Economy
FirstBank: When a Bank Puts SMEs First
Last week will go down as one of the most challenging weeks, if not the most challenging, Nigeria has faced in 2020. What started out weeks before as very well-organised peaceful protests by young Nigerians campaigning to #EndSARS, was supplanted by hoodlums engaging in wanton looting, arson and destruction of public and private properties across many states at an unprecedented scale.
By the end of the week, many lives had been lost, many properties and businesses completely destroyed and Nigeria has been left reeling from a shock that dwarfs any the country felt even at the peak of the COVID-19 outbreak.
In keeping with the Nigerian spirit of being one’s brother’s keeper, equally unprecedented efforts by individuals, groups and corporate organisations to try to provide assistance for people and businesses affected by the crises of the past week, have followed.
Individuals and groups have announced donations of cash and materials, set up helplines to offer psychological counselling and support, and started online crowd-funding efforts in support of victims.
Among corporate organisations, we have seen banks take a leading role. Some banks, such as Access Bank and Stanbic IBTC, have announced funds or desks they have set up to receive requests from, and process assistance for, affected individuals and businesses.
One of these banks’ efforts include pledged interest-free loans and grants that affected businesses and individuals can access.
Another bank has seen thousands of requests for assistance pour in through the online channel it set up for the purpose. The requests have flowed in, not only because of the victims’ desperation for help, but also because of the humane approach to banking that this institution adopts.
Always putting the customer at the heart of its business, FirstBank has been showing empathy with all those who have experienced one loss or the other as a result of the crises. Since last week, the bank has been seeking every opportunity to identify with people who are currently grieving and hurting.
Although the largest and most prominent member of Nigeria’s leading financial powerhouse, the FBNHoldings Group that is a one-stop shop for financial services ranging from commercial and investment banking to financial advisory, insurance brokerage and pensions custodianship, FirstBank is neither immune nor removed from the challenges people face.
It is a human institution with thousands of humans working as employees to provide bespoke banking products and services to millions of other humans whose pulse the bank feels through its employees.
Being part of a group with expertise across the broad spectrum of financial services, makes FirstBank the banking partner with the broadest shoulders to assist SMEs buffeted by the wave of violence witnessed across the nation last week.
Given the interconnectivity between Nigeria and FirstBank’s history, it is no surprise that a tumultuous week in Nigeria is giving way to one with stories of hope and optimism by Nigerians badly affected by the crises of the past week, who are looking to FirstBank for assistance.
These Nigerians have been encouraged by the strides FirstBank has made over the years in the SME space as the bank of first choice for small businesses.
Built around seven strategic pillars – of connect to infrastructure, connect to talent, capacity building, policy and regulation, connect to resources, connect to market as well as connect to finance – considered essential for the sustainability and growth of SMEs and intended to promote a healthy business interaction and adaptability of the SMEs with their immediate environment, FirstBank’s involvement with SMEs, through SMEConnect (the bank’s branded bouquet of empowerment initiatives, products and services tailor-made for SMEs), has been one that has sought to facilitate their growth into future economic powerhouses playing ever-increasing roles in Nigeria’s economic development.
Since its maiden SME National Conference in 2014, FirstBank has annually engaged small businesses and SME owners in series of empowerment seminars and workshops designed to improve their business capacity.
Only this year, FirstBank held its inaugural SME Business Clinic in Lagos, Port Harcourt and Abuja with many SMEs in attendance.
The SME Business Clinic featured Abayomi Adewumi, CEO of the Global Leadership Institute and an industry expert and business growth consultant with vast experience working with SMEs.
He engaged participants on the FirstBank SME diagnostic tool designed for SMEs to check the health of their business, better understand it and drive profitability.
In 2019, FirstBank organised a weeklong SME event which had owners of SMEs in different sectors mentored across multiple states in the country. It was the first of its kind in the industry.
Organised in partnership with SME Traction, a leading business coaching platform, it was aimed at empowering SMEs to make informed choices about their businesses, thereby facilitating growth and bolstering their contribution to the development of the economy.
At the event, FirstBank’s Deputy Managing Director, Gbenga Shobo, underlined the importance the bank attaches to SMEs.
He said: “At FirstBank, we recognise the impact SMEs have in promoting growth of the economy and are excited at the opportunity to continue to enable them prosper by strategically contributing to the sustainability of their business.
“We remain the trusted financial partner of SMEs and reiterate our resolve to be known as the brand that enables their success; much the same way that we have for over 125 years enabled Nigerians and the economy at large.”
