Business Archives

FIRSTBANK PARTNERS WITH ELOY FOUNDATION TO PROMOTE THE SUSTAINABILITY OF FEMALE OWNED SMALL BUSINESSES

Jun 21, 2022 topnews

In furtherance of the need to empower female business owners across the country, The ELOY Foundation, in partnership with FirstBank presents the ELOY Foundation Business Shower, created to support female entrepreneurs on their journey to building sustainable businesses. The support from FirstBank will be carried out through the FirstGem loan scheme designed for female-owned or partnered MSMEs and its SMEConnect initiative. The partnership focuses on key sectors of the economy and designed to have female entrepreneurs exposed to essential business skills like training, networking and the ELOY Foundation Business Toolkit,…

FIRSTBANK gets $150m facility from Afreximbank to support businesses in Nigeria

Jun 17, 2022 topnews

African Export Import Bank (Afreximbank) has announced the disbursement of a US$150 million finance facility to First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider. The funding was provided under Afreximbank’s Pandemic Trade Impact Mitigation Facility (PATIMFA). Afreximbank’s US$150 million financial support will be accessible to FirstBank customers that are involved in the manufacturing and importation of products and equipment required to combat the COVID-19 pandemic, as well as initiatives to rehabilitate hospitals and strengthen diagnostic and testing capacity. The loan will also be used for…

Squad by GTCO: Reshaping the Nigerian Payment Space Fragmentation in the Nigerian payment space has served more as a constraint than an enabler; Squad by GTCO positions to lead with innovation and efficiency

Jun 10, 2022Jun 10, 2022 topnews

Without a doubt, digital payment is the next growth frontier for financial services. Amongst other extenuating factors, growing digitalisation, mobile penetration, and evolving consumer behaviour have accelerated the shift towards cashless thereby creating entirely new business models and solutions built around payments. Given the key role digitalisation plays in the financial lives of many people today, electronic payments are at the core of the payment ecosystem. As is the case with all things economic, Nigeria remains a most attractive market. Over the past years, we have seen largely foreign investors…

Access Bank moves to acquire Kenyan Bank for N15bn

Jun 9, 2022 topnews

One of Nigeria’s biggest financial institutions, Access Bank Plc has entered into an agreement to acquire the entire 83.4 per cent equity stake held by Centum Investment Plc, a Kenyan-based investment company, in Sidian Bank Ltd, for the sum of about N15 billion ($37 million). Access Bank disclosed the acquisition in a statement sent to the Nigerian Exchange Limited, NGX on Wednesday noting that the transaction is subject to regulatory approvals in Kenya and Nigeria. Access Bank said the purchase consideration includes the price to “book multiple of 1.1 times”…

Fidelity Bank wins Award for Best SME Bank in Nigeria

Jun 6, 2022Jun 6, 2022 topnews

Fidelity Bank Plc, one of the Nigeria’s foremost financial institutions, has added yet another accolade to its burgeoning collection of awards. This time, the Bank has been recognized as the ‘Best SME Bank in Nigeria’ by the Global Finance Banking & Finance Awards 2022. According to the organizers, Global Banking and Finance review, the bank was presented the award after a comprehensive review and assessment of its intervention and provision of long-term financing support for small businesses across Nigeria. Dedicating the award to customers and staff of the bank, Managing…

Squad: The next generation payment solution for African merchants

Jun 3, 2022 topnews

When it comes to internet penetration and adoption of mobile payments, most African countries are still very much below the global average. Even where the internet penetration is improving, the mobile payments adoption rate is still low, meaning an overall lag. For instance, in Kenya where mobile payment adoption is most on the continent, only about 23.1% of the internet users actually use mobile payment methods. So, even though the internet infrastructure allows business owners access a wide market, mostly outside their location, sending and receiving payments with ease still…

EXCITEMENT IN SHAREHOLDERS’ CAMP AS FIRSTBANK SHEDS NPL BURDEN

May 31, 2022 topnews

With a significant cut in its impairment charges (which translates into a clean loan book) in its 1Q, 2022 results, after it successfully brought down its non-performing loan to 6.1 per cent in 2021 full year performance, analysts say the repeat of the impressive performance of FirstBank in the first quarter did not only show the consistency in its rebound, but that it demonstrated the fact that the recovery is real. For the shareholders of the Nigerian banking behemoth, First Bank of Nigeria Limited, it is a season of celebration…

GTCO Plc’s GTBank Maintains its Dominance in Financial Services at the Brand Africa 100: Africa’s Best Brands Awards

May 27, 2022 topnews

Guaranty Trust Bank Ltd (GTBank), the banking subsidiary of Guaranty Trust Holding Company Plc (GTCO Plc or the Group), emerged winner in four major categories at the 12th annual Brand Africa 100: Africa’s Best Brands 2022 rankings of the Top 100 Most Admired Brands in Africa. The award is an initiative by Brand Africa aimed at driving Africa’s competitiveness and creating a positive image through strong brands with GeoPoll, the world’s leading mobile surveying platform, and Kantar, a well-respected consumer insights and data analytics company, as key technical partners. In the…

FirstBank Bounces Back to its Leadership Position, Delivers a Fantastic Performance in 2021

May 27, 2022 topnews

As financial market analysts continue to digest the 2021 financial results of the FirstBank Limited, which they say reflect the return of the banking conglomerate to its leadership position, Festus Akanbi writes that the regime of strong fundamentals which the robust performance represents is in tandem with the ongoing restructuring being midwifed by the current board and management of the company The Nigerian investing community was held spellbound earlier in the week when FBN Holdings Plc released its much-awaited 2021 financial statements to the public, showing a stellar performance, especially…

FIRSTBANK REWARDS CUSTOMERS IN ITS FIRSTMOBILE CASH-OUT PROMO

May 22, 2022 topnews

In collaboration with Interswitch, FirstBank has launched a promo to reward users of the FirstMobile app, its industry-leading mobile banking application. The promo tagged FirstMobile Cash-out Promo will run for 3 months. The promo, which started on Monday, 21st March 2022 will end on Tuesday, 21st June 2022. Various prizes including, N1,000,000, N40,000, N10,000.00 cash prizes, N40,000 Airtime, LED Televisions, refrigerators, washing machines, air conditioning systems will be won in the course of the three months campaign. A minimum of two bills payment worth N1000 and five airtimes of at…