First Bank of Nigeria (FirstBank) wins the best bank for corporates award this year for its investment in digital, support of sustainability and the financial performance it has delivered.
AfE 2024
The investment was mainly targeted in its corporate transaction banking platform and its digital transformation initiative, and as a result, key banking services were upgraded.
The investment in its transaction banking platform – which provides wholesale banking clients with an end-to-end portal for trade, supply-chain and cash-management services – delivered a simplified solution, an API toolkit (enabling clients integrate the platform into their organization’s enterprise resource planning system) and enabled an extensive range of banking capabilities to be executed via its mobile app.
This investment helped boost client engagement and activity; some 4,200 clients were onboarded last year, and over 4.2 million transactions valued at a total of N5 trillion ($3.5 billion) were processed on the platform.
In addition, FirstBank reaped the benefits of investing in its own operations. Under its transformation programme, Primus 2.0, the bank has implemented advanced technology solutions, such as robotic process automation and artificial intelligence, to automate manual processes and improve operational efficiency.
As a result, the bank has achieved cost savings, accelerated project turnaround times and enhanced the digital experience of its customers.
Supporting the sustainability drive of Nigeria’s corporate sector has been another key focus, and last year it was involved in some notable sustainable finance transactions.
A standout was providing a N16 billion loan to fund the development of four modular independent power plants, facilitating an eco-friendly energy transition for a large beer manufacturer.
Overall, FirstBank’s corporate banking business had a strong year, generating a profit before tax of N172 billion – up 50% on 2022 – from revenues of N310 billion, partly driven by an 80% rise in corporate loans to N3.6 trillion.