FirstBank disburses N58bn credit to female entrepreneurs, professionals

FirstBank disburses N58bn credit to female entrepreneurs, professionals

Nigeria’s oldest financial institution, First Bank of Nigeria Limited has disclosed that it gave out N58 billion in loans to female entrepreneurs and professionals in Nigeria in 2020.

Adesola Adeduntan, the chief executive officer of FirstBank stated this while speaking at the First Gem Annual Conference 4.0. on Wednesday, wheren he highlighted initiatives designed by the bank to encourage wealth creation and financial independence for women

Adeduntan stressed that support for business aspiration of the female gender is very paramount because of the economic impact of lingering Coronavirus pandemic which is significant and particularly affecting women the hardest.

According to him, a recent World Bank report shows that 2021 will bring an increase in extreme poverty with a minimum of 71 million people expected to fall below extreme poverty lines.

“The United Nations also estimates that at least 47 million more women and girls will fall below poverty lines this year with a minimum of 247 million women in extreme poverty because of Covid-19 pandemic. While responses to financial inequality have been well intentioned, it remains fragmented,” he said.

Adeduntan

As he noted that women are losing their livelihoods as they are more exposed to hard-hit economic sectors, the FirstBank boss emphasised the need to come up with financial products targeted at raising the female gender.

“It has become imperative to match the scale and urgency of this challenge with financial products that address the lifecycle financial needs of women.

“The products should holistically address the needs of women by providing them with integrated access to savings as well as short and long-term credit, capacity building, and wealth management advisory.

“This suite of products will improve the earning capacity and reduce poverty levels amongst the women folk, in the medium to long term. Success will be dependent on everyone playing a part,” according to him.

Adeduntan further noted that today, women not only own and control greater wealth than ever before, but they are also changing the direction of wealth management and the goals of wealth creation.

He said as a leading financial institution that inspires and empowers women to take charge of their financial future, FirstBank provides access to resources and interactive workshops and advisory that help women to make informed financial decisions and build wealth management competences.

He cited, for instance, that through tailored advice and planning, “our FirstGem products and services help you build financial confidence.”

What to Know about FirstGem

• In the last five years, our FirstGem initiative has served to foster the empowerment of women across the socio-economic strata with implementation across three pillars.
  • The FirstGem platform for women (access to leadership programs/ workshops/trainings on women empowerment, business skills on wealth management and investment plans)
  • Value proposition including capacity building, affordable finance, access to infrastructure, market visibility for women MSMEs
  • A strong commitment as a financial institution to support women by leveraging the Bank’s resources in developing unique and mutually rewarding solutions.

Adeduntan further said:

• Today, our work is more important and impactful than ever! A review of the performance of the FirstGem initiative shows the effectiveness of our efforts to elevate and empower the Nigerian woman.
• Empowering women via agent banking proposition is one of the outcomes of the FirstGem initiative. Across our agent banking network – the largest verified bank-led agent banking network in Nigeria- , we have about 24,500 female agents representing 28 per cent of the agents in our network. It gives us much joy to see that more women are embracing this proposition and getting empowered.
• The FirstGem Initiative takes an inclusive approach to empowering women to make confident and sound decisions with respect to their business, family, and future. Whether you are the primary financial decision maker, a partner or financially independent, the time is now to power your own financial success by being part of the FirstGem Initiative – Open a FirstGem account and join the FirstGem community!
• Finally, as we close out on the activities that celebrate women folks, this March, I would like to restate that, at FirstBank, we remain committed to providing products and services that will allow our female customers and employees to thrive and attain their maximum potentials in business and career. Let us work together to make 2021 count for women, everywhere!