 5 for 5 Promo is as transparent as can be, so anyone can win, provided they meet the minimum requirements”, Oseni concluded.

Olorunshola Damilola Esther, an Akure-based trader who was one of the millionaires from the 2nd monthly draw of the Wema Bank 5 for 5 Promo Season 4 which held in Akure on December 15, 2024, expressed immense gratitude to Wema Bank for the surprise win, encouraging Nigerians to keep transacting with their Wema Bank accounts for a chance to also receive surprise financial rewards in the Wema Bank 5 for 5 Promo.

To qualify, participate and stand a chance to win in the Wema Bank 5 for 5 Promo Season 4, customers of the Bank are required to fund their account with at least N5,000 monthly, maintain an average minimum balance of N5,000 and make up to 5 transactions using ALAT, *945# or their Wema/ALAT debit card.

New customers can participate by downloading the ALAT App from the Play Store or App Store, opening an account, and following the steps above to qualify.