First Bank of Nigeria Limited has announced its SME-specific accounts which it stated was designed to reinforce the bank’s role in putting operators of such businesses at advantage, whilst contributing to national growth and development.
According to a statement from the bank, the SME accounts – which are in two variants – FirstSME Classic and FirstSME Deluxe – are offered to SMEs, irrespective of industry, and tailored to have SMEs exposed to a wide range of services and opportunities that are essential for their continued growth and role in contributing to national development.
It stated that the features of the accounts include: access to Temporary OverDrafts (TODs) and other facilities subject to meeting Risk Adjustment Capital (RAC) of each product; immediate enrollment on all digital platform; free access to FirstBank SME events; free access to extensive business promotional and networking opportunities on the SMEConnect portal; access to a wide range of discounted and promotional offers.
Furthermore, the bank pointed out that amongst the many opportunities available to holders of FirstSME account is its SMEConnect initiative, which is a platform through which SMEs access its propositions that would equip them with the essential tools needed for the growth of their business.
“The SMEConnect portal is also designed to help SMEs identify various gaps that hinder their business growth.
“With FirstBank’s over 126 years of impacting the economy, the bank’s SME innovative Business Diagnostics Tool will also help proffer tailored solutions, whilst creating avenues for business improvement, profitability and sustainability.
“Following extensive research by the bank, seven strategic pillars have been considered essential for the sustainability and growth of SMEs.
The seven pillars – connect to infrastructure, connect to talent, capacity building, connect to policy and regulation, connect to resources, connect to market as well as connect to finance,” it explained.
According to the Chief Executive Officer of FirstBank, Dr. Adesola Adeduntan, “FirstBank is delighted to unlock several opportunities for SMEs to thrive. Our FirstSME account is one of the numerous opportunities designed to empower SMEs to continually drive impact as the backbone and contributors to employment and economic growth.
“Being woven into the fabric of the society for close to 127 years means that we remain at the forefront of providing the desired financial products and services to fit the needs unique to the SMEs as well as facilitating the requisite tools and resources to efficiently and effectively drive business sustainability and expansion strategies essential to taking SMEs to the next level’’