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BAFI Awards: FirstBank’s COVID-19 response sets the pace in CSR for other financial institutions
By Aniekan Ezekiel
From the publisher of BusinessDay, Frank Aigbogun’s welcome address at the recently held BusinessDay’s Banks and other Financial Institutions (BAFI) Awards came the following words: ‘The year 2020 has been a most interesting year. The economy and communities have been managed by disruptions imposed by COVID-19. Yet financial services have shown uncommon responsiveness and compassion towards customers and communities.’ Indeed, this has been an unusual year, no thanks to the coronavirus pandemic, but it has been a year defined as much by COVID-19 and its associated disruptions and difficulties as by the unprecedented response in kindness by corporate Nigeria.
BusinessDay’s BAFI Awards recognised achievements in a number of separate categories, each of which was worth its weight in gold. However, it could be argued that in this year of COVID-19, any recognition that took into account and was informed by the awardee’s COVID-related activities was probably the most significant of the awards/categories. It is against this backdrop that the recipient of the CSR Bank of the Year award at the BAFI Awards should be celebrated and projected as a model other corporate should emulate. And it came as no surprise that the bank that considers its destiny to be intertwined with Nigeria’s and whose commitment to nation building largely informs its approach to corporate responsibility and sustainability (CR&S), was so crowned as CSR Bank of the Year at the BAFI Awards.
The award was a well-deserved recognition for the exemplary role played by First Bank of Nigeria Ltd, Nigeria’s leading financial services provider, in support of the government and individuals’ as well as its own efforts to deal with the impact of COVID-19. Before the BAFI Awards, and, undoubtedly, proof that the award was not a fluke, CSR Reporters had named FirstBank as the 2020 Philanthropic Financial Institution of the Year in recognition of the bank’s social responsibility in the areas of e-learning and empowerment of SMEs in Nigeria. These CSR awards took cognisance of FirstBank’s unparalleled contributions to CSR, particularly through its e-learning initiative delivered in collaboration with partners from within and outside the continent, such as IBM, UNESCO and Robert & John, and the Lagos State Government.
Whilst different organisations rose to the various challenges resulting from COVID-19 crisis and were supporting in areas such as health and welfare, FirstBank chose and developed the e-learning initiative. FirstBank felt strongly that the peculiar needs of children and the youth risked being neglected at a time of unprecedented crises – with schools being closed, parents losing jobs, businesses shutting down, government revenues shrinking, health care resources being over-stretched, economic conditions worsening, etc. The bank therefore kicked off an initiative to move one million students to e-learning, alongside its partners, to minimise the disruption to the their education resulting from the prolonged closure of schools across Nigeria and ensure that they remain fully engaged during the difficult period, so they can continue to learn and compete favourably with their peers across the world. Over 140,000 students have benefitted from the e-learning initiative.
Focusing on key elements that resonated with its brand, such as dynamism, innovation and nation building, FirstBank’s e-learning initiative is an innovative and dynamic approach to learning which is not only a suitable and resourceful solution at this time, but also one that is intertwined with perhaps the next century’s likely digital approach to learning, especially with the addition of courses such as coding and robotics, which can usher students into the era of the Fourth Industrial Revolution and prepare them for jobs of the future. The e-learning initiative also aligns with the bank’s key focus area in its CSR framework – education. Education remains the single largest beneficiary of FirstBank’s enormous investments in CSR. Currently, 10 universities and three secondary schools enjoy FirstBank’s infrastructure projects; 10 universities are endowed with professorial chairs by the bank; and over 80,000 students in over 80 secondary schools in Nigeria have benefitted from financial literacy, and entrepreneurial and career counselling provided through FirstBank-sponsored programmes. Education consistently attracts the bank’s keenest attention from year to year. This is because FirstBank believes that education – quality and relevant education – remains the bedrock of any society and that when children are properly educated, the nation is enabled and global citizens who provide groundbreaking solutions for the continent and the world at large, are produced.
FirstBank’s partnership with IBM on the e-learning initiative, is making available to students the Digital-Nation Africa program, an online youth-focused learning programme that enables innovation and skills development on emerging technologies The IBM Digital- Nation Africa aims to provide African youth with effective digital literacy. The Platform seeks to enable African citizens, entrepreneurs and communities with the knowledge, tools and skills to innovate, design, develop and launch their own digital skills. It also helps African citizens enhance their digital skills to best meet the needs of the job market.
DNA provides a broad range of courses for various levels of digital literacy, from providing an introduction to the key emerging technologies beneficial for all, through an integrated innovator section to a focused skills enablement section where users can understand the skills and demands of the market and gain proven skills to enhance their job prospects. In addition, it provides free access to practical exercises and to allow for new ideas to be brought to life through focus areas such as Artificial Intelligence, Coding, Cloud, Internet of Things, Blockchain, Data Science and Analytics, and Cyber Security. There are currently nearly 14,000 registrants on the program, which is promoting opportunities to learn skills of the future.
