UNGA ‘79th:ALEBIOSU REITERATES THE POSITIVE ROLE OF FINANCIAL INCLUSION IN POVERTY ERADICATION

In an exclusive interview with Arise TV on the sidelines of the 79th United Nations General Assembly in New York, the CEO of FirstBank, the premier West African financial institution and financial inclusion service provider, Olusegun Alebiosu highlighted poverty eradication as a pressing concern that should keep international leaders up at night. Alongside poverty, climate change and gender inequality are equally pressing issues that demand attention and action. 

Alebiosu stressed that poverty, in all its forms, stems from lack of access and resources. He highlighted that finance is the most critical factor in combating poverty in the 21st century. "The easiest way to get out of poverty is access to finance," he noted.

Some of the important discussion topics during the UN Global Compact Leaders’ Summit according to Alebiosu included innovative financing, sustainable financing, and the impact of artificial intelligence on humanity. He stressed the critical need to develop human resources to tackle the widening economic gap between developed and developing nations. This emphasis on human resource development echoes the United Nations' focus on sustainable development and equality, particularly in areas such as gender equality, climate action, and living wages.

As a financial expert in Nigeria and Africa, Alebiosu has identified financial inclusion as a key area for FirstBank to address in supporting poverty alleviation under the sustainable development goals. FirstBank considers financial inclusion a central part of its business strategy, resulting in the extension of over N36 billion in loans to women in 2023 and the development of a gender market strategy to strengthen the Bank’s women portfolio. Alebiosu highlighted FirstBank's extensive Firstmonie agents’ network in Nigeria, which surpassed 232,000 in 2023, with over 55,000 of the agents being women who continue to offer financial services in their communities as a testament to the power of financing in advancing economic interests and promoting economic development.

Concluding, Alebiosu expressed his vision for the future and said “FirstBank will further be entrenched into the fabric of the society, earning a place in the hearts and minds of Nigerians as a Giant advocate for economic development in Nigeria and Africa as a whole.”

The UN Global Compact Leaders' Summit is an annual day-long conference that empowers private sector leaders to drive sustainable development and advance the 2030 Agenda. The event provides a unique platform for business leaders, UN officials, government leaders, SDG stakeholders, and civil society professionals to converge and explore innovative solutions with actionable insights. This year’s edition held in New York, on Tuesday September 24, 2024

About FirstBank

First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West Africa, a leading financial inclusion services provider in Africa, and a digital banking giant.

FirstBank’s international footprints cut across three continents ─ Africa, Europe and Asia, with FirstBank UK Limited in London and Paris; FirstBank in The Democratic Republic of Congo, Ghana, The Gambia, Guinea and Sierra Leone; FBNBank in Senegal; and a FirstBank Representative Office in Beijing, China. All the subsidiary banks are fully registered by their respective Central Banks to provide full banking services.

Besides providing domestic banking services, the subsidiaries also engage in international cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the representative offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other African countries.

For over 130 years, FirstBank has built an outstanding reputation for solid relationships, good corporate governance, and a strong liquidity position, and has been at the forefront of promoting digital payment in the country with over 13 million cards issued to customers (the first bank to achieve such a milestone in Nigeria). FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with virtually 23 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.

With over 42 million customer accounts (including digital wallets) spread across Nigeria, UK and sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale financial services through more than 820 business offices and over 243,400 agent locations spread across 772 out of the 774 Local Government Areas in Nigeria.

In addition to banking solutions and services, FirstBank provides pension fund custody services in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated services through First Nominees Nigeria Limited.

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 organisation. 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 (WEPs) ─ Equal Opportunity, Inclusion, and Non-discrimination.

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.

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; ’’Best Corporate Bank in Nigeria 2023’’ by Euromoney Awards and ‘’Most Innovative Banking Brand - Nigeria 2023’’ by Global Brands Award.

Significantly, FirstBank’s Global Credit Rating was A+ with a positive outlook while ratings by Fitch and Standard & Poor’s were A (nga) and ngBBB+ respectively both with Stable outlooks as at September 2023. FirstBank maintained the same level of international credit ratings as the sovereign; a milestone that was achieved in 2022 for the first time since 2015.

FirstBank continued to gain wide acclaim on the global stage with several international awards and recognitions received so far in 2024. Some of these include Nigeria’s Best Bank for ESG 2024 and Nigeria’s Best Bank for Corporates 2024 both awarded by Euromoney Awards for Excellence; Best SME Bank in Africa and in Nigeria by The Asian Banker Global Awards; Best Private Bank in Nigeria and Best Private Bank for Sustainable Investing in Africa by Global Finance Awards; Best Corporate Bank in Nigeria 2024, Best CSR Bank in Nigeria 2024, Best Retail Bank in Nigeria 2024, Best SME Bank in Nigeria 2024 and Best Private Bank in Nigeria 2024 all awarded by the Global Banking and Finance Awards.

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.