COVID-19: FirstBank grants 90 days moratorium on loans to SMEs

LAGOS, Nigeria – Premier bank in West Africa, FirstBank Plc has granted a 90 day moratorium on loans to Small and Medium Scale Enterprises(SMEs) as a result of the COVID-19 pandemic which has killed over 70,000 people worldwide, forcing many countries, including Nigeria to impose lockdown as a way of slowing down the spread.

The lockdown has forced many SMES to temporarily shutdown their business and FirstBank Plc is responding as a good corporate citizen to keep the SMES in business even after the crisis.

In a special message to millions of customers, Managing Director and Chief Executive Officer of FirstBank, Mr. Adesola Adeduntan said the bank is introducing loan waivers as part of palliatives to customers.

“We are introducing special waivers on repayment fees on our credit cards; and up to 90 days moratorium on SME Loans. Our aim is to help cushion the impact of the toll on employment and livelihoods”, he said.

He said FirstBank will continue to work tirelessly to provide essential banking services throughout various alternative channels adding that the transaction volumes is positive testimony to the resilience of staff and the Bank to keep things going, stressing that COVID-19 will neither “defeat us nor slow us down; and we will continue to support you because you have empowered us to do so by choosing to Bank with us.

“We are also doing a lot to keep our promise not to forget the children who can be overlooked at this time, as we drive the effort to move One Million to e-learning with a number of great partners who have come on board from within and outside the continent.

“In partnership with IBM for example, we are providing opportunities for the acquisition of digital skills including Coding, Artificial Intelligence and Data Science & Analytics. Apart from the new perspective to problem solving that coding ability gives, it has progressed to a very critical career skill sought by employers. To this end, through the IBM Digital Nation curriculum, we promote opportunities to learn skills of the future.

“In keeping with who we are as FirstBank, our commitment to self-development and continuous improvement is never far from our thinking. As such we are encouraging all to consider and register for any of the excellent programmes being offered free by Ivy League schools and have curated a list of them covering topics such as management, personal development, and entrepreneurship which can be found on our website.

“In addition, we are excited to inform you that the Lagos State Government & Roducate initiative kicked off this week with the government accredited curriculum for primary, secondary and tertiary schools”, he said.

FirstBank has been sustaining its development-oriented services for over 126 years as the region’s foremost financial inclusion services provider. It offers a comprehensive range of retail and corporate financial services through more than 44,000 business outlets to over 17 million customer accounts.

As a national icon and an international player, FirstBank is one of the most enduring financial services brands in Africa with international footprints extending through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

FirstBank has been known for promoting digital economy in Africa and has issued over 10 million cards. It remains the first bank to achieve such milestone in Nigeria. FirstBank’s financial inclusion and cashless transaction drive have resulted in over 228 million users on its USSD banking service through the nationally acclaimed *894# banking service and over 3.4 million users on its Firstmobile platform.

Since its establishment in 1894, FirstBank has consistently built relationships with customers, focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership.

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Over the years, the bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank, one of Africa’s most sustainable financial services brands, provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for eight consecutive years (2011 – 2018) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years