This same point was elaborated at another FirstBank SME event, “Food Souk”, convened in 2019 in partnership with Eventful Limited, an events management firm, where the bank restated its commitment to the Federal Government’s diversification drive, promising to continue to support the agricultural value chain from production to consumption to create opportunities for SMEs in the food sector so they could in turn create job opportunities.
The bank also extended its hand of partnership to all small businesses involved in organising different trade fairs and exhibitions.
A food vendor at the event, Ms Ijeoma Ebeneme, the Chief Executive Officer, JEM N Iris, commended FirstBank for putting the event together. Ebeneme said she was at the food fair to make profit, meet new clients as well as create the needed publicity for her brand.
It is for people like Ebeneme that FirstBank maintains an SME website with rich resources to help SMEs build capacity and improve how they run their business.
On the website is a blog featuring business articles and tips, SME business toolkit, SME products, Microsoft 365 Business Basic and a whole lot more.
In support of owners of SMEs operating in the education sector, FirstBank, in partnership with the Lagos State Employment Trust Fund (LSETF), set up a matching fund scheme of ₦5 billion LSETF-FirstEdu Loan.
Officially launched in September by Governor Babajide Sanwo-Olu of Lagos State and Dr Adesola Adeduntan, Managing Director/CEO of FirstBank, the scheme aims to cushion the impact of Covid-19 pandemic on low-cost private schools by ensuring lending at an attractive interest rate.
Speaking at the launch, Dr Adeduntan said: “At FirstBank we recognise the indelible role played by the education sector in the growth of any economy and this underscores our partnership with Lagos State Government for continuous development of the education services in Lagos State and the nation as a whole.
“The commitment by the Lagos State Government – including this partnership – to enable schools is quite commendable as this will mitigate the challenges caused by the lockdown on the education sector following the COVID-19 pandemic.”
It is for efforts like all those highlighted above and many more that the 2019 edition of KPMG’s Annual Banking Industry customer Satisfaction Survey named FirstBank as the biggest mover in the SME space.
The 2014 edition of the Survey had named the bank as the most popular bank among MSMEs for both deposit transactions and credit/loan facilities with 26 per cent of the SMEs surveyed identifying the bank as one where they had an ongoing loan facility or had obtained one in the recent past.
It is also for the same reason that the unfortunate events of the last week have reignited the bond between Nigerians and FirstBank, a partner that they can bank on in times of need.
The bank’s track record leaves no one in any doubt of its unwavering commitment to continue to weather all storms with Nigeria and Nigerian SMEs with whom it shares a common destiny. [BusinessDay]
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Tier-one Lender, Fidelity Bank Plc., has announced the resumption of international transactions on its Naira Debit Cards.
This recommencement gives customers the freedom to make seamless payments abroad, online, and at ATMs outside the country.
The Divisional Head of eBanking, Fidelity Bank, Ifeoma Onibuje, shed light on the development.
Onibuje said: “We are delighted to inform the public that Fidelity Naira Cards are now enabled for global use.
“This means that our travelling customers can now utilize their Naira Debit cards outside the country to shop, spend and withdraw internationally without hassles.”
“Consequently, our customers can now spend up to $1,000 quarterly for international POS and online transactions; and withdraw up to $500 quarterly on international ATMs.”
The announcement offers Fidelity Bank customers another way to complete international transactions, in addition to the Bank’s existing foreign currency debit and credit cards.
The bank stated that it further reinforces its commitment to delivering solutions that fit seamlessly into customers’ lifestyles.
With Fidelity Bank’s VISA and Mastercard Naira Debit Cards, Nigerians can now enjoy effortless global access.
Beyond payments, Fidelity VISA cardholders, one of the variants of the bank’s card offerings, also enjoy premium travel and lifestyle benefits.
The benefits range from airport lounge and spa access via the Visa Airport Companion App, to fast-track immigration lanes and 20% discounts on SIXT car rentals worldwide.
This move, the bank said, also reflects its commitment to provide secure, convenient, and reliable banking services that empower customers in Nigeria and beyond.
The bank noted that it has deliberately made the process of getting a Fidelity Naira card seamless.
It stressed that customers can easily apply for their Fidelity VISA or Mastercard Naira Debit card via the Fidelity Mobile App or simply visit the nearest Fidelity bank branch to request for one and they can start transacting globally with ease.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
A Nigerian TikTok sensation known as “Geh Geh” has stunned the internet after pulling in over $30,000 from a single live session that attracted more than 177,000 viewers.
