By Eugene Onyeji
FirstBank has again stressed the vital role of Small and Medium-Sized Enterprises (SMEs), a sector it devotes appreciable resources to build and nurture for the growth of the overall economy.
The bank on Thursday hosted a SMEConnect webinar to enable entrepreneurs identify finance options at different stages and where to access them.
The Zoom meeting on “The ABCs of Accessing Finance for your Business” exposed SMEs to several finance channels to foster and sustain growth.
SMEConnect webinar is one of the ways FirstBank delivers capacity-building value propositions to SMEs, and it impacts them in key areas of business growth and development.
The event was moderated by First Bank MSME Client Value Proposition Team Lead, Akanimoh Ojo. The lead speaker was Damilola Salawu – Partner/Head Technology, Innovation and Fintech, Partner, Olaniwun Ajayi LP.
Salawu highlighted
- Importance of SMEs to the Nigerian economy
- Lifecycle of an SME – different stages of growth
- Startup stage – challenges and financing options
- Growth stage – challenges and financing options
- Maturity Stage – challenges and financing options
- Investment Readiness by SMEs
Another speaker, Patrick Akhidenor, First Bank Head of Credit Analysis & Processing, emphasised the need for SMEs to have a clear structure that enables financial institutions understand their needs.
He urged SMEs to possess ‘character’, which is the willingness to pay back funds.
First Bank Deputy Managing Director, Gbenga Shobo, said: “Access to finance plays a critical role to the growth and sustenance of every business venture, especially the SMEs, and we are delighted with the role we continue to play in connecting SMEs to finance opportunities that are essential to boosting their businesses.
“With FirstBank’s over 127 years of being woven into the fabric of society, we remain at the forefront of positively impacting businesses, especially the SMEs, and enjoin all business owners and individuals intending to own theirs to be part of the event.”
FirstBank has consistently won awards for impacting businesses and for providing innovative solutions for customers and other stakeholders, including SMEs.
Earlier this year, it won the Africa Bank of the Year and Innovative Banking Product of the Year Awards for sterling performance in delivering over 127 years of development-oriented services as Africa’s foremost financial inclusion services provider.
These awards came on the heels of a hat-trick of awards the bank bagged at the Global Bank and Finance Awards:
· 2021 Retail Banking CEO of the Year Nigeria
· Most innovative Retail Banking App Nigeria
· Best CSR Bank Nigeria
Brand Africa has also ranked FirstBank the second most admired financial services brand for two straight years.
The awards are testaments to the bank’s drive for innovation, as exemplified in its products, including FirstMobile.
First Bank says FirstMonie – described as easy to use, secure, fast, convenient (offering “Instant Banking, Anywhere!”), innovative and interactive – offers lifestyle solutions which make banking exciting for its customers.
FirstMobile offers self-service that allows customers to make transactions via a secure platform on their devices without intervention from FirstBank.
Customers who have downloaded the app need to possess:
· The phone linked to the mobile number on which they receive FirstBank SMS
· A Naira Mastercard (debit) or a Verve debit card
FirstMonie app can be downloaded from Google Play Store (for users of android devices) or the App Store (for iPhone and other iOS devices’ users) and also from FirstBank website https://www.firstbanknigeria.com/getfirstmobile.
