First Bank raises the bar for SMEs

Small and Medium Scale Enterprises (SMEs) are considered pivotal to national development, however, to what extent do they play  this role in ensuring the sustainable economic growth of the nation, especially at a time when the Nigerian government is looking to diversify its income stream. Presently, there are many SME entrepreneurs with a myriad of unaccomplished aspirations and deflated business goals

First Bank of Nigeria Limited, Nigeria’s most valuable bank brand has over the years demonstrated an unwavering commitment to the business success of SMEs in Nigeria. The Bank has a cocktail of products and bespoke solutions, specifically designed to help grow and sustain SMEs; enable them play out their business scripts as well as fulfil their goals and aspirations. In addition, the Bank offers advisory services that are tailored to meet the needs and aspirations of their SME customers.

First Bank is enthusiastic about the SME segment as one of the strategic platforms to stimulate economic development.Some of the Bank’s SME products include: Contract and Invoice Discounting Finance – This enables the SME seamlessly fund bigger contracts. The product is designed to finance contractors who need immediate funding for working capital requirements while awaiting payment for goods/services supplied or contracts executed for reputable companies.

The Import and Export Finance is another product that helps the customer finance imports and exports as well as track all transactions. The Import Finance Facility would provide a structured and controllable mechanism through which the Bank may provide finance to trading companies to support the importation of goods. First Bank also uses the Payments and Collections Solutions to facilitate effective money collection from distributors and customers of SMEs. With these solutions, 3rd party payments can now be made with ease. The Key Distributorship Finance is another vital product designed to ensure SMEs never run out of stock as well as the timely execution of all customer orders.

With a bouquet of bespoke products and services, First Bank is set to place SMEs ahead of their competition through collaborations with the business owners to provide flexible and dependable services, helping each SME fulfil life time dreams for their businesses.

According to the First Bank’s spokesperson, Folake Ani-Mumuney, the Bank is committed to supporting its customers with customised products and services designed to ensure a continuous success story for every SME.

First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, is Nigeria’s leading financial services institution by total assets and gross earnings and one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa). Since its establishment in 1894, the Bank has consistently built relationships with customers focusing on fundamentals of good corporate governance, strong liquidity, risk management and strong capitalization.