The young entertainer, who calls his platform the “University of Wisdom and Understanding,” has quickly built a cult following with his raw and unfiltered lectures about women, money, and survival in Nigeria.
During the live broadcast on Thursday, August 21, viewers showered him with virtual gifts that he later calculated to be worth over $30,000.
The milestone instantly pushed him into the spotlight as one of Nigeria’s fastest-rising online personalities.
Reacting in disbelief after the stream, Geh Geh said:
“More than 177,000 people watch my lectures today. Jesus! University of wisdom and understanding, the only university where once you graduate, woman go fear to ask you for money.”
Despite not having a formal education, Geh Geh proudly calls himself “the first illiterate to find a university in the history of Nigeria.” In a video after the viral live, he reminded fans of his humble background:
“I no be graduate too, but by the grace of God, I don find school. I be orphan, but now Nigerians don show me love.”
The TikTok star admitted he was overwhelmed by the generosity of his supporters.
“See gift I made over… more gift when they give me today is worth about $30,000. I no go take this love for granted, because I no really do anything for am.”
His rise has been hailed as proof of how social media is transforming lives in Nigeria. With no degree, no rich background, and no industry connection, Geh Geh has managed to build a fanbase that now calls themselves “students” of his unusual university.
Still, his controversial views on women and relationships continue to spark heated debates. While some dismiss his advice as reckless, others insist his boldness speaks directly to Nigeria’s frustrated youth.
Reflecting on his sudden fame, Geh Geh compared himself to great thinkers:
“If Nigeria be country wey value great people, by now them suppose dey compare people like me with Aristotle, Wole Soyinka, Einstein… but I thank God say people dey see my head and my own difference.”
From an orphan with no prospects to a viral star earning in dollars, Geh Geh’s story has become one of digital empowerment.
His journey shows how platforms like TikTok are creating new forms of fame, money, and influence for Nigerians especially those once written off by society.
The United Kingdom has once again cemented its position as Nigeria’s leading source of foreign capital, accounting for more than N5.5 trillion in inflows during the first quarter of 2025, according to the latest data from the National Bureau of Statistics (NBS).
Figures from the Capital Importation Report show that capital from the UK rose to $3.68bn (N5.52tn) in Q1 2025, representing 65.26% of Nigeria’s total $5.64bn inflows for the quarter.
This marked a 29.2% rise from the $2.85bn recorded in Q4 2024 and more than double the $1.81bn inflows seen in Q1 2024.
This underscores Britain’s dominance in Nigeria’s external financing profile and highlights the strong bilateral financial ties between both nations.
Breakdown of Q1 2025 Capital Inflows by Country
United Kingdom: $3.68bn (65.26%)
South Africa: $501.29m (8.88%)
Mauritius: $394.51m (6.99%)
United States: $368.92m (6.54%)
United Arab Emirates: $301.72m (5.35%)
Together, these top five countries accounted for over 92% of Nigeria’s capital inflows, reflecting both the concentration of Nigeria’s foreign investments and the risks of over-dependence on limited markets.
Other contributors included:
Cayman Islands: $114.76m (up sharply from $0.64m in Q4 2024)
Belgium: $70.54m
France: $47.33m
Netherlands: $42.68m (down significantly from $425.61m in Q4 2024)
Singapore: $36.79m
Overall, capital importation into Nigeria stood at $5.64bn in Q1 2025, up 10.9% from Q4 2024’s $5.09bn, and a remarkable 67.1% higher than the $3.38bn recorded in Q1 2024.
The NBS noted:
“Capital Importation during the reference period originated largely from the United Kingdom with $3,681.96m, showing 65.26 per cent of the total capital imported.”
A separate survey by Strategy Management Partners (UK) reveals that British companies are increasingly targeting Africa as a strategic growth frontier.
50% of UK firms with annual turnover above £20m are already operational in Africa and planning expansions.
Another 28% of executives said they are interested but remain cautious about entry strategies.
Africa’s appeal lies in its resource wealth and demographic potential:
30% of the world’s mineral reserves
8% of natural gas reserves
12% of oil reserves
65% of the world’s arable land
Projected to host 25% of the global workforce by 2035
Seven key sectors remain magnets for foreign capital inflows into Nigeria and Africa at large:
1. Technology
2. Oil & Gas
3. Power and Renewable Energy
4. Agriculture
5. Manufacturing
6. Infrastructure
7. Strategic Minerals
Analysts warn that while Nigeria’s reliance on UK-driven inflows reflects strong global confidence, the concentration of sources exposes the economy to external shocks if investor sentiment shifts in these countries.
