In living up to its 125 years of business know-how in Nigeria and a better understanding of retail banking after winning the ‘Retail Bank of the Year’ consecutively in the last seven years; First Bank has shown that it is not just about rendering financial solutions for the growth and sustainable economy, as it enters into partnership with Microsoft on technology adoption and integration for SMEs. The First Bank and Microsoft partnership as an initiative to drive sustainable development among SMEs, owing to the fact that government alone cannot bring about lasting and holistic development; writes BALA AUGIE.
Any nation that wants to develop in an era of knowledge driven economy would understand that nothing absolutely equals spending on human capital. In sourcing the necessary resources for human capital development required for sustainability of the human development index (HDI), short or long term measures are usually taken to strategically position the small and medium scale enterprises (SMEs) sector of the economy as catalyst for sustainability on the path of growth.
It was in view of this that First Bank of Nigeria Limited, Nigeria’s oldest banking institution that will be celebrating its 125th existence this year entered into a partnership with Microsoft 4Afrika, a global brand in Information Technology (IT) sector to support SMEs in Nigeria, in a bid to build capacity and help the SMEs accelerate digital transformation in their businesses.
The collaboration will therefore enable First Bank and Microsoft 4Afrika, host a free-to-attend event for SMEs in Nigeria, designed to promote technology adoption and skills development.
The partnership seeks to build the capacity of local SMEs and accelerate their digital transformation, by providing them with exclusive and tailored non-financial solutions hence participants will be exposed to skills development resources, access to business networks and an educational platform.
Just like a Corporate Social Responsibility (CSR) initiatives that are adopted by corporate organizations in giving back to its host community as a business entity towards creating inclusiveness that engender sustainable development of the larger society.
The partnership initiative is designed for direct/indirect impact that allows the bank to deliver a portfolio of non-financial solutions to its SME customers.These contributions are intended to promote synergy and ensure collaborative working relationship within the society – the essence of which is a long lasting impact on the SME sub-sector of the economy.
This partnership is aimed at creating a more enabling environment for SMEs in Nigeria and as you may be aware, First Bank is poised to always seek creative and innovative ways to serve its customers better and aim at providing capacity building opportunities for Small and Medium Enterprises.
“We are engaging partners with the same vision to grow the real sector of the Nigerian economy by using industry knowledge to build holistic approaches, combine advisory support with conventional banking products and create platforms to build stronger bonds with SMEs,” said Adesola Adeduntan, the Chief Executive Officer (CEO) of First Bank of Nigeria Limited.
According to Adeduntan, First Bank thrives on partnerships that is one major reason for its 125 years existence these 125. “We have a track record of developing propositions as well as partnering with individuals and institutions to meet our customers’ needs and grow the economies in which we operate.
“Our partnerships cut across Economic Empowerment, Arts, Sports, Education and SMEs. It may interest you to know that our Bank actually started its business 125 years ago mostly providing financial and advisory services to agricultural SMEs,” Adeduntan posited.
Adeduntan said that First Bank role in the Nigerian economy goes beyond financial services, stating that coincidentally this year also marks the 100thanniversary of First Bank’s sponsorship of the Kaduna Polo Tournament, which is arguably the longest running sports sponsorship in the world.
Therefore, the First Bank Microsoft 4Afrika partnership will entail access to Microsoft productivity tools, like Office, PowerPoint, Excel, Outlook, Skype for business, among others, at discounted rates; hence offering users the ability to purchase in Naira instead of USD, flexibility in subscription that allows for either monthly or yearly subscription.
The partnership also offers SMEs a flexible payment method to allow payment with account number or with card; capacity building initiatives involving training on basic accounting practices, financial modelling, budget preparations, business pitches/marketing; and free support on the purchase of MS productivity tools.
Speaking on the partnership and what it entails for Microsoft in the Nigerian market, Amrote Abdella, regional director of the Microsoft 4Afrika initiative said Microsoft 4Afrika is forging partnerships across the continent, with several players in the SME ecosystem, from banks to telcos, to enhance SME offerings and reach a broader audience.
“For SMEs, integrating technology into their operations is no longer an option, but a necessity for future growth and success. We’re looking forward to engaging in discussions that explore how technology can extend reach to new markets and improve productivity, which results in better customer service, more competitive offerings and the ability to act with agility.
“Technology and the relevant digital skills today play such an integral role in business success. We’re working with organisations to extend this support to as many SMEs as possible, ensuring not only their success, but the growth and competiveness of our continent in an increasingly digital world,” said Abdella.
First Bank, Microsoft 4Afrika partnership is seen by many as a business enabler that ensures First Bank can offer and deliver a portfolio of non-financial solutions to its SME customers across Nigeria.
“We have over the last 125 years supported SMEs in building their business, whilst contributing to the national economy. This partnership is a landmark step in our quest to leverage the influence of technology in businesses, especially in today’s digital age,” said Taiwo Shonekan, the head customer experience and value management, First Bank of Nigeria Limited.
According to Shonekan, with the partnership, First Bank customers can buy Microsoft products at discounted rates in local currency (Naira), as this seamlessly aids technology adoption, skills and capacity development among SMEs in Nigeria.
Other partnership initiatives driven by First Bank in the past
First Bank, CFA partnership: First Bank of Nigeria in partnership with the Certified Financial Analyst (CFA) Society of Nigeria’s Universities Ethics Challenge to deepen professionalism and capacity building in financial sector. It was a Corporate Social Responsibility (CSR) drive aimed at deepening professionalism and capacity building in financial sector in Nigeria, especially among university students.
The Universities Ethics Challenge is one of the educational outreach programs designed by CFA Society Nigeria for universities students. The challenge leverages on First Bank’s commitment to ethics, professional excellence, capacity building and inclusive growth that underpins the core values of Entrepreneurship, Professionalism, Integrity and Customer Service.
First Bank, SME offering: the special SME campaign which is designed to help SMEs grow their business with diverse product and service offerings was based on the premise that the bank started small and having grown through various stages, the bank understands the business journey for SMEs and is passionate about supporting them to ensure continuous business growth.
Over the years, First Bank has displayed an unwavering commitment to the business success of SMEs in Nigeria with its cocktail of products and bespoke solutions, specifically designed to help grow and sustain SMEs. Given that SMEs are pivotal to national development, First Bank is committed to ensure sustained business growth as well as provide the necessary services to grow businesses and Nigeria’s economy at large.
First Bank, NCF partnership: First Bank’s partnership with the Nigeria Conservation Foundation (NCF) was based on its responsible approach to protecting the environment alongside NCF, Nigeria’s non-governmental environment conservation foundation dedicated to nature conservation and sustainable development. First Bank has an on-going partnership with NCF and actively supports its activities annually in its conservation and preservation of wildlife and bio-diversity.
According to the bank, preserving the environment for the present and future generation is a strategic aspect of the First Bank’s Corporate Responsibility and Sustainability activity and initiatives. The bank therefore recognises that human sustenance and survival are greatly dependent on the sustainability of the environment and communities it operate in. Hence, the bank has thus adopted effective means of minimizing its direct and indirect impact on the environment while conducting its businesses.
BALA AUGIE
