Why we extended N36bn loan to women in 2023 – First Bank

The CEO of First Bank Plc, Olusegun Alebiosu has stated that the easiest way to address endemic poverty is to deepen financial inclusion.

“The easiest way to get out of poverty is access to finance,” he stated, adding poverty, in all its forms, stems from lack of access and resources. He highlighted that finance is the most critical factor in combating poverty in the 21st century.

A statement from the bank quoted the CEO as speaking with Arise TV on the sidelines of the 79th United Nations General Assembly in New York, emphasising that poverty eradication is a pressing concern that should keep international leaders up at night. 

First Bank, he stated, considers financial inclusion a central part of its business strategy, resulting in the extension of over N36 billion in loans to women in 2023 and the development of a gender market strategy to strengthen the bank’s women portfolio.

Alongside poverty, climate change and gender inequality are equally pressing issues that demand attention and action, he said.

He stressed the critical need to develop human resources to tackle the widening economic gap between developed and developing nations. This emphasis on human resource development echoes the United Nations’ focus on sustainable development and equality, particularly in areas such as gender equality, climate action, and living wages.

Alebiosu identified financial inclusion as a key area for First Bank to address in supporting poverty alleviation under the sustainable development goals.

Alebiosu highlighted First Bank’s extensive Firstmonie agents’ network in Nigeria, which surpassed 232,000 in 2023, with over 55,000 of the agents being women who continue to offer financial services in their communities as a testament to the power of financing in advancing economic interests and promoting economic development.