Diversification of investment partnerships particularly within Asi
a, the Americas, and intra-African trade will be crucial to ensuring long-term resilience in capital inflows.
The United States government has said that Nigeria’s new N70,000 minimum wage has lost real value due to the sharp fall of the naira, leaving millions of workers trapped in poverty.
According to the 2024 Country Reports on Human Rights Practices, released by the U.S. Department of State’s Bureau of Democracy, Human Rights, and Labour, the wage translates to just $47.90 per month.
The report noted that currency devaluation and weak enforcement have undermined the wage increase.
The report also revealed that many states are yet to implement the new wage law. Several governors cited financial challenges as the main excuse.
Even where the law exists, compliance remains poor because of limited labor inspectors and weak oversight from authorities.
Wage Devaluation and Exclusion
The report highlighted that firms with fewer than 25 workers are excluded from the minimum wage law, leaving millions of employees without protection.
This also explained that about 70 to 80 percent of Nigeria’s workforce operates in the informal sector, where wage and labor rights are almost never enforced.
This means a majority of Nigerians continue to earn far below the national benchmark, despite the government’s approval of N70,000 as the new minimum wage.
The U.S. report stressed that the naira’s sharp decline, trading above N1,500 to the dollar, had worsened the wage erosion. This has left workers unable to afford basic needs, pushing many deeper into poverty.
Human Rights and Labor Challenges
The document pointed out that weak enforcement of labor laws contributes to worsening poverty levels in the country.
Workers in the informal sector, such as street vendors, artisans, and small traders, rarely benefit from labor protections.
The report also noted that Nigeria’s minimum wage is rarely sufficient to cover basic food, housing, and transport needs.
This has further exposed structural gaps in the government’s approach to economic reforms and poverty reduction.
Governors Push Investment Platform
Meanwhile, the Nigeria Governors’ Forum (NGF) has launched a new investment initiative called NGF Investopedia.
The platform seeks to attract capital flows into bankable projects across all 36 states, with the goal of tackling Nigeria’s annual $100 billion infrastructure financing deficit.
The launch event in Abuja gathered governors, international partners, and investors. The forum described the platform as a long-term strategy to unlock growth opportunities across states and strengthen Nigeria’s subnational economies.
NGF Chairman and Kwara State Governor, Abdulrahman AbdulRazaq, said Nigeria must urgently leverage its human and natural resources to address poverty and joblessness.
“Here is Africa’s largest economy, endowed with abundant human and natural resources,” he said, stressing that state governments must play a bigger role in attracting investments and supporting local industries.
A Widening Gap
The contrast between the U.S. report on wage decline and the governors’ push for investment highlights Nigeria’s economic paradox.
While authorities promote foreign capital inflow, millions of workers continue to survive on wages that have lost most of their value.
With inflation rising, food prices soaring, and the naira weakening, the gap between earnings and cost of living keeps widening.
Unless enforcement improves and the informal sector is integrated into wage protections, the N70,000 benchmark may remain symbolic rather than effective.
Fidelity Bank may have hit another milestone the Fidelity Naira Card is now accepted globally.
This was disclosed in a message sent to Diaspora Digital Media (DDM) via email on Monday.
According to the statement entitled “Your Fidelity Naira Card Now Works Globally; Shop, Pay and Withdraw with Ease!“, customers can buy favourite global brands online using their Fidelity Naira Card.
The band also stated that they can equally pay at POS terminals abroad and make cash withdrawals at ATMs as they travel.
The message reads:
“We’re excited to let you know that your Fidelity Naira Card is now enabled for global use — so you can shop, spend and withdraw internationally with confidence.
“Here’s what you now enjoy every quarter:
|
Channel |
Transaction Limit |
| ATM Withdrawal abroad | $500 |
| Online/Web & POS Payments | $ 1,000 |
“What does this mean for you?
- Shop your favourite global brands online
- Pay at POS terminals abroad with ease
- Withdraw cash at ATMs when you travel.”
The statement, however, noted that the $1,000 quarterly limit applies to all international transactions combined, including ATM withdrawals, online purchases, and POS payments.
The bank urged customers who may need assistance with setting card limits or activating their cards for global use, to contact the bank’s customers care “Centre Trueserve”, which is available round the clock, whether in Nigeria, or outside the country.
“Your world, your card — spend smart, spend globally with Fidelity,” the message concludes.
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