FirstBank Reiterates Commitment to SMEs

FirstBank of Nigeria Limited has expressed its desire to continue to support small and medium scale enterprises (SMEs) in the country.

Speaking at the FirstBank SMEConnect Business Clinic in Lagos, yesterday, the Group Head, Lagos Island 1, First Bank of Nigeria Limited, Olufunke Smith, said the bank’s SME proposition was based on seven pillars that would connect SMEs to- capacity building (such as this business clinic), market, infrastructure, talent for business development, policy and regulation, finance and resources.

She stated that the business clinic provides an opportunity for SMEs to understand how to develop their business plans and run their business.

According to her, “Building the capacity of SMEs is an ongoing process. SMEs is the engine of growth of any society, at First Bank it is our responsibility to bring them onboard through support, knowledge sharing, and advisory in order for them to add value to the society.

“The SMEs attending the clinics today have gone through a selection process and it is the first of 2020, there will be more clinics to be held in the course of the year. “SMEs are the bedrock of economic growth of any society. It is when you have functional SMEs that the country can grow.

“It is noteworthy to mention here that SMEs are great employers of labour. When you have viable SMEs they provide various services and innovations that traditional corporations may not provide. They disrupt and come with various solutions to address complex business challenges especially with the aid of technology.

“This clinic is part of giving back to society to ensure we continue to develop SMEs in whatever role we can.

“FirstBank has recognised that for it to serve SMEs adequately there is a need to offer more than traditional banking services. We know that connecting SMEs to the right information and business tools can save turnaround time, cost and give them a competitive edge in the sector that they operate.

“It is on this knowledge that we have created value propositions for SMEs that cover financial and non-financial services.