Finance

FirstBank Celebrates Youth Week 2021

Published

2 years ago

November 12, 2021

From showcasing of talents, to the art of fashion design, identifying youths in the food business and lots more, Nigeria’s leading financial services providers, First Bank of Nigeria Limited has reiterated its commitment to Youth Empowerment and Entrepreneurship through the celebration of its ongoing 2021 Youth Week.

The Youth Week, themed “The Future is Now, Let’s Takeover” started on Monday, 8 November 2021. The event comprises a variety of activities, including: Youth themed Future Forward activities, First@arts Creative Artistry Empowerment Workshop, Grooming and Wellness Workshops, Digital Engagements, Virtual Mini Concert, and many more. Each activity is associated with various gift items, including gift vouchers and cash prizes.

During the celebration of the FirstBank Youth Week 2021, youths will get rewarded for their talents by following this process – Do a recording showcasing your singing prowess in a video (1 minute or less), Upload your video on Instagram, be sure to follow firstbanknigeria on IG, then Tag 5 friends to follow the bank with the hashtags #YouthVoices #FirstBank #YouthWeek. The top 5 videos with the highest likes will be posted on FirstBank page and the top 3 videos with the highest likes would win the competition. In addition, Millennials and Gen Zs will upload videos detailing their FirstBank experience on Yammer. The videos with the most votes will win the 1st, 2nd and 3rd prizes respectively.

The Bank will also provide an avenue for the youth to be empowered in Artistry Workshop Sessions & Arts Classes. A call for interested candidates in the art of fashion design and illustrations will be done. Entries will be received from candidates who are told to submit their illustration creatives and 10 Youths will be empowered to learn the business of illustrations at Claire Idera Studio.

Also included is the Food Grill & Fest, a platform the FirstBank uses to give opportunities to youths in the Food business. Youths in the food business will be allowed to submit their entries to the vendors at the Grill & Fest 2021. Food related questions will be asked on the Bank’s verified social media platforms and the first 5 people to get the questions right will win vouchers. The Wellness and Grooming 101 event will provide an avenue for youths to be empowered in grooming and wellness Masterclass. Interested youths will show their interest to upskill in areas of beauty, grooming and wellness.

Speaking on the Youth week celebration, Dr. Adesola Adeduntan, Chief Executive Officer of FirstBank said ‘’we remain committed to recognizing the enormous opportunities that can empower the Nigerian youth. Over the years, we have seen our youth benefit from actively engaging in our programmes where they develop effective leadership skills and gain a stronger connection to their community. Young people are our future and we are always ready to support and help harness their skills as with these, we put them at an advantage in securing their future as they contribute to national development.

At FirstBank, with about 57% of the entire workforce being millennials and ‘Gen Zs’, the Youth segment has been and will continue to be the prime focus. Therefore, the Youth Week presents a unique platform to strengthen the Banks commitment to the younger population, who have become the powerhouse driving all facets of digitization and innovation in our world today’’.

Since 1999, Nigeria has continued to join the international community to observe the Day in commemoration of the importance of youth’s participation in politics, economic and social activities towards a sustainable development of the nation. Nigeria has one of the highest populations of youth in the world, with about half of the estimated 200 million of the country’s total population being under the age of 19 and 62%, below the age of 24.

For more information and participation in the Youth Week, kindly visit the bank’s verified social media platforms; Instagram: @firstbanknigeria, Facebook: First Bank of Nigeria Limited.

About FirstBank

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 127 years.

With over 750 business locations and over 130,620 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 30 million customers. The Bank has an international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

The Bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 10million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 4.5 million people on FirstMobile platform.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is always to put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of the first choice in building your future”. Our brand promise is always to deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

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Loans

Akinwumi Adesina Calls for Debt Transparency to Safeguard African Economic Growth

Published

1 day ago

April 25, 2024

Samed Olukoya

Amidst the backdrop of mounting concerns over Africa’s ballooning external debt, Akinwumi Adesina, the President of the African Development Bank (AfDB), has emphatically called for greater debt transparency to protect the continent’s economic growth trajectory.

In his address at the Semafor Africa Summit, held alongside the International Monetary Fund and World Bank 2024 Spring Meetings, Adesina highlighted the detrimental impact of non-transparent resource-backed loans on African economies.

He stressed that such loans not only complicate debt resolution but also jeopardize countries’ future growth prospects.