The partnership with Curious Learning is designed to reach smartphone users using available curated and tested literacy and numeracy apps – with free access provided to these apps. Curious learning is delivering academic-based content for students aged three to eight through a number of mobile applications designed to empower these young children in a fun, self-guided learning process through exploration and curiosity to help them with their cognitive skills at a fundamental level. Examples of these apps are Feed the Monster and Read with Akili. Efforts are in place through Curious Learning to ensure the e-learning initiative swiftly moves across the country to school children and individuals with the need to promote the pursuit of knowledge, irrespective of age. This is critical in identifying with the roles of children at securing the future of any country.
Another partnership in FirstBank’s e-learning initiative is the one with Lagos State Government and Robert & John, an Edu-tech company that owns Roducate. The Roducate e-learning platform, structured in line with the government’s accredited curriculum for primary, secondary and tertiary schools across various fields of academic endeavours, such as science, commercial and arts, includes tutorial videos to reinforce the learning engagement, as well as assignments and mock exams to test students’ knowledge and progress in the course of studying. Learning on the platform also enables note taking for quick reference, and to foster extra-curricular activities, provides exciting features to make learning exciting and fun, such as podcasts and various games like brain pulse, monster munch etc. which allows students to play with one another online, thereby building relationships and promoting interactive learning.
So far FirstBank has provided 20,000 low-end devices preloaded with Roducate offline (presented to Lagos State Government for distribution to students) and enabled over 120,000 free sign-ups, on the Roducate e-learning platform, with the ultimate goal being to empower at least one million students. ‘This [e-learning] solution,’ according to Dr Adesola Adeduntan, Chief Executive Officer of FirstBank, ‘will see Lagos State offer children in the lower bracket, who may not have access to devices or data from home, affordable smart phones preloaded with the curriculum. The phones have SIMs and limited data tied, only, to the Roducate learning product, which means the recipients cannot browse, encouraging safe learning, but they can still submit tests, mock exams, etc.’ Dr Adeduntan, who encouraged parents and guardians to have their children and wards registered so their educational development is not held back, noted that the initiative is ‘in keeping with who we are at FirstBank, [where] our commitment to self-development and continuous improvement is never far from our thinking.’ In addition, FirstBank is a member of the Global Education Coalition led by UNESCO which is a platform for collaboration and exchange to protect the right of education during this unprecedented disruption and beyond.
Furthermore, in a bid to support SMEs operating in the education sector, FirstBank created a matching fund scheme of ₦5 billion LSETF-FirstEdu Loan, in partnership with the Lagos State Employment Trust Fund (LSETF). The scheme is designed to cushion the impact of Covid-19 pandemic on low-cost private schools by providing loans to them at an attractive interest rate. At the launch of the scheme, the Managing Director/CEO of FirstBank, Dr Adesola Adeduntan said: ‘At FirstBank we recognise the indelible role played by the education sector in the growth of any economy and this underscores our partnership with Lagos State Government for continuous development of the education services in Lagos State and the nation as a whole. The commitment by the Lagos State Government – including this partnership – to enable schools is quite commendable as this will mitigate the challenges caused by the lockdown on the education sector following the COVID-19 pandemic.’
Woven into the fabric of society for over 126 years, overcoming challenges and remaining a dominant player in Nigeria’s financial services landscape, FirstBank has been partnering and supporting various sustainable activities towards the continued growth of its host communities and the nation at large. As a responsible corporate organisation committed to supporting all its stakeholders in the most sustainable manner possible, the bank has partnered various state governments through the private sector-led Coalition Against COVID-19 (CACOVID) intervention with a view to promoting the readiness and efficiency of health care professionals and other compatriots at the forefront of fighting the pandemic. Beyond Nigeria, FirstBank’s sub-Saharan African subsidiaries have also been involved. So far they have made donations amounting to US$173,000 in cash and kind towards alleviating the impact of COVID-19 on the continent.
According to BusinessDay, the BAFI Awards, convened annually to recognise and celebrate organisations that have achieved excellence in the delivery of their financial services across the entire client and customer spectrum, is adjudged the most rigorous, prestigious and transparent awards programme in the industry. Since its inception in 2014, when the first edition held, its organisers, BusinessDay has implemented an audit-based approach in the evaluation process, meticulously reviewing each shortlisted company’s financial reports, commissioned customer perception surveys and analyst opinion, then comparing these with its competition in a longitudinal study. The BAFI Awards have become established as the benchmark of distinction for institutions in the financial services sector. Its rising popularity among leaders in the banking, investing, insurance, and asset management subsectors have earned the BAFI Awards a reputation as ‘the only recognition you deserve’.
