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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.
Zenith Bank Plc has released its unaudited financial results for the nine months ended 30 September 2025, with a remarkable 16% year-on-year growth in gross earnings from N2.9 trillion recorded in Q3 2024 to N3.4 trillion in Q3 2025. The Group’s performance continues to demonstrate resilience, strong momentum, disciplined execution and an ability to deliver long-term shareholder value in spite of challenging macroeconomic environment.According to the financial results presented to the Nigerian Exchange (NGX), the growth in gross earnings was driven by a sustained growth in interest income which grew by 41% year-on-year to N2.7 trillion. The growth in interest income was supported by a high-yield rate environment and an expansion in the Bank’s investment portfolio. Despite the increase in interest expense by 22% to N814 billion on the back of a tightening monetary cycle and a growth in the Bank’s funding base, the Bank was able to achieve a healthy Net Interest Margin (NIM) of 12% as against 10% in September 2024. Non-interest income declined by 38% to N535 billion, underpinned by a 60% decline in trading gains.Profitability remained strong, with profit before tax at N917 billion as against N1.00 trillion reported in September 2024. Profit after tax also declined by 8% to N764 billion and Earnings Per Share (EPS) came in at N18.60 as against N26.34 in September 2024, as the Bank took bold measures to improve the quality of its loan portfolio.The Bank’s total assets grew by 4% from N30 trillion in December 2024 to N31 trillion as at September 2025. This was largely supported by customer deposits, which rose by 8% to N23.7 trillion within the same period. Gross loans declined by 9% to N10 trillion as at September 2025, while Non-Performing Loan (NPL) ratio improved to 3% due to the write-off of non-performing loans.Return on Average Equity (ROAE) and Return on Average Assets (ROAA) stood at 23.3% and 3.3% respectively. Cost of funds increased to 4.5%, underscored by the broader elevated interest rate environment. The Group’s cost of risk stood at 10% while cost-to-income ratio rose to 45%.Coverage ratio and liquidity ratio remain solid and well within regulatory limits at 211.1% and 53% respectively. This highlights the Bank’s strong capital position and liquidity profile as well as its ability to fund strategic growth opportunities. It also reflects its unwavering commitment to a prudent risk management, compliance and corporate governance culture. Commenting on the results, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “the Bank’s robust performance is an attestation to the resilience of the Zenith brand, result-driven strategy, and the adaptability of our people in an evolving operating environment. We have fortified our capital base, reset our asset quality, and are well positioned for sustainable and profitable growth”.Looking to Q4 2025, Dame Dr. Umeoji reinforced her optimistic outlook: “This result confirms the resilience of both our business model and our people. We’re on a solid growth path that we expect to maintain through the remainder of the year. Our focus on innovation, digital transformation, and developing solutions that address our clients’ changing needs positions us to capitalise on emerging .
opportunities whilst maintaining our disciplined approach to growth.” She assured shareholders that the robust performance, combined with improved asset quality and the Bank’s strong capital base, positions Zenith Bank to deliver exceptional returns with expectations of sustained value creation. “We’re well placed to sustain this momentum whilst maintaining responsible leadership in the Nigerian banking industry and delivering exceptional value to all our stakeholders.”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 led to Zenith being also 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. 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, 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.Zenith Bank has also bagged several non-financial awards including, 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.
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Guaranty Trust Holding Company Plc (“GTCO” or “the Group”) has released its Unaudited Consolidated and Separate Financial Statements as of September 30, 2025, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE)
The Group posted profit before tax of ₦900.8billion on the back of strong performance on the core earnings lines of interest income and fee income which grew y-o-y by 25.6% and 16.8% respectively. The strong core-earning performance continued to narrow the y-o-y dip in PBT to 26%, thereby cushioning the impact of the ₦523.2bn fair value gains recognised in Q3-2024, which did not recur in Q3-2025.
The Group recorded growths across all its Asset lines and continues to maintain a well-structured, healthy liquid and diversified balance sheet in all the jurisdictions wherein it operates a Banking franchise, as well as across its Payments, Pension and Funds Management business verticals.
Group’s total assets and shareholders’ funds closed at ₦16.7trillion and ₦3.3trillion, respectively. Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 36.5%, likewise asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.3% and 4.4% % at Bank and Group level in Q3-2025 (Bank 3.5%, Group 5.2% in December 2024). Cost of Risk (COR) also improved to 2.2% from 4.9% in December 2024. In specific terms, the Group’s loan book (net) grew by 16.5% from ₦2.79trillion as of December 2024 to ₦3.24trillion in September 2025. Similarly, deposit liabilities grew by 16.0% from ₦10.40trillion to ₦12.06trillion during the same period.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our third quarter performance underscores the consistency and resilience of our business model, as well as the continued strength of our diversified financial services ecosystem. We are seeing steady, sustainable growth across our banking and non-banking businesses, supported by disciplined execution and a strong focus on operational efficiency. The improvements we have made to our digital and payments infrastructure are enhancing customer experience, deepening engagement, and driving greater integration across our ecosystem.”
He further stated: “Looking ahead, our focus remains on advancing our competitive edge through innovation, operational excellence, and a commitment to superior customer outcomes. With a clear growth trajectory and strong organizational alignment, we are well-positioned to sustain performance momentum and deliver another year of industry-leading results.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 39.5%, Pre-Tax Return on Assets (ROAA) of 7.6%, Capital Adequacy Ratio (CAR) of 36.5% and Cost to Income ratio of 28.8%.
Guaranty Trust Holding Company Plc is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, GTCO Plc provides a wide range of banking and non-banking services including payments, funds management, and pension fund administration. The Group is committed to delivering long-term value to stakeholders while driving growth and development across its markets
Access Holdings Plc (“the Group” or “the Company”) today announced its half-year audited financial results for the period ended June 30, 2025.The Group’s financial results for the half year ended June 30, 2025, reflect the resilience of our business model, the diversification of our revenue streams, and the steady progress to the execution of our five-year strategic plan. Gross earnings increased by 13.8% year-on-year to 2.5 trillion in H1 2025 from 2.2₦ ₦ trillion in H1 2024, driven by strong growth in interest income which increased by 38.9% year-on-year to 2.0 trillion from 1.5 billion in H1 2024. Net interest income also increased by 91.8% year-on-year to 984.6 billion in H1 2025 from 513.4 billion in H1 2024. Complementing this performance was a growth in net fees and commission income, which increased by 16.1% year-on-year to 237.7billion in H1 2025 from 204.7 billion in H1 2024. Profit before tax (PBT) and profit after tax (PAT) closed