Adesina explained the urgent need for accountability and transparency in debt management, citing the continent’s debt burden of $824 billion as of 2021.

With countries dedicating a significant portion of their GDP to servicing these obligations, Adesina warned that the current trajectory could hinder Africa’s development efforts.

One of the key concerns raised by Adesina was the shift from concessional financing to more expensive and short-term commercial debt, particularly Eurobonds, which now constitute a substantial portion of Africa’s total debt.

He criticized the prevailing ‘Africa premium’ that raises borrowing costs for African countries despite their lower default rates compared to other regions.

Adesina called for a paradigm shift in the perception of risk associated with African investments, advocating for a more nuanced approach that reflects the continent’s economic potential.

He stated the importance of an orderly and predictable debt resolution framework, called for the expedited implementation of the G20 Common Framework.

The AfDB President also outlined various initiatives and instruments employed by the bank to mitigate risks and attract institutional investors, including partial credit guarantees and synthetic securitization.

He expressed optimism about Africa’s renewable energy sector and highlighted the Africa Investment Forum as a catalyst for large-scale investments in critical sectors.

Banking Sector

UBA, Access Holdings, and FBN Holdings Lead Nigerian Banks in Electronic Banking Revenue

Published

2 days ago

April 24, 2024

Samed Olukoya

United Bank for Africa (UBA) Plc, Access Holdings Plc, and FBN Holdings Plc have emerged as frontrunners in electronic banking revenue among the country’s top financial institutions.

Data revealed that these banks led the pack in income from electronic banking services throughout the 2023 fiscal year.

UBA reported the highest electronic banking income of N125.5 billion in 2023, up from N78.9 billion recorded in the previous year.

Similarly, Access Holdings grew electronic banking revenue from N59.6 billion in the previous year to N101.6 billion in the year under review.

FBN Holdings also experienced an increase in electronic banking revenue from N55 billion in 2022 to N66 billion.

The rise in electronic banking revenue underscores the pivotal role played by these banks in facilitating digital financial transactions across Nigeria.

As the nation embraces digitalization and transitions towards cashless transactions, these banks have capitalized on the growing demand for electronic banking services.

Tesleemah Lateef, a bank analyst at Cordros Securities Limited, attributed the increase in electronic banking income to the surge in online transactions driven by the cashless policy implemented in the first quarter of 2023.

The policy incentivized individuals and businesses to conduct more transactions through digital channels, resulting in a substantial uptick in electronic banking revenue.

Furthermore, the combined revenue from electronic banking among the top 10 Nigerian banks surged to N427 billion from N309 billion, reflecting the industry’s robust growth trajectory in digital financial services.

The impressive performance of UBA, Access Holdings, and FBN Holdings underscores their strategic focus on leveraging technology to enhance customer experience and drive financial inclusion.

By investing in digital payment infrastructure and promoting digital payments among their customers, these banks have cemented their position as industry leaders in the rapidly evolving landscape of electronic banking in Nigeria.

As the Central Bank of Nigeria continues to promote digital payments and reduce the country’s dependence on cash, banks are poised to further capitalize on the opportunities presented by the digital economy.

Loans

Nigeria’s $2.25 Billion Loan Request to Receive Final Approval from World Bank in June

Published

3 days ago

April 23, 2024

Samed Olukoya

Nigeria’s $2.25 billion loan request is expected to receive final approval from the World Bank in June.

The loan, consisting of $1.5 billion in Development Policy Financing and $750 million in Programme-for-Results Financing, aims to bolster Nigeria’s developmental efforts.

Finance Minister Wale Edun hailed the loan as a “free lunch,” highlighting its favorable terms, including a 40-year term, 10 years of moratorium, and a 1% interest rate.

Edun highlighted the loan’s quasi-grant nature, providing substantial financial support to Nigeria’s economic endeavors.

While the loan request awaits formal approval in June, Edun revealed that the World Bank’s board of directors had already greenlit the credit, currently undergoing processing.

The loan signifies a vote of confidence in Nigeria’s economic resilience and strategic response to global challenges, as showcased during the recent Spring Meetings.

Nigeria’s delegation, led by Edun, underscored the nation’s commitment to addressing economic obstacles and leveraging international partnerships for sustainable development.

With the impending approval of the $2.25 billion loan, Nigeria looks poised to embark on transformative initiatives, buoyed by crucial financial backing from the World Bank.