By Bolaji Israel
“Like a fine wine, FirstBank has only improved with age, becoming more dynamic,
innovative and trusted by the nation. This is a testament to the diligence and devotion of
the many great leaders who have steered the bank to success. Under the leadership of
the current Chief Executive Officer, Dr Adesola Adeduntan, FirstBank Group has
continued to make giants of its customers and other stakeholders, demonstrating that
the success stories of its customers remain its own success story”.
March 31st, 2024 marks a significant milestone for FirstBank as it will attain 130
years of operation in Nigeria. From its humble beginnings in 1894 as the Bank of
British West Africa, the institution has evolved into a financial behemoth and a
formidable force not only in the banking industry but in the nation and beyond.
Throughout its long and illustrious history, FirstBank has played a pivotal role in the
economic development of Nigeria. Not only has it served as a monetary and fiscal
policy regulator for the entire West African region, but it has also been at the
forefront of technological, industrial, and societal advancements across the
country.
The banking giant has achieved numerous firsts, demonstrating resilience and
support through periods of rapid and radical changes. It has also pioneered and
charted the course in the financial industry and the nation.
Over the years, FirstBank has become deeply ingrained in the fabric of the Nigerian
nation and its vibrant population of over 220 million people. As a key financial
player, the bank has recorded impressive trajectories for decades, experiencing
massive growth and expansion in terms of revenue, influence, and technological
advancements.
Globally, only a select few institutions can boast a rich and relevant heritage as a
member of the over 100-year Club, and FirstBank proudly holds that distinction
with the Nigerian people. It serves as a symbol of pride and a beacon of hope for
greater exploits from Africa.
Like a fine wine, FirstBank has only improved with age, becoming more dynamic,
innovative, and trusted by the nation. This is a testament to the diligence and
devotion of the many great leaders who have steered the bank to success. Under
the leadership of the current Chief Executive Officer, Dr Adesola Adeduntan,
FirstBank Group has continued to make giants of its customers and other
stakeholders, demonstrating that the success stories of its customers remain its
own success story.
The recent appointment of Femi Otedola as the Board Chairman in its 130th year
indicates that the banking giant shows no signs of slowing down or resting on its
laurels.
While many smaller banks have collapsed, FirstBank has reinvented itself like the
eagle, emerging stronger in terms of financial capacity, corporate governance,
liquidity, industry leadership, optimised risk management and visionary roadmaps.
The iconic elephant, representing the bank’s brand essence, symbolises its
strength, agility, and forward momentum.
The lending giant has acquired enterprise technology capacities and made
significant investments in digital infrastructure, reducing brick and mortar practices.
The bank recognises that its people are its biggest resource and has taken banking
to the people, ensuring accessibility and inclusivity.
Strategic recent investments in technology include the development of its smart
and interactive Transaction Banking Platform known as FirstDirect2.0, the
introduction of the Humanoid Robot to the banking ecosystem in the country.
Others are its Digital Xperience Centre, currently in Lagos, Ibadan and the nation’s
capital, Abuja. FirstBank is the first Nigerian bank to reach the milestone of issuing
10 million ATM card to its customers, the first amongst the existing banks to adopt
the use of ATM amongst others.FirstBank has been nimble at promoting a digital
economy in Africa
During the COVID-19 pandemic, the bank demonstrated its commitment to social
responsibility by donating millions through CACOVID, providing online learning
tools for students in partnership with the government, distributing food items, and
implementing a hybrid work model to ensure the safety of its employees.
In line with the UN Sustainable Development Goal 5 which seeks gender equality
and empowerment for all women and girls, FirstBank has demonstrated its
commitment to Diversity through policies, partnerships and initiatives, such as its
employees’ ratio of female to male (39%:61%); and 32% women in management), as
well as various initiatives aimed at addressing gender gap and increasing
participation of women at all levels within the organisation. In addition, the Bank’s
membership of the UN Women is an affirmation of a deliberate policy that is
consistent with UN Women’s Women Empowerment’s Principles – Equal
Opportunity, Inclusion, and Non-discrimination.
