Recently, ThisDay newspaper published a story featuring Dr. Adesola Adeduntan, the Group Managing Director of First Bank of Nigeria Limited and it was not a surprising thing, especially for banks that have been “deliberate” about providing quality service to customers who choosed to be first. The Premier Bank in Africa coined “you first“ because they understood the phrase “what we live for.”
Dr. Adesola reiterates that FirstBank emphasises its commitment to various stakeholders, highlighting its Q3 2023 financial performance, including a 34% growth in the loan book to N4.6 trillion, profitability despite a challenging environment, and increased shareholder wealth.
During 2023, there were a plethora of challenging times. The market is unstable yet being the premier bank in Africa, awarding such an amount of money is nothing but a mond blowing effort and patriotic yet the bank pledges to be future-proof, offering top-notch products and services globally.
Key commitments include providing exceptional customer experiences, maximising shareholder returns, ensuring competitive benefits and a fulfilling career for employees, adhering to regulatory compliance, and contributing to communities as responsible corporate citizens. The bank’s loan book has notably increased by over N1 trillion, showcasing its dedication to the growth of the Nigerian economy.
In terms of SME financing, the bank goes beyond funding through its SMEConnect hub, offering business training, networking, and sector-specific lending products. Despite economic challenges, FirstBank reassures SME clients of continued support.
While actively supporting various sectors in the Nigerian economy beyond oil and gas, contributing to growth in manufacturing, services, telecommunications, construction, etc. In response to the African Continental Free Trade Area (AfCFTA) agreement, the bank recognises its potential to boost Africa’s income and alleviate poverty. With a vision to be “Africa’s Bank of First Choice,”
FirstBank takes measures to capitalise on AfCFTA opportunities. This includes conducting export training for customers, helping them identify markets, and establishing a robust payments/remittance proposition (First Global Transfer), to facilitate intra-African trade, aligning with AfCFTA’s Pan-African Payment and Settlement System (PAPSS), for seamless integration.
Addressing concerns about the largely US dollar-denominated nature of lending to the oil and gas sectors, FirstBank expresses confidence in its long-term commitment to the Nigerian market.
The bank notes a healthy client composition in the Oil & Gas portfolio, mitigating adverse effects from naira devaluation. Commitment to high-risk asset quality and collaboration with clients remain priorities for the bank.
Surprisingly, no one realises it until it is mentioned that First Bank pioneered agent banking in Nigeria with over 220,000 agents on its FirstMonie Agent Network, yet it aims to maintain its dominance by aligning with national developmental objectives and the Central Bank of Nigeria’s financial inclusion agenda.
With 1.4 billion transactions worth over NGN 32 trillion processed, the bank has significantly impacted economic activities across Nigeria’s 774 Local Government Areas.
Dr. Adesola Adeduntan reveals that they focus on strengthening their value propositions to agents, offering support through products like Agent Credit, expanding service offerings beyond basic transactions, and enhancing agent support structures for prompt issue resolution.
Adding that, FirstBank sees its FirstMonie agents as partners and is committed to making the necessary investments for a mutually beneficial partnership.
FirstBank has also transformed into a transaction-led institution, emphasising technology as a core aspect of its business rather than just an enabler. With over 90% of customer transactions occurring digitally, the bank prioritises building a world-class service organisation in its current strategic cycle.
Significant investments are made to overhaul IT architecture and infrastructure for platform availability and security.
Being the pioneering bank in Africa, it is investing in a tech academy to address the “Japa problem,” with the FirstBank Technology Academy. It addresses the shortage of skilled IT talents by providing bespoke training to graduates with STEM backgrounds.
This initiative aims to grow IT talent internally and contribute to the national supply. The bank recognises the pivotal role of technology in serving clients and commits to ongoing investments to ensure the security, availability, and relevance of digital assets.
The Graduate Trainees programme and other talent development initiatives focus on identifying and grooming individuals for future leadership roles. The bank, as an equal-opportunity employer, emphasises compelling employee value propositions and views its workforce as a key strategic advantage.
The 2015 internal recruitment policy has led to increased employee mobility, supported by programmes like job shadowing and mentoring initiatives.
FirstBank has invested in a world-class people management system to enhance visibility and efficiency in employee lifecycle management, with a trend towards reducing reliance on external hires.
FirstBank has introduced humanoid robots in branches, showcasing a commitment to tech-led banking. The Digital Xperience Centre (DXC), offers fully digitised banking with positive feedback, especially from retail customers. The DXC, present in Lagos, the University of Ibadan, and Wuse Abuja, is part of FirstBank’s tech-driven service strategy.
The bank assures that DXC complements employee roles, aiming to enhance productivity and empower staff for more complex tasks. The success has led to plans for further DXC rollouts across operating jurisdictions, reinforcing the bank’s embrace of modern technology in financial services delivery.
Successful people have an attitude and it is the fact that they are ready to put “you first“ in everything that they do. FirstBank has earned widespread recognition for its leadership in sustainability and commitment to environmental, social, and governance (ESG), best practices.
The bank has been singled out by various high-profile organizations for its efforts in Nigeria and across the African continent.
These include honours from Global Banking and Finance, International Business Magazine, Euromoney Market, Great Place to Work, and more. Through its actions and initiatives, FirstBank demonstrates that financial returns and responsible business practices go hand in hand.
The bank partners with its customers and communities to embed sustainability into its operations. FirstBank’s consistent visibility as an ESG trailblazer in Africa affirms its role as a responsible corporate citizen working to enable economic growth while safeguarding people and the planet.
Therefore, the elephant and its tusk logo company is truly the best among its contemporaries.
