FirstBank of Nigeria has called for stronger collaboration among financial institutions, regulators and fintech companies to improve lending and support economic growth following the banking sector’s recapitalisation exercise.
The bank’s Managing Director and Chief Executive Officer, Olusegun Alebiosu, made the call during the West Africa International Banking Dialogue and Awards Gala 2026 in Lagos, hosted in partnership with The Asian Banker.
The event brought together industry leaders to discuss access to credit, digital innovation and the future of banking in West Africa.
Focus on Increased Lending
The call comes as Nigerian banks face growing expectations to deploy their strengthened capital bases towards financing businesses and other productive sectors.
The Managing Director of the Nigeria Inter-Bank Settlement System, Premier Oiwoh, disclosed at the event that 33 banks had raised ₦4.65 trillion in fresh capital, with domestic investors contributing nearly 75 per cent.
He emphasised the need for banks to channel more funds into productive activities, particularly small and medium-sized enterprises, manufacturing and infrastructure.
Despite the importance of recapitalisation to financial stability, businesses continue to face challenges accessing credit due to high borrowing costs, collateral requirements and lending risks.
Stronger collaboration could help banks improve credit assessment, identify viable borrowers and expand financing opportunities.
Digital Partnerships Take Centre Stage
The dialogue also examined the growing competition between traditional banks and fintech companies.
Industry stakeholders noted that partnerships and digital innovation would be important in improving customer experience, strengthening payment systems and expanding access to financial services.
NIBSS disclosed that its National Payment Stack had processed more than 100 million successful transactions by September 2026, highlighting the growing importance of digital infrastructure in Nigeria’s financial system.
For FirstBank, stronger industry relationships could support the development of more efficient services and create opportunities to reach underserved businesses.
As the banking sector moves beyond recapitalisation, the focus is shifting towards how effectively lenders can use their stronger capital positions to increase credit access, support business expansion and contribute to sustainable economic growth.
Source: The Guardian Nigeria.
