Why FirstBank will continue to empower SMEs in the country- CEO, Adeduntan

The Managing Director and Chief Executive Officer of First Bank Nigeria Limited, Dr. Adesola Adeduntan, has said that the bank would continue to empower Small and Medium Scale Enterprises (SMEs) because of its importance to the overall growth and development of the country’s economy.

Dr. Adeduntan made this known at the virtual Lagos State Economic Summit – Ehingbeti 2021, monitored by THE WITNESS, on Tuesday.

The bank’s chief said the lender would continue to support small businesses with access to finance, saying it is presently the largest lender and would continue to empower SMEs with capacity building and basic tools to help grow their businesses.

According to him: “SMEs are very important aspect of what we do not just for us as bank but because of the importance to the overall growth and development of the economy.

“As a bank, First Bank, we have always been the largest lender to the SME sector and we have a dedicated portal that we call SME connect, where we basically support SME providing them with what I call advisory services.

“Also, by ensuring that we up their skills and capabilities either in the areas of preparing basic account statement, assisting them with choice for technology and basically just supporting them to work through the cheque.”

Speaking further on its support, he said First Bank is a pioneer of specialized support towards SMEs.

“I am also aware that the number of banks do have similar system, the SME connect platform is something that we have had in the bank for the past 6 to 7 years and it’s something that we are continuously refine, we refine it regularly, updating it regularly.”

He said: “Our portfolio of SMEs facilities of portfolio is quite sizable and that is quite understandable given the history of First Bank and Nigeria. And have been very active in terms of providing whether it is overdraft, term loan and all types of structure debt instrument to our SME customers.”

The bank’s chief further commended the Central Bank of Nigeria (CBN) commitment towards supporting SMEs through its collaboration with the bankers’ committee.