Its financial holding company, the FBNHoldings recorded a 127 per cent rise in
profit to N309.89bn in 2023 from N136.17bn recorded at the end of 2022.
This was indicated in its unaudited consolidated financial statements for the period
ended December 31, 2023, filed with the Nigerian Exchange Limited earlier in
February.
During the period under review, the interest income of the lender also rose by
66.27 per cent to N917.71bn from N551.94bn in 2022. Fee and commission income
appreciated to N204.90bn from N143.98bn in the previous year.
Furthermore, in recent years, FirstBank has transformed its banking model,
embraced a more modern approach, and pioneered many firsts in digital and
online banking solutions. The bank has invested resources to advance banking
beyond physical walls, offering customers a plethora of options for convenient
digital banking. Mobile banking, cards and personal banking, electronic banking,
PoS agents, online banking, USSD services, and more have empowered millions of
previously unbanked individuals in rural and underserved areas.
With over 800 business locations and over 232,000 Banking agents spread across
99% of the 774 Local Government Areas in Nigeria, the Banking group provides a
comprehensive range of retail and corporate financial services to serve its over 42
million customers.
Its financial inclusion and cashless transaction drive have resulted in over 523
million active FirstBank customers on its digital channels, including the USSD quick
banking service through the nationally acclaimed *894# banking code.
More, the financial powerhouse has received some of the best-in-class global
awards in banking for exceptional solutions and performances back-to-back in clear
recognition of its outstanding stature and status. This includes Best Corporate Bank
at the recent Euromoney Awards for Excellence, Nigeria 2023; Best Corporate Bank
Western Africa, 2023, by Global Banking and Finance; Best Internet Banking in
Nigeria, 2023, by International Business Awards; Most Innovative Banking Brand in
Nigeria, by Global Brands Awards as well as the Financial Institution of the Year
2023, by Afreximbank Pan-African Business and Development.
For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank
Brand in Nigeria” by the globally renowned The Banker Magazine of the Financial
Times Group and “Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by
the Asian Banker International Excellence in Retail Financial Services Awards.
Furthermore, the Top 100 African Bank Rankings 2022 released by The Banker
Magazine revealed FirstBank’s ranking as number one in Nigeria in terms of Overall
Performance, Profitability, Efficiency and Return on Risk.
Other notable awards received by FirstBank include “Best Private Bank for
Sustainable Investing in Africa 2023” by Global Finance Awards; “Best Sustainable
Bank in Nigeria 2023” by International Investors Awards; “Best Bespoke Banking
Services in Nigeria 2023” by International Investors Awards; “Best Financial
Inclusion Service Provider in Nigeria 2023” by Digital Banker Africa; and “African
Bank of the Year” by African Leadership Magazine.
In November 2022, Sam Aiyere-led FBNBank UK, a subsidiary of FirstBank Group to
celebrate 40 years of steady operations and growth far away in the United
Kingdom. FirstBank also boasts of international presence with subsidiaries
operating in 9 other countries. These subsidiaries are FirstBank (UK) Limited in
London and Paris, FirstBank in the Democratic Republic of Congo, Guinea, Sierra
Leone, and The Gambia; FBNBank in Ghana and Senegal as well as a Representative
Office in Beijing, China
Beyond its global financial institutional leadership and growth, FirstBank has
supported and enabled dreams, fostered trust, safety, and security, and created
long-term value for all stakeholders. The bank has played a crucial role in
empowering youths, entrepreneurs, women, students, and the rapidly growing
creative industries locally, which are gaining global recognition. Its massive and
strategic interventions through the DecemberIssaVybe, FirstGem, SPARK, FirstBank
Women Network and numerous others campaign have been impactful especially in
addressing some key United Nation’s Sustainable Development Goals.
As FirstBank rolls out the drums and unveil an array of engagements to
commemorate the huge milestone, Nigerians can be more reassured of a
responsible and customer centric banking culture engineered by global best
practices and robust experience, and driven by technology, innovation, capacity
and genuine care for customers and all stakeholders, to assist in meeting financial
and lifestyle needs, in a most satisfactory manner.
