Celebrating 130 incredible years of First Bank

Celebrating 130 incredible years of First Bank

…a symbol of longevity and relevance

Established in 1894 as the Bank of British West Africa, First Bank has navigated the waters of change and diversity for over a century and has remained unfazed.

As the Bank hits a tremendous milestone of 130 years of being in existence in March 31st, 2024, we beam a light on how the institution has evolved into a financial heavyweight and a formidable force not only in the banking industry but in the nation and beyond.

Throughout its long and illustrious history, FirstBank has played a vital role in the economic development of Nigeria. Not only has it served as a monetary and fiscal policy regulator for the entire West African region, but it has also been at the forefront of technological, industrial, and societal advancements across the country.

As with it’s names, the banking giant has attained countless firsts, demonstrating resilience and support through periods of rapid and radical changes. It has also pioneered and charted the course in the financial industry and the nation.

Over the years, spanning into a century and more, FirstBank has become deeply fixed in the fabric of the Nigerian nation and its effervescent population of over 220 million people.

As a major financial player, the bank has recorded impressive bearings for decades, experiencing massive growth and expansion in terms of revenue, influence, and technological advancements.

Globally, only a select few institutions can brag a rich and relevant heritage as a member of the over 100-year Club, and FirstBank proudly holds that distinction with the Nigerian people. It serves as a symbol of pride and a beacon of hope for greater exploits from Africa.

Like fine wine, FirstBank has only improved with age, becoming more dynamic, innovative, and trusted by the nation. This is proof to the diligence and devotion of the many great leaders who have steered the bank to success.
And under the current leadership of the it’s Chief Executive Officer, Dr Adesola Adeduntan, FirstBank Group has continued to make giants of its customers and other stakeholders, demonstrating that the success stories of its customers remain its own success stories.

The recent appointment of Femi Otedola as the board chairman in its 130th year indicates that the banking giant shows no signs of slowing down or resting on its laurels.

In the face of collapse and folds by other banks, FirstBank has reinvented itself like the Phoenix, emerging stronger in terms of financial capacity, corporate governance, liquidity, industry leadership, optimised risk management, and visionary roadmaps. The iconic elephant, representing the bank’s brand essence, symbolises its strength, agility, and forward momentum.

The lending giant has acquired enterprise technology capacities and made significant investments in digital infrastructure, reducing brick-and-mortar practices. The bank recognises that its people are its biggest resource and has taken banking to the people, ensuring accessibility and inclusivity.

FirstBank has been deft at promoting a digital economy in Africa.

Some of the bank’s strategic investments in technology include the development of its smart and interactive Transaction Banking Platform, known as FirstDirect2.0, and the introduction of the Humanoid Robot to the banking ecosystem in the country.

Others are its Digital Experience Center, currently in Lagos, Ibadan, and the nation’s capital, Abuja. FirstBank is the first Nigerian bank to reach the milestone of issuing 10 million ATM cards to its customers and the first amongst the existing banks to adopt the use of ATMs, amongst others.

Furthermore, in recent years, FirstBank has transformed its banking model, embraced a more modern approach, and pioneered many firsts in digital and online banking solutions. The bank has invested resources to advance banking beyond physical walls, offering customers a plethora of options for convenient digital banking. Mobile banking, cards and personal banking, electronic banking, PoS agents, online banking, USSD services, and more have empowered millions of previously unbanked individuals in rural and underserved areas.

During the COVID-19 pandemic, the bank demonstrated its commitment to social responsibility by donating millions through CACOVID, providing online learning tools for students in partnership with the government, distributing food items, and implementing a hybrid work model to ensure the safety of its employees.

In line with UN Sustainable Development Goal 5, which seeks gender equality and empowerment for all women and girls, FirstBank has shown its dedication to diversity through policies, partnerships, and initiatives, such as its employees’ ratio of female to male (39%:61%) and 32% women in management, as well as various initiatives aimed at addressing the gender gap and increasing the participation of women at all levels within the organisation.

In addition, the bank’s membership in UN Women is an affirmation of a deliberate policy that is in line with UN Women’s Women Empowerment’s Principles: Equal Opportunity, Inclusion, and Non-discrimination.

Its financial holding company, FBNHoldings, recorded a 127 percent rise in profit to N309.89bn in 2023 from N136.17bn recorded at the end of 2022.

This was indicated in its unaudited consolidated financial statements for the period ended December 31, 2023, filed with the Nigerian Exchange Limited earlier in February.

During the period under review, the interest income of the lender also rose by 66.27 percent to N917.71bn from N551.94bn in 2022. Fee and commission income increased to N204.90bn from N143.98bn in the previous year.
With over 800 business locations and over 232,000 banking agents spread across 99% of the 774 local government areas in Nigeria, the banking group provides a comprehensive range of retail and corporate financial services to serve its over 42 million customers.
Its financial inclusion and cashless transaction drive have resulted in over 523 million active FirstBank customers on its digital channels, including the USSD quick banking service through the nationally acclaimed *894# banking code.
More importantly, the financial powerhouse has received some of the best-in-class global awards in banking for exceptional solutions and performances back-to-back in clear recognition of its outstanding stature and status. This includes Best Corporate Bank at the recent Euromoney Awards for Excellence, Nigeria 2023; Best Corporate Bank Western Africa, 2023, by Global Banking and Finance; Best Internet Banking in Nigeria, 2023, by International Business Awards; Most Innovative Banking Brand in Nigeria, by Global Brands Awards; as well as the Financial Institution of the Year 2023, by Afreximbank Pan-African Business and Development.
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.
Furthermore, the Top 100 African Bank Rankings 2022 released by The Banker Magazine revealed FirstBank’s ranking as number one in Nigeria in terms of Overall Performance, Profitability, Efficiency and Return on Risk.
Other notable awards received by FirstBank include “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.
In November 2022, Sam Aiyere-led FBNBank UK, a subsidiary of FirstBank Group, to celebrate 40 years of steady operations and growth far away in the United Kingdom. FirstBank also boasts an international presence, with subsidiaries operating in 9 other countries. These subsidiaries are FirstBank (UK) Limited in London and Paris, FirstBank in the Democratic Republic of Congo, Guinea, Sierra Leone, and The Gambia; FBNBank in Ghana and Senegal; and a Representative Office in Beijing, China
Beyond its global financial institutional leadership and growth, FirstBank has supported and enabled dreams, fostered trust, safety, and security, and created long-term value for all stakeholders. The bank has played a crucial role in empowering youths, entrepreneurs, women, students, and the rapidly growing creative industries locally, which are gaining global recognition. Its massive and strategic interventions through the DecemberIssaVybe, FirstGem, SPARK, FirstBank Women Network and numerous other campaigns have been impactful, especially in addressing some key United Nation’s Sustainable Development Goals.

As FirstBank rolls out the carpet and presents a collection of engagements to commemorate this huge milestone, Nigerians are reassured of a more responsible and customer-centric banking culture, geared by global best practices and robust experience and driven by technology, innovation, capacity, and genuine care for customers and all stakeholders, to assist in meeting financial and lifestyle needs in a most satisfactory manner.