E-Financial
FirstBank Boosts SMEs with SMEConnect Open Seminar Series
FirstBank through its SMEConnect platform has created Open Seminars which will take place in various parts of the country with kick off edition in Port Harcourt, Rivers State in early May, as part of its support for the sustained development of the Small and Medium Enterprises (SMEs) sectors of the Nigerian Economy.
The Seminar series with an overriding theme of “We can help with that”, is a one-day workshop also scheduled to take place in Kaduna, Abuja, Enugu, Ibadan, Kano, Jos and Lagos in subsequent months and is designed to provide practical help on relevant challenges faced by small businesses and will focus on capacity building, business plan writing, marketing products and services as well as accessing bank loans and documentation.
According to Mrs. Folake Ani-Mumuney, head, Marketing & Corporate Communications FirstBank, we believe that the SMEs are at the heart of national development, contributing greatly to the gross domestic product of our country.
It is on this premise that we introduced the Open Seminars which will be conducted in partnership with the Enterprise Development Center (EDC) of the Pan Atlantic University, a centre renowned for the development and entrepreneurial skills acquisition of small business owners, budding entrepreneurs as well as reskilling of established entrepreneurs
“As Nigeria’s leading SME bank, we are focused on empowering SMEs and SME entrepreneurs towards capacity building and development to contribute to the growth of our economy in providing employment to people, adding to our GDP and repositioning the national economy for sustained growth. Participants, in the various regions will need to register on the Bank’s dedicated microsite www.firstbanknigeria.com/smeconnect and pay a little sum of N2, 000 to attend the seminars.
The site will also provide links to all the resource material used during the seminars as well as serve as a channel to obtain feedback from customers and communicate products and services targeted at SMEs”. She said
SMEConnect is FirstBank’s value proposition geared towards building the capacity of SMEs to deliver to business goals and contribute even more significantly to national development.
In November 2013, FirstBank hosted the maiden edition of its SME Conference themed, “SMEs at the heart of National Development: Creativity, Capacity and Capital”.
The FirstBank SMEConnect value proposition goes beyond an SME product or suite of products to a robust engagement programme designed in every way to help SMEs succeed.
Asides the various programmes tailored to suit the needs of SMEs’, FirstBank is partnering with CNN for the sponsorship of CNN’s African Start-Up show.
A 30-minute documentary show which follows and highlights the trials and triumphs of entrepreneurs across African countries as well as providing insights into recipe for success in small enterprise.
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
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