ADESOLA ADEDUNTAN’S LED FIRSTBANK: 130 YEARS OF ENABLING SUCCESS
In a nation where corporate excellence is often short-lived and few companies reach the centenary mark, reaching 130 years is undoubtedly a significant achievement for Nigeria’s premier financial institution, FirstBank. Experience, it is said, comes with age.
This undeniably defines the consistent growth of First Bank of Nigeria Limited (FirstBank) and its continual reinvention as a cornerstone of corporate Nigeria despite rising competition from traditional and other shadow banking brands.
Few living Nigerians can name another existing Nigerian company founded in 1894, long before modern Nigeria was established. Yet, FirstBank has not only survived these 13 decades but has also ingrained itself into the socio-economic fabric of the country, earning a reputation as Nigeria’s banker.
Established in 1894 as British Bank of West Africa (BBWA) by Sir Alfred Lewis Jones, FirstBank has played a pivotal role in Nigeria’s economic growth and development. It has provided superior banking services and made significant social investments across various sectors, contributing to the country’s economic progress.
FirstBank’s history mirrors Nigeria’s history, having even served as Nigeria’s Central Bank at one point. Today, with nearly 800 business locations across the nation, it boasts a robust presence in every local government area.
However, in the era of digital banking, physical presence alone doesn’t define a financial institution’s strength. Recognizing this, FirstBank has invested significantly in cutting-edge financial technologies.
FirstMobile, its digital banking application, has become a household name in the financial technology ecosystem, boasting over six million users as of last year. Additionally, its USSD banking has seen a tremendous increase in users, while its Firstmonie Agent banking services processed over ₦1.1 trillion in transactions last year.
The bank’s digital channels have become the dominant delivery channel, processing over 90% of customer-induced transactions. Its Group profit before tax has steadily climbed, reaching ₦362.24 billion in 2023.
FirstBank’s commitment to corporate social responsibility is evident through various initiatives aimed at education, health, and welfare. It has impacted millions of lives through projects like SPARK and FutureFirst.
Despite its long history, FirstBank continues to evolve and innovate, remaining at the forefront of Nigeria’s banking industry. Its recent stock market performance and numerous awards attest to its enduring success and commitment to excellence.
Source: Techeconomy