The BAFI Awards is backed by the BusinessDay Research and Intelligence Unit (BRIU). Nominations for the BAFI Awards are the culmination of a rigorous review process. The BRIU and an independent panel of judges evaluate more than two hundred and fifty institutions and benchmark them against their global peers using several indices in a thorough evaluation process. Nominees are assessed for their vision, execution and market leading propositions. The BAFI award categories cut across banking, insurance, capital markets, investment, pension funds, trustees, registrars, stockbroking and private equity. This year’s event where FirstBank won Best CSR Bank of the Year (and a second award – Best Mobile Banking App), was themed: Interpreting an Irrational Year: Coping, Adjusting and Thriving in a Wicked Learning Environment.
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JIM OVIA: FOUNDER/CHAIRMAN ZENITH BANK, REAFFIRMS STRONG COMMITMENT TO SHAREHOLDER VALUE AT THE NGX CLOSING GONG CEREMONY
L-R:GMD/CEO, Nigerian Exchange Group, Mr. Temi Popoola; Group Managing Director/CEO, Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON; Chairman and Founder, Zenith Bank Plc, Jim Ovia, CFR; Group Chairman, Nigerian Exchange Group, Alhaji (Dr.) Umaru Kwairanga; Director General, Securities and Exchange Commission(SEC), Dr. Emomotimi Agama; CEO, Nigerian Exchange (NGX), Mr. Jude Chiemeka; and CEO, Central Securities Clearing System Plc, Mr. Haruna Jalo-Waziri at the Closing Gong Ceremony of the Nigerian Exchange Limited, yesterday.
Zenith Bank Plc’s Founder and Chairman, Dr. Jim Ovia, CFR, accompanied by the bank’s Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, on Tuesday, October 14, 2025, carried out the prestigious closing gong ceremony at the Nigerian Exchange (NGX), marking a significant milestone in the bank’s continued partnership with the capital market and the official closing of the trading day. The ceremony highlights Zenith Bank’s strong relationship with the NGX and its commitment to transparency, accountability, and bolstering investor confidence. While speaking at the Nigerian Exchange, Dr. Umeoji expressed her delight in participating in the closing gong ceremony, acknowledging the NGX’s visionary leadership and innovative initiatives. “We are delighted to be here today to perform the closing gong ceremony – a symbol of shared progress and enduring partnership,” Dr. Umeoji said. “The NGX’s leadership has been very creative and innovative, and their electronic trading platform – X-stream played a pivotal role in the success of our recapitalization exercise, which achieved a 160% subscription. The bank’s stock price has doubled since the recapitalization exercise, from N36.50 per share to N68. Zenith Bank has also reported impressive financial results for the Half Year (H1) of 2025, becoming the most profitable bank in Nigeria and paying the highest dividend in the industry for the half year.””We are committed to creating value for our stakeholders and will continue to partner with the NGX to boost the Nigerian economy,” Dr. Umeoji added. “Our expansion strategy is focused on following our customers’ businesses and ensuring that we go to countries and economies where we can scale and provide more returns for our shareholders.”She stressed that the bank plans to make good on its promise of being investors’ delight by paying quantum dividends to its shareholders by year end. According to her “For us in Zenith, we are looking forward to paying more based on the confidence the market reposed on us. We are working assiduously to ensure that we do not disappoint the Market. We are going to continue to be the investors’ delight, and we assure the market that we would continue to pay enhanced dividends come end of the year.”Also commenting, the Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama emphasised the role of the NGX in creating value in the Nigerian economic space. He said, “I want to thank you all for making the market what it is. Without you, the market wouldn’t have seen the leap that it has achieved in the last one-and-half year. I spoke earlier that at my assumption of office, market capitalization stood at N55 trillion, today it is hovering around 89 trillion and 93 trillion. That was not done by a spirit, it was done by you. Your ability, tenacity, courage, vision and transparency have moved the market where it is. Our vision is that by next year, we will have the market at 200trn.”
The Doyen of the NGX, Alhaji Rasheed Yusuf while giving his remarks, lauded the Founder & Chairman, Zenith Bank Plc, Jim Ovia, CFR for his vision and leadership. He ended by referring to him as the “Doyen of the Commercial banking sector”.Zenith Bank remains committed to creating long-term value for its stakeholders while driving economic development in Nigeria. As the bank continues on its growth trajectory, it has its sights set on global expansion. The bank intends to strategically leverage the capital raised from the Market to enhance its scalability and deliver enhanced services to its valued customers.The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year in the 2025 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.Further recognitions include Best Commercial Bank, Nigeria for five consecutive years from 2021 to 2025 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for four consecutive years from 2022 to 2025 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024. by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year at the Nairametrics Capital Market Choice Awards 2025.
