The award was bestowed on FirstBank in recognition of the Bank’s role in promoting trade and investment
endeavours across the continent.
With its subsidiaries across the FirstBank Group, FirstBank has continued to play a leading role in boosting
cross-border businesses, including trade and investment opportunities, essential to enhancing trade
relations amongst countries.
In 2021, the Bank launched its First Global Transfer (FGT) initiative, specifically designed to ensure safe,
timely and improved efficiency in the transfer of funds across the network of FirstBank subsidiaries in Africa.
First Bank of Nigeria Limited, Nigeria’s premier banking institution and leading financial inclusion
services provider, has won the Financial Institution of the Year Award at the African Export-
Import Bank (Afreximbank) Pan African Business and Development Awards. The ceremony
marked the 30th anniversary of Afreximbank as it hosted the inaugural Pan-African Business
and Development Awards in association with the Business Council for Africa (BCA), in Accra,
Ghana.
The award bestowed on FirstBank is in recognition of the Bank as an epitome of the Pan-
African spirit through its leading role in promoting trade and investment across the continent
which have been instrumental to strengthening the economic and multilateral business
relationship across nations.
Amongst its role in facilitating transactions across borders, in 2021, the Bank launched its First
Global Transfer (FGT) initiative, specifically designed to ensure safe, timely and improved
efficiency in the transfer of funds across the network of FirstBank subsidiaries in Africa. The
FGT is not restricted to FirstBank Group’s Customers alone but it is also open to every
individual resident in the country the funds transfer is originating from.
Speaking on the awards, Dr. Adesola Adeduntan, CEO, FirstBank said: “We thank the
organisers of the event (Afreximbank, BCA) for the recognition as it reinforces our commitment
to promoting trade, finance and investment opportunities across borders which have been
instrumental to the continued growth and development of the continent and the world. On behalf
of the Board and Management, this award is dedicated to all employees at the FirstBank Group
for their diligence and hardwork as well as to our esteemed customers for their loyalty and
patronage in over 129 years of existence’’ he concluded.
Also commenting on the awards, Prof. Benedict Oramah, President and Chairman of the Board,
who has been at the Bank for over 29 years said: “Tonight we are recognising outstanding
leaders and institutions. Having joined the Bank in 1994, I have been fortunate to have worked
with many of them… At Afreximbank, contributing to Africa’s development is a lifetime vocation,
as I know it is for all those that we have recognised tonight.”
In recognising these leaders and institutions, Arnold Ekpe, chair of the BCA and former Group
CEO of Ecobank, said: “Too often our business leaders do not get the praise they deserve.
Succeeding in business on the continent is not always easy, but it is rewarding and more
importantly it is possible to build strong, profitable businesses that are globally competitive. Our
winners tonight have demonstrated this.”
FirstBank has consistently been recognised by reputable global organisations for its steady
outstanding performance and amongst the streak of recent wins is the award for Best Financial
Inclusion Service Provider Nigeria 2023 by Digital Banker Africa as well as Best Private Bank for
Sustainable Investing in Africa by Global Finance.
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 129 years.
With over 800 business locations and over 200,000 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 41 million customer accounts (including digital
wallets) in Nigeria and over 700,000 customer accounts outside the country. 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 Gambia, FirstBank Sierra-Leone,
FirstBank in the Republic of Congo, FBNBank in Ghana, FBNBank in Guinea, FBNBank in
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 12 million cards, the first bank to
achieve such a milestone. FirstBank’s cashless transaction drive extends to having more than
12 million people on its USSD Quick Banking service through the nationally renowned *894#
Banking code and over 4.5 million people on the FirstMobile platform. It is, by far, the leader in
the number of digital transactions per minute across multiple channels.
FirstBank’s commitment to Diversity is shown in its policies, partnerships and initiatives, such as
its employees’ ratio of female to male (about 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 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 recognitions 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 has 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
