KPMG SME Report: Firstbank Named Biggest Mover In 2019

Wednesday, January 08, 2020 / 07:35 PM / By Collins Nweze / Header Image:FirstBank

Capitalis crucial in driving sustainable Small and Medium Enterprises' (SMEs') growthand uplifting the economy. First Bank of Nigeria Limited, as part of the launchof its specialised SMEs' propositions, has continually supported SMEs throughdiverse initiatives. The bank says its support for SMEs is in line with theCentral Bank of Nigeria's directive on improved funding for SMEs to ensureeconomic growth and development.

Theeconomies of great nations thrive on the strength and performance of Small andMedium Enterprises (SMEs) seen as engine of growth.

ForNigeria, the Central Bank (CBN) defines SMEs as enterprises with asset base(excluding land) of between N5 million and N500 million and labour force of 11and 300 people.

Thebenefits of funding SMEs have attracted many banks with eye on the future toinvest and support SMEs in the interest of the economy.

ForSMEs to achieve these goals, operators' easy access to credit must bepromoted.

FirstBank of Nigeria Limited is one of the banks that is investing and supportingSMEs. Following research by the bank over the years, it identified theseseven strategic pillars that are essential to the sustainability and growth ofthe SMEs.

Theseinclude access to infrastructure, access to talent, capacity building, policyand regulation, access to resources, access to market as well as access tofinance.

Thebank has also held its SMEs' Week in Lagos, Abuja, Port Harcourt, Ibadan, Kanoand Owerri. The week-long event was rounded off with a live webinar,facilitated by Gbenga Shobo, the bank's Deputy Managing Director.

Accordingto Shobo, "FirstBank has, over the years, been at the forefront of supportingbusinesses, especially the SMEs, as we recognise that the SMEs are the engineof the economy.

Weare committed to ensuring that we leave no stone unturned as we connect withthem in their continued contribution to national development in terms of theemployment opportunities they create as well as their contribution to thenation's GDP amongst many economic values.

"TheFirstBank SME Week is driven to promote the Bank's SME proposition, therebyhaving SMEs across the country optimally enlightened on how to plug in. Webelieve this will help SMEs bolster their contribution to the growth anddevelopment of the economy."

The2019 Nigeria banking industry customer experience survey report recentlypublished by KPMG Nigeria showed that in the retail segment, the top twoperformers have remained the same for the fourth consecutive year.

GTBank,Zenith Bank are top-rated bank in the 2019 ranking. Sterling Bank, FirstBankand UBA are the biggest movers in 2019, coming in third, fifth and seventhplaces.

Commitment to Fashion and Entrepreneurship

FirstBanksponsored the Sixth Africa Fashion Week, which held last December in Lagos.

Theevent themed "Africa Unites" was a convergence of fashion entrepreneurs andthe public to promote the creativity and innovation of Nigerian andAfrican brands through worldwide visibility, distribution and manufacturing.

Dignitariesat the event include wives of the Ekiti, Ogun and Kwara state governors, MrsBisi Adeleye-Fayemi, Mrs Bamidele Abiodun and Mrs Folake Abdulrazaq. The Ooniof Ife, Oba Adeyeye Enitan Ogunwusi; former Director-General of Nigerian TourismDevelopment Corporation,Mrs Omotayo Omotosho; television presenter and model,Idia Aisen; model and beauty influencer, Whitney Madueke were also there.FirstBank was represented by Helen Ogboh, Business Manager, Corporate Banking.

Speakingon FirstBank's sponsorship of the event, the Bank's Group Head, Marketing &Corporate Communications, Folake Ani-Mumuney, said: "We are pleased to identifywith Africa Fashion Week Nigeria as it showcases creativity by African fashiondesigners to the teeming public, leading players and enthusiasts of Africanfashion while promoting their contribution to the growth of the fashionindustry.

"Wewill continue to drive advocacy for this as it can create jobs that will deepenopportunities for the revival of our textile industry resulting in SMEs' growthalong the value chains especially, with the growing demand in the fashionindustry."

Recently,the bank promoted the use of local fabrics with a 'What If' campaign tocommemorate the country's Independence. It ran across the social mediachannels, Twitter, Instagram and Facebook, focusing on the creativity of sewinglocal fabrics as a national symbol vis-a-vis our outfits, clothing accessories,household furniture, in line with the bank's celebratory 125th Anniversary,themed, "Woven into the Fabric of Society".

Ani-Mumuneysaid the bank would continue to empower the society, including the support forsmall businesses and promotion of the growth of the entertainment industry.

Also,on the list of fashion sponsorship credentials of the Bank is the Fashion Souk,as well as Street Souk organized in partnership with Eventful Limited.Ani-Mumuney said "Street Souk was designed to encourage the youth to channeltheir talents to genres as music, arts and fashion. It's a platform thatidentifies opportunities, which promote the innovative spirit in youngsters.

Shenoted that Street Souk was tied to the FirstBank's initiative to empower thesociety, including small business owners. According to her, the initiativeis also tied to the promotion of the entertainment industry.

ManagerXIIG Glover, a merchant at the Street Souk, Mr Obembe Abiola, said he was happyto be part of last year's (2019) street trading.

"Weare here to showcase what we also have as a brand which is African made and toreach out to people to know about the brand. Last year (in 2018), we were alsohere and it was a great time out to meet up with new clients, customers and tomeet up with other brands and this year is a lot more better than last year. Weare large in number, new faces and everything is going on fine," Abiola said.He commended FirstBank for organising the event aimed at encouragingentrepreneurship.

Also,Creative Director, Dmf Designs & Shopwith5k, Adebayo Bankole, aparticipant, said she was glad to showcase her brand to people. "I have finallyfound my target audience here, people that are interested in street Soukculture in Nigeria. They are my target audience," Bankole said.

Shestated that sales had been very amazing and that it was worth-while being partof this year's Street Souk.

"Ireally appreciate the fact that FirstBank is doing this because most banks gofor ankara or made-in-Nigeria but this is promoting a different culture inNigeria. Street trading is not common in Nigeria, the fact that FirstBank isable to support the promotion of street Souk in Nigeria is amazing," Bankoleadded.

Thebank also said it would remain committed to the Federal Government'sdiversification drive with the development of agricultural value chain to boostemployment.

FirstBank'sChairman, Mrs Ibukun Awosika, stated this at last year's edition of "FoodSouk", an event the Bank convened in partnership with Eventful Limited, anevents management firm.

MrsAwosika said the bank would continue to support the agricultural value chainfrom production to consumption to create opportunities for SMEs in the foodsector to create job opportunities. "As you have noticed, we have been doing achain of Souks with Eventful. It is critical for the economy of the nation thatwe encourage the SMEs sector across different industries," she said.

Accordingto her, the Food Souk was introduced to diversify the economy throughagricultural development. "When we have 200 million people, food is bigbusiness because everybody will eat. So, what we are trying to do is in supportof the nation's building. We are seeking to encourage small, medium and bigenterprises in different sectors of the economy.

"Oneis to help create jobs because if we think that 65 per cent of our populationis made up of people under 40 years and the highest unemployment rate is withinthe segment that is between 20 and 35, so you need to create jobs.

"Butyou will only create jobs when you create entrepreneurs, as we create morebusinesses you are creating job opportunities," Mrs Awosika said.

Sheadded that the bank's focused on the growth of the economy with the hope itwould benefit from it as a provider of financial services. "As we grow theeconomy, as we build lives of Nigerians, as we support the government'sinvestment in the diversification of the economy and help to create jobsthrough the enterprises we will ultimately benefit," Mrs Awosika stated.

TheChairman said FirstBank, the largest retail bank in the country, would continueto support growth and development of SMEs. "A lot of big businesses of todaythat grew in Nigeria are businesses we supported from scratch. "We are startingwith different generations of new businesses and events like this help you tosee the trends. It helps you to see the companies that need nurturing.

"Ithelps you to see the companies that you can support. It also gives youinformation about how you can best support them and engage them in theirterrain to see businesses and understand their feelings to create the kind ofproduct that will support their businesses," Mrs Awosika said.

Afood vendor, Ms Ijeoma Ebeneme, the Chief Executive Officer, JEM N Iris,commended FirstBank for putting the event together. Ebeneme said she was at thefair to make profit, meet new clients as well as create the needed publicityfor her brand. Food Souk, formerly known as Fiesta of Flavours, is a food andwine fair, that holds yearly at Harbour Point in Victoria Island, Lagos, sinceits premier edition in 2015.

Thefun food and beverage fair hosted by Eventful and sponsored by FirstBankprovides an avenue for attendees to experience the entertainment, art andbusiness of food. It showcases the best in local and international cuisine,cutting-edge food technology and cooking techniques, and the best beverages,wines and spirits the world offers. It provides management and trainingseminars, food demonstrations and performances.