FirstBank introduces easier access to credit by SMEs

FirstBank of Nigeria Limited has come up with innovative products to enhance the growth of businesses of Small and Medium Enterprises (SMEs) including psychometric taste for easier access to finance without collateral.

This was made known at the bank’s media product fair in Lagos which is an avenue for the bank to display its various products and services.

“We want to start giving financial access to SMEs without a need of them providing collaterals. What you need to do is just to pass our psychometric test, and as soon as you have done that, you can actually access as much as you want base on the capacity of your businesses,” Babatunde Lasaki, head, media & external relations, who represented Folake Ani-Mumuney, head, marketing and corporate communication, said at the event, adding that the bank was consistently innovating to satisfy the needs of its customers.

“Today we have some products we want to tell you about, give you insight into some of these products and how they relate to our customers,” he said.

The range of products unveiled by the bank at the event include SME segment plan, 3AL.com powered by FirstBank, consumer banking, payments and collection, and wholesale banking.

Making a presentation on 3AL.com, Oluseye Olowookere, product manager, virtual banking, e-Business Group, said 3AL Portal was a self-service tool which enabled businesses to set up their online store, upload their products and interact with potential consumers.

The benefits of this product to SMEs include: creating online visibility for businesses at no extra cost, facilitating access to market for products, providing an opportunity to interact with buyers and potential clients from all locations in Nigeria and globally, reducing cost of doing business since customers can order for goods without visiting business location, and increasing reach and sales turnover.

Oluwafemi Akinfolarin, segment manager, retail banking (South), outlined major SME initiatives in 2014 to include: launching capacity development initiative, increase banking relationship with specific industries like healthcare, entertainment, online commerce, among others, increase product sales per customer for the segment, strengthen the bank’s differentiated services offerings to these customers, and to grow SME loans & CASA.

HOPE MOSES-ASHIKE