By Springnewsng Media Limited | March 24, 2025

FirstBank has announced its commitment to disbursing over N1 trillion to small and medium-scale enterprises (SMEs) across Nigeria in 2025. This was revealed at the SME Scale Up event held in Lagos on Friday, where entrepreneurs from various industries gathered under the theme “Scale Up Your Business, Soar High.”

As a testament to its dedication to SMEs, FirstBank recently secured the Best SME Bank in Nigeria and Best SME Bank in Africa awards at the 2025 Asian Banker Awards for the second consecutive year.

SMEs: The Backbone of the Economy

Speaking at the event, FirstBank’s Managing Director/CEO, Olusegun Alebiosu, emphasized the vital role of SMEs in economic development.

“SMEs are the engine of growth in every economy. They create jobs, pay salaries, support families, and contribute to taxes. While big businesses exist, SMEs are the real drivers of employment, hiring fresh graduates, salespersons, and artisans. By supporting SMEs, we are directly boosting the economy,” he said.

Reaffirming FirstBank’s commitment to SMEs, Alebiosu noted:

“FirstBankhttp://FirstBank is deeply woven into the fabric of society. We take pride in championing SMEs and will continue to do so.”

SME Support Beyond Funding

Speaking to The PUNCH, FirstBank’s Head of SME Banking, Abiodun Famuyiwa, highlighted the significant contributions of SMEs to Nigeria’s economy.

“SMEs contribute about 48-49% to Nigeria’s GDP and employ nearly 80% of the workforce. Supporting them is crucial for economic stability,” he said.

Famuyiwa emphasized that FirstBank’s support extends beyond funding.

“Our SME Scale Up initiative focuses on providing business education alongside funding. Many SMEs struggle not just with finances but with business structure and sustainability. We want them to see their businesses as independent entities and manage finances wisely.”

FirstBank’s Growing Investment in SMEs

FirstBank remains the largest financier of SMEs in Nigeria.

• 2024 disbursement: Over N700bn
• 2025 target: Over N1tn

Last year alone, the bank disbursed:

• N100bn to market traders
• N74bn – N80bn to small-scale traders
• Additional funds to schools, pharmacies, and other SME sectors

Easy Access to Loans

One of FirstBank’s standout SME policies is its non-collateralised loan offerings with highly competitive interest rates.

“Most of these loans do not require collateral. We want to eliminate barriers to funding and empower entrepreneurs to scale their businesses efficiently,” Famuyiwa added.

With this bold investment, FirstBank continues to strengthen its position as a leading financial partner for SMEs, fostering economic growth and stability in Nigeria.