Asian Awards: First Bank leads the pack in SME banking across Nigeria, Africa

*First Bank of Nigeria Limited, a major financial institution, is crowned the Best SME Bank in the country, and Best SME Bank in Africa, at the recent 2025 Asian Bankers Awards for the second year running

Isola Moses | ConsumerConnect

First Bank of Nigeria (FBN) Limited has solidified its reputation as a leader in the banking industry in the West African country.

The leading financial institution was recently crowned the Best SME Bank in Nigeria and the Best SME Bank in Africa at the 2025 Asian Bankers Awards for the second year running.

ConsumerConnect reports the Asian Banker Global Excellence in Retail Finance Awards are renowned for their rigour, prestige and transparency, celebrating excellence across financial services, technology, risk management and transaction finance.

It is noted that the prestigious recognitions have reaffirmed FirstBank’s unwavering commitment to Small and Medium Enterprises (SMEs) industry, a sector that serves as the backbone of the Nigerian cum Africa’s economy.

The FBN, for over a century, has been instrumental in Nigeria’s financial evolution, pioneering innovative banking solutions and fostering economic growth.

According to the organisers, the awards underscore the efficacy of the bank’s strategic focus on empowering SMEs through tailored support programmes and an inclusive economic environment where small/medium businesses can thrive and also grow to compete globally.

In clinching the Awards, FirstBank stands among its competitors across the continent because of its several key initiatives, which have effectively transformed the SME banking landscape in all the countries where the bank operates.

Some of the Bank’s Tailored Financial Solutions include customised loans and flexible credit facilities to cater to SMEs at various growth stages.

From microloans for startups to large-scale funding for expanding businesses, FirstBank has ensured that small businesses have access to the capital they need to thrive.

The bank’s SMEConnect platform, a digital hub that provides SMEs with access to financial resources, business advisory services, and networking opportunities, has been a game-changer. This initiative is said to have supported thousands of entrepreneurs to navigate challenges and scale their operations effectively.

Aside from financial support, FirstBank has equally invested in entrepreneurship training programmes to equip SMEs with knowledge in financial literacy, business management, and technology adoption. Partnerships with organisations like the International Finance Corporation (IFC) and the Nigerian government have further strengthened these initiatives.

Women-Led and Youth Entrepreneurship Support is another tool which the Bank has deployed to its benefit.

By recognising the role of women in economic development, the Bank has a dedicated product – FirstGem, which provides financial support to women entrepreneurs.

The Retail Temporary Overdraft (RTOD) product is tailored to SMEs, to provide financial support for their businesses.

These strategic efforts have set FirstBank apart, positioning it as the ‘go-to’ financial partner for SMEs across Africa, a report noted.

The recognition of FirstBank as the Best SME Bank in Nigeria is not just a win for the Bank but also for the entire Nigerian economy, according to report.

It is noted that SMEs account for over 90 percent of businesses in Nigeria, as they contribute significantly to employment and the country’s Gross Domestic Product (GDP).

By providing robust financial solutions and business support, FirstBank is fostering job creation, innovation, and sustainable economic growth, report said.

With access to better funding, training, and technology, more SMEs can scale their operations beyond local markets and compete on the global stage.

This award also highlights Nigeria’s potential as a hub for entrepreneurship and business expansion.

FirstBank’s achievement is expected to set a new benchmark for banking excellence in Africa.

This award serves as both recognition of past efforts and a call to push boundaries further in supporting African businesses.

For small business owners, aspiring entrepreneurs, and the Nigerian economy, FirstBank’s success story is a beacon of hope, proving that with the right financial backing, the possibilities are limitless for the average businesses.

For the African continent, First Bank of Nigeria Limited’s win at the Asian Banker Awards for Excellence in Retail Finance Global Award 2025 marks a significant milestone in African banking history.

It showcases the Bank’s relentless commitment to empowering SMEs, driving digital transformation, and fostering economic prosperity across the continent.