Lagos, 31 January 2024 – FirstBank, Nigeria’s premier financial institution and financial
inclusion services provider, was announced as the Best Corporate Bank at the recent
prestigious Euromoney Awards for Excellence, Nigeria 2023.
The Bank clinched the coveted award based on its 130-year commitment to enabling its
corporate customers achieve success through relevant and tailored financial solutions.
FirstBank’s continuous investment in technology has been crucial to its leading industry role in
optimally meeting the needs of its corporate customers. Recent investments in technology
include the development of its smart and interactive Transaction Banking Platform known as
FirstDirect2.0.
FirstDirect2.0 provides a one-stop shop online banking platform for corporates, offering best-in-
class capabilities such as Payments, Collections, and Account Services, and a locally focused
phased implementation of Trade and Supply Chain Finance – a first for the Bank.
The platform offers customers various solutions for corporate cash management (Payments,
Collections and Liquidity Management). It will also deliver end-to-end trade solutions for
corporate clients covering L/C creation, tracking, bidding and reconciliations.
The Bank’s Corporate Banking model is focused on ensuring that its clients get the same quality
of service across the Bank’s geographical locations. The execution of this approach through the
deployment of the Global Account Management (GAM) Framework, implemented to enhance
cross-relationship management tailored to Customers with a Pan African footprint.
Dedicating the awards to its customers, Dr Adesola Adeduntan, CEO FirstBank Group said:
“We are thrilled to announce that we have been recognised as the Best Corporate Bank in
Nigeria at the Euromoney Awards for Excellence 2023.
“We say a heartfelt thank you to all our incredible customers for trusting us. This award is
dedicated to YOU,” he concluded.
According to Euromoney, the “Awards for Excellence” – is the definitive annual awards
programme of the global banking industry. The awards represent the highest distinction to the
banks and bankers who matter most in an industry where differentiation is highly sought after
and exceptionally difficult to demonstrate.”
“For over 30 years, Euromoney has recognised the banks and that have demonstrated their
differentiation, pioneering a comprehensive awards programme that today remains the industry
benchmark globally, it concluded.”
Amongst other awards, FirstBank recently added to its awards kitty, Best Corporate Bank
Western Africa, 2023, by Global Banking and Finance; Best Internet Banking in Nigeria, 2023 by
International Business Awards; the Most Innovative Banking Brand in Nigeria by Global Brands
Awards as well as the Financial Institution of the Year 2023 by Afreximbank Pan-African
Business and Development.
About FirstBank
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading
financial inclusion services provider in Nigeria for 130 years.
With over 800 business locations and over 232,000 Banking Agents spread across 99% of the
774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail
and Corporate financial services to serve its over 42 million Customers. The Bank has an
international presence with subsidiaries operating in 9 other countries. These subsidiaries are
FirstBank (UK) Limited in London and Paris, FirstBank in the Democratic Republic of Congo,
Guinea, Sierra Leone, The Gambia; FBNBank in Ghana and Senegal as well as a
Representative Office in Beijing, China. The Bank is at the forefront of promoting digital banking
in the country and has issued over 13 million cards, the first bank to achieve such a milestone.
FirstBank has continued to make significant investments in technology, innovation and
transformation, and its cashless transaction drive has been steadily accentuated with over 23
million active FirstBank customers signed up on digital channels including the USSD Quick
Banking service through the nationally renowned *894# Banking code.
FirstBank’s commitment to Diversity is shown in its policies, partnerships and initiatives, such as
its employees’ ratio of female to male (39%:61%); and 32% women in management), as well as
the FirstBank Women Network, an initiative that seeks to address the gender gap and increase
the participation of women at all levels within the organization.
In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy
that is consistent with UN Women’s Women Empowerment’s Principles – Equal Opportunity,
Inclusion, and Nondiscrimination.
Since its establishment in 1894, FirstBank has consistently built relationships with customers
focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk
management and leadership. Over the years, the Bank has led the financing of private
investment in infrastructure development in the Nigerian economy by playing key roles in the
Federal Government’s privatisation and commercialisation schemes. With its global reach,
FirstBank provides prospective investors Investors wishing to explore the vast business
opportunities available in Nigeria an internationally competitive world-class brand and a credible
financial partner.
For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in
Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and
“Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker
International Excellence in Retail Financial Services Awards.
Notably, in 2022, the Bank took a long stride on its growth trajectory with the Bank’s Viability
and Long-Term Issuer Default Ratings upgraded to ‘B’ from ‘B-‘ (with Outlooks Stable) by Fitch,
a leading global rating agency. This is an indication of the Bank’s strong internal capital
generation and the corresponding recession of its risks to capitalisation. Fitch also upgraded the
Bank’s National Long-Term Ratings to ‘A (nga)’ from ‘BBB (nga)’, to reflect its improved
creditworthiness relative to that of other issuers in Nigeria. Furthermore, the Top 100 African
Bank Rankings 2022 released by The Banker Magazine revealed FirstBank’s ranking as
number one in Nigeria in terms of Overall Performance, Profitability, Efficiency and Return on
Risk.
Other laudable feats in 2022 include FirstBank’s international recognition on major indices by
Euromoney Market Leaders, an independent global assessment of the leading financial service
providers where FirstBank was crowned:
Market Leader: (tier-1 recognition) in Corporate and Social Responsibility (CSR),
Market Leader: (tier -1 recognition) Environmental, Social and Governance (ESG),
Highly Regarded: in Corporate Banking and Digital Solutions,
Notable: in SME Banking.
Also, in 2022 International Finance Magazine named the Bank “Most Innovative Banking
Product in Nigeria” and “Best Retail Bank in Nigeria”. FirstBank was also awarded “Best
Corporate Banking Western Africa, 2022” and “Best CSR Bank Western Africa, 2022’’ by Global
Banking and Finance Magazine. Other notable awards in FirstBank coffers include: “Best Bank
in Nigeria” by Global Finance Magazine – fifteen times in a row; “Best Private Bank in Nigeria-
2021” awarded by Global Finance magazine; “Best Internet Banking Nigeria” and ‘’Best CSR
Bank Africa’’ by International Business Magazine.
In 2023, FirstBank received notable awards including “Best Private Bank for Sustainable
Investing in Africa 2023” by Global Finance Awards; “Best Sustainable Bank in Nigeria 2023” by
International Investors Awards; “Best Bespoke Banking Services in Nigeria 2023” by
International Investors Awards; “Best Financial Inclusion Service Provider in Nigeria 2023” by
Digital Banker Africa; and “African Bank of the Year” by African Leadership Magazine.
Our vision is ‘To be Africa’s Bank of first choice’ and our mission is ‘To remain true to our name
by providing the best financial services possible’. This commitment is anchored on our core
values of EPIC – Entrepreneurship, Professionalism, Innovation and Customer-Centricity. Our
strategic ambition is ‘To deliver accelerated growth in profitability through customer-led
innovation and disciplined execution’ and our brand promise is always to deliver the ultimate
“gold standard” of value and excellence to position You First in every respect.
Folake Ani-Mumuney
Group Head, Marketing & Corporate Communications
First Bank of Nigeria Limited
