FirstGem 4.0: First Bank Explains Why It Disburses N58b to Female Entrepreneurs in 2020, Commits to Empowering More Women

FirstGem 4.0: First Bank Explains Why It Disburses N58b to Female Entrepreneurs in 2020, Commits to Empowering More Women

FirstGem: Nigeria’s financial powerhouse, First Bank Limited has restated the strategic role of Nigerian female entrepreneurs in unlocking potentials and enhancing the economic development of the nation, hence the bank’s resolve to consistently empower women through its FirstGem account initiative.

The bank further disclosed that this informs why it disbursed a total of N58 billion to female-owned businesses in 2020 and continues to empower Nigerian female entrepreneurs through FirstGem, an account designed specifically to meet the needs of women, aged 18 years and above.

The Chief Executive Officer First Bank Nigeria Limited, Dr. Adesola Adeduntan made this remark on Wednesday, during the annual First Gem 4.0 Conference with the theme ‘The Art of Negotiation’ organised in commemoration of the global celebration of women in March.

Adeduntan said: “To empower a man is to empower an individual but to empower a woman is to empower the family and the nation.

“First Bank, through the FirstGem initiative is committed to supporting the contemporary woman’s financial services needs across the various stages of her life. Our FirstGem value proposition provides real solutions to challenges faced by female entrepreneurs and working professionals.

“Today, our work is more important and impactful than ever! A review of the performance of the FirstGem initiative shows the effectiveness of our efforts to elevate and empower the Nigerian woman. In 2020, we gave out loans of NGN 58 billion to over 81,000 female entrepreneurs and professionals. Empowering women via agent banking proposition is one of the outcomes of the FirstGem initiative.”

Commenting further on the success of the bank’s agent banking network, Adeduntan stated: “Across our agent banking network, the largest verified bank-led agent banking network in Nigeria, we have about 24,500 female agents representing 28 per cent of the agents in our network. It gives us much joy to see that more women are embracing this proposition and getting empowered.

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“Whether you are the primary financial decision maker, a partner or financially independent, the time is now to power your own financial success by being part of the FirstGem Initiative, open a FirstGem account and join the FirstGem community,” he added.

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Also speaking at the event, Chairman, Board of Directors, First Bank of Nigeria Limited, Mrs. Ibukun Awosika, noted that women globally are at a disadvantage in the competitive world, adding that the event is aimed at helping women understand the entirety of the market, business, negotiation skills and the power of technology.

She said: “No matter what the business world looks like, women should pay attention to the political issues, insecurity, global indices as this could make or mar their businesses. First Bank is trying to help with this and this is what we are bringing home. FirstGem is the vehicle while First Bank is the institution. As an institution and firm believer in women entrepreneurship, we are committed to rewarding our women and adding value to building and development of the nation.”

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Furthermore, she added: “First Bank remains committed to supporting the contemporary woman’s financial services needs as well as providing them with access to resources and interactive workshops, tools and advisories to ensure they make informed financial decisions and build wealth management competences.”

During the Conference which exposed participants across the world to various business winning insights and approaches, a global finance expert, Professor Pedro Videla of the IESE Business School, University of Navarra in Spain shared deep insights and forecasts on global economy and financial metrics and how entrepreneurs especially in the developing nations can take advantage to leap frog their business interests with the best proactive business decisions.

Speaking on the Nigerian economy and the local business landscape, Head of Consulting at Agusto Consulting, Mr. Jimi Ogbobine, urged participants to take advantage of growing e-commerce space.

He noted: “Post-covid, consumers are going to remain with buying things online, so as a business, your online pay has to be strong enough to help you scale. As a business, you have to expand your market because the average consumer is poorer and you can do this with an online play buy attracting diaspora buyer who are not poorer in naira terms.”

During the event, First bank also rewarded five female entrepreneurs with N1.4 million. The winners, who were accessed by their business ideas, originality, feasibility, presentation skills and sustainability won seed funds to start their businesses. They include Educyclers who got N500, 000, Garri Aladuke N350, 000 and First Rubies world N150, 000.