Firstbank launches SMEs accounts

First Bank of Nigeria Limited says it has launched accounts for Small and Medium-scale Enterprises (SME) to improve their contribution to national growth and development.

In a statement, it said the SME accounts – FirstSME Classic and FirstSME Deluxe – are offered to SMEs, irrespective of industry, and tailored to have SMEs exposed to a wide range of services and opportunities that are essential for their continued growth and role in contributing to national development.

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The advantages and features of these accounts include access to temporary overdrafts (TODs) and other facilities subject to meeting Risk Adjustment Capital (RAC) of each product; immediate enrolment on all digital platform; free access to FirstBank SME events; free access to extensive business promotional and networking opportunities on the SMEConnect portal; and access to a wide range of discounted and promotional offers.

It said the SMEConnect portal is also designed to help SMEs identify various gaps that hinder their business growth.

With FirstBank’s over 126 years of impacting the economy, the bank’s SME innovative Business Diagnostics Tool will also help proffer tailored solutions, whilst creating avenues for business improvement, profitability and sustainability.

The bank also said research has shown that seven strategic pillars promote SMEs growth. They are: connect to infrastructure, connect to talent, capacity building, connect to policy and regulation, connect to resources, connect to market as well as connect to finance.

The Chief Executive Officer of FirstBank, Dr Adesola Adeduntan, said “Our FirstSME account is one of the numerous opportunities designed to empower SMEs to continually drive impact as the backbone and contributors to employment and economic growth.”