First Bank wins Best SME Bank at Asian Banker Awards

First Bank has won two awards by emerging as Best SME Bank in Nigeria and Africa at the 2024 Asian Banker Global Excellence Retail Awards 2024.

First Bank Group Head of Marketing and Corporate Communications, Folake Ani-Mumuney, made this known via a statement issued on Monday, June 3, 2024.

Ani-Mumuney while expressing her delight, dedicated the two awards to the bank’s SME customers.

The Excellence in Retail Finance Awards Programme, which includes the Global Excellence in Retail Finance Awards and the Annual Digital Bank Awards, recognise exceptional innovation, leadership, management, and performance in the financial sector.

First Bank clinched the awards for meeting the needs of medium and small enterprises and offering flexible financing options across the entire lifecycle needs of customer’s businesses.

Ani-Mumuney said: “We thank the Asian Banker Awards for the recognition and dedicate these awards to our esteemed SME customers that have progressively impacted the socio-economic growth of not just Nigeria but also the African continent, given their critical role as the engine of any economy.

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“For 130 years, First Bank has continued to enable the giants in our customers including our SMEs as well as other stakeholders, and we remain committed to delivering the ultimate ‘gold standard’ of value and excellence.”

Ani-Mumuney added that First Bank supported its customers by providing exceptional value propositions around each industry sector to create best-in-class customer engagement.

She said the bank’s integrated platform has not only helped businesses grow and reduced operational costs but also facilitated expansion into regional and overseas markets through its Sub-Saharan Africa subsidiaries.

She quoted the Asian Banker’s Strategic Business Intelligence for the Financial Services Community as saying: “First Bank demonstrated exceptional performance, notably in its SME sector, by achieving more than 100 per cent revenue growth while maintaining a reduced cost-to-income ratio of 16.5 per cent.

“Small and Medium-sized Enterprises contributed 26 per cent of overall bank revenue.

“Furthermore, the institution’s SME customer base grew by seven per cent reaching a total of more than one million.

“For its significant growth in the SME business, the award for Best SME Bank in Nigeria and in Africa goes to First Bank.”

The Star