ESG: FIRSTBANK WINS 2024 EUROMONEY AWARD FOR NIGERIA’S BEST BANK

   ESG: FIRSTBANK WINS 2024 EUROMONEY AWARD FOR NIGERIA’S BEST BANK

FirstBank, the West African premier financial institution and financial inclusion services provider has emerged the winner of the prestigious Euromoney Award for Nigeria's Best Bank in Environmental, Social, and Governance (ESG), reinforcing its position as a leader in sustainable banking and finance practices in its 130 years of existence.

Following a rigorous and highly competitive selection process, FirstBank was awarded Nigeria's Best Bank for ESG in 2024 by the respected and renowned Euromoney Awards for Excellence. This award honours FirstBank's contributions and unwavering commitment to Environmental, Social, and Governance investments in Nigeria, facilitated through innovative financial solutions and initiatives.

Euromoney recognized FirstBank’s significant progress amongst other areas in the implementation of an ESG management system, which facilitated the screening of N4.2 trillion new transactions for potential ESG risks in 2024. In support of Nigeria’s green transition, FirstBank funded a $10 million solar energy project, expanding access to off-grid solar solutions in Africa and Asia through a pay-as-you-go model; committing N16 billion to develop four modular independent power plants for a major beer manufacturer, enabling it to shift from diesel generators to more sustainable energy sources and significantly reducing production costs. Additionally, FirstBank started a tree planting campaign in partnership with the Nigeria Conservation Foundation to plant over 50,000 trees in 2024 demonstrating the Bank’s dedication to ESG as a business agenda.

Expressing her delight on the recognition, the Group Head, Marketing & Corporate Communications, Mrs. Folake Ani-Mumuney said: “We are thrilled to receive the Euromoney Award for Nigeria's Best Bank in ESG. This recognition is a testament to the power of enabling Giants in our employees, businesses, and communities to achieve success. At FirstBank, we believe that sustainability is a driver for growth and innovation. Our approach to sustainability is built on three pillars: Citizenship, Stakeholder Management, and Impact Management. This award validates our efforts to create a sustainable and inclusive future for all our stakeholders, and we are committed to advancing continuous positive impact in the marketplace, workplace, environment, and communities we serve.

According to Euromoney, the “Awards for Excellence” – is the definitive annual awards programme of the global banking industry. The awards represent the highest distinction to the banks and bankers who matter most in an industry where differentiation is highly sought after and exceptionally difficult to demonstrate.”

Amongst other awards, FirstBank recently added to its awards kitty, Best SME Bank in Nigeria and Best Bank in Africa, Best Private Bank in Nigeria, and Best Private Bank for Sustainable Investment in Africa by Global Finance, for its exceptional leadership in integrating sustainable practices into its banking operations.

About FirstBank

First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West Africa, a leading financial inclusion services provider in Africa, and a digital banking giant. 

FirstBank’s international footprints cut across three continents ─ Africa, Europe and Asia, with FirstBank UK Limited in London and Paris; FirstBank in The Democratic Republic of Congo, Ghana, The Gambia, Guinea and Sierra Leone; FBNBank in Senegal; and a FirstBank Representative Office in Beijing, China. All the subsidiary banks are fully registered by their respective Central Banks to provide full banking services.

Besides providing domestic banking services, the subsidiaries also engage in international cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the representative offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other African countries.

For 130 years, FirstBank has built an outstanding reputation for solid relationships, good corporate governance, and a strong liquidity position, and has been at the forefront of promoting digital payment in the country with over 13 million cards issued to customers (the first bank to achieve such a milestone in Nigeria). FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with virtually 23 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.

With over 42 million customer accounts (including digital wallets) spread across Nigeria, UK and sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale financial services through more than 820 business offices and over 233,500 agent locations spread across 772 out of the 774 Local Government Areas in Nigeria.

In addition to banking solutions and services, FirstBank provides pension fund custody services in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated services through First Nominees Nigeria Limited.

FirstBank’s commitment to Diversity is shown in its policies, partnerships and initiatives such as its employees’ ratio of female to male (about 39%:61%; and 32% women in management) as well as the FirstBank Women Network, an initiative that seeks to address the gender gap and increase the participation of women at all levels within the organisation.  In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Women Empowerment’s Principles (WEPs) ─ Equal Opportunity, Inclusion, and Nondiscrimination.

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.

In 2022, the Top 100 African Bank rankings released by The Banker Magazine ranked FirstBank as number one in Nigeria in terms of Overall Performance, Profitability, Efficiency and Return on Risk. Also in 2022, the Bank received the “Most Innovative Retail Banking Product in Nigeria (FastTrack ATM)” and “Best Retail Bank in Nigeria” awards from International Finance Magazine. FirstBank was also awarded “Best Corporate Banking Western Africa, 2022” and “Best CSR Bank Western Africa, 2022’’ by Global Banking and Finance Magazine.

Other notable awards in FirstBank coffers include: “Best Bank in Nigeria” by Global Finance magazine - fifteen times in a row; “Best Private Bank in Nigeria-2021” awarded by Global Finance magazine; “Best Internet Banking Nigeria” and ‘’Best CSR Bank Africa’’ by International Business Magazine.

In 2023, FirstBank received notable awards including “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; ’’Best Corporate Bank in Nigeria 2023’’ by Euromoney Awards and ‘’Most Innovative Banking Brand - Nigeria 2023’’ by Global Brands Award.

Other laudable feats in 2023 include FirstBank’s international recognitions on major indices by Euromoney Market Leaders, an independent global assessment of the leading financial service providers where FirstBank was crowned:

Market Leader: (tier-1 recognition) in Corporate Banking,

Market Leader: (tier -1 recognition) in Digital Solutions,

Highly Regarded: Corporate and Social Responsibility (CSR),

Highly Regarded: Environmental, Social and Governance (ESG), Notable: in SME Banking.

 

Significantly, FirstBank’s Global Credit Rating was A+ with a positive outlook while ratings by Fitch and Standard & Poor’s were A (nga) and ngBBB+ respectively both with Stable outlooks as at September 2023. FirstBank maintained the same level of international credit ratings as the sovereign; a milestone that was achieved in 2022 for the first time since 2015.

 

Our vision is ‘To be Africa’s Bank of first choice’ and our mission is ‘To remain true to our name by providing the best financial services possible. This commitment is anchored on our core values of EPIC - Entrepreneurship, Professionalism, Innovation and Customer-Centricity. Our strategic ambition is ‘To deliver accelerated growth in profitability through customer-led innovation and disciplined execution and our brand promise is always to deliver the ultimate “gold standard” of value and excellence to position You First in every respect.