Zenith Bank Plc, on Friday, October 10, 2025, made good on its promise as it paid a total interim dividend of N51.3 billion to its shareholders for the Half Year (H1) 2025, at N1.25 per share. This significant payout represents over 60% increase from the N31.4 billion paid in H1 2024, demonstrating the bank’s commitment and enhanced capacity to continually generate value for its shareholders amidst a challenging macroeconomic environment.The dividend payment comes on the heels of the bank’s audited financial results for the half-year ended June 30, 2025, released to the Nigerian Exchange (NGX) in September 2025, which showcased a robust financial position and growth trajectory.Commenting on the dividend payout, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said, “We are pleased to have paid this significant interim dividend to our valued shareholders. Our half-year results underscore our resilience and commitment to our stakeholders. Based on the momentum achieved in H1, we are confident in our full-year outlook and expect to exceed shareholders’ expectations by year end.”The substantial dividend payout reflects exceptional underlying performance as the Bank recorded a robust 20% year-on-year increase in gross earnings, rising from N2.1 trillion to N2.5 trillion in H1 2025. Interest income drove this performance with an impressive 60% growth, climbing from N1.1 trillion to N1.8 trillion. The Bank achieved this impressive increase in interest income through strategic repricing of risk assets and effective treasury management.The Bank’s total assets also expanded to N31 trillion in June 2025, representing steady growth from N30 trillion in December 2024, underpinned by a robust and well-structured balance sheet. Customer confidence remained strong, with deposits growing by 7% from N22 trillion to N23 trillion in June 2025.Zenith Bank’s shareholders can be assured of the bank’s continued focus on delivering exceptional value and growth, driven by its strong financial fundamentals and strategic initiatives.The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year in the 2025 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.
Further recognitions include Best Commercial Bank, Nigeria for five consecutive years from 2021 to 2025 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for four consecutive years from 2022 to 2025 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025
……Reaffirms Support for Women Entrepreneurs
Tier One Lender, Fidelity Bank Plc, has commenced the disbursement of the Federal Government of Nigeria’s (FGN) MSME Intervention Funds, administered by the Bank of Industry (BOI), to qualified SMES with a strategic focus on empowering women-owned businesses across the country.
The FGN MSME Intervention Fund is designed to provide accessible financing to micro, small, and medium enterprises (MSMEs) across all 36 states of the federation.
The intervention aligns with Fidelity Bank’s commitment to inclusive economic growth and its long-standing support for Nigeria’s SME sector. In this phase of the disbursement, the bank is prioritizing women entrepreneurs, reinforcing its belief in the catalytic role of women-led enterprises in driving sustainable development and job creation.
Speaking on the development, Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, said, “As a bank deeply committed to the growth of SMEs, we are proud to partner with the Federal Government and the Bank of Industry on this critical intervention. For this phase, we are placing women at the forefront because we recognize their resilience, innovation, and pivotal contributions to wealth creation and employment generation in Nigeria.”
Fidelity Bank has also put in place a robust structure to ensure seamless onboarding and fund disbursement. Leveraging its nationwide branch network, digital banking platforms, and experienced relationship managers, the bank is poised to reach and support entrepreneurs across urban and rural communities.
The bank’s emergence as a critical player in the disbursement of the FGN MSME intervention Fund strongly aligns with its ongoing initiatives as the leading supporter of SMEs in Nigeria. Recently, the Fidelity SME Empowerment Programme (FSEP) was launched at its Gbagada SME Hub in Lagos.
This flagship initiative provided 100 growth-ready SMEs with ERPRev-enabled POS systems, business software, receipt printers, barcode scanners, inventory support, bookkeeping and branding training, three-day masterclasses, and six months of post-installation monitoring—all at no cost.
Earlier in May 2025, Fidelity Bank also signed an MoU with SMEDAN, Nigeria’s Small and Medium Enterprises Development Agency, to deliver SME-friendly low-interest financing, capacity-building support, and market access for SMEs referred under the agreement.
“Our vision goes beyond financing. We are building an ecosystem of support for SMEs by offering capacity-building programs, mentorship opportunities, and market access. Women entrepreneurs, in particular, will benefit from a larger share of the fund as part of our broader strategy to promote gender inclusion,”Ede added.
The FGN MSME Intervention Fund will further advance the bank’s commitment to empowering small and medium-sized enterprises by expanding access to affordable financing and strategic support. Through this fund, Fidelity Bank aims to deepen its impact on Nigeria’s MSME ecosystem, fostering sustainable growth, job creation, and economic resilience across the country.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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