FirstBank Secures N41.5 Billion Partnership to Boost Women Entrepreneurs, SMEs in Nigeria

• Frist Bank Nigeria is partnering with a UK financial group to roll out about N41.5 billion credit facility for entrepreneurs in Nigeria
• The bank says about N12.5 billion will be given to women entrepreneurs and women-led businesses in Nigeria
• The UK group, CDC says it will collaborate with First Bank to drive financial inclusion to the rural and urban dwellers in Nigeria

First Bank Nigeria Limited has announced a partnership with the UK government’s development finance institution, CDC Group to secure a N41.5 billion facility.

The bank said the facility will channel funding to women-owned and led businesses and also local Small and Medium-sized enterprises in Nigeria.

A promise to deliver financial inclusion across Nigeria

A statement by the bank said the partnership will support the bank to deliver financial solutions that aid to address the difficulties of limited access to finance faced by the underbanked and financially excluded members of the society in Nigeria.

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The new investment will see the bank chunk about N12.5 billion credit facility to women entrepreneurs. It will also support the bank’s ‘FirstGem’ gender-centric service offering that seeks to boost gender inclusion by improving lending to women business founders.

The partnership with the UK group will be renamed British International Investment starting from April and the Nigerian bank says it has a shared vision to stimulate growth in the country.

First Bank promises to pull in the underbanked into the net

According to First Bank, CDC’s promise will bolster an extended offer by First Bank to its customer base, which will rev up financial inclusion as well as the 59 million financially marginalised members of the society and enable them to participate in the formal economy.

CDC’s CEO, Nick O’Donohoe said enabling financial inclusion is an important aspect for growing sweeping productive and enduring growth in the rural and urban areas in Nigeria.

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First Bank’s CEO, Adesola Adedutan said that apart from the mutual benefits, the partnership gives both organisations the opportunity to contribute to sustainable and inclusive growth in Nigeria.

Femi Otedola, First Bank owner, makes N400m in one day

Legit.ng has reported that billionaire businessman, Femi Otedola became N400 million richer in a single day, thanks to his majority shares in First Bank Holding Limited.

Otedola gained the amount in a single session on the Nigerian Exchange Limited, as investors rallied up top banks’ shares after the trading day.

The serial investor and Chairman of Geredu Power Plant currently holds the majority stake in First Bank Holdings Plc. His shares in the top Nigerian bank stands at 2.7 billion in total shareholding which represents 21o billion in direct holdings and 2.5 billion issued shares of the company.

Source: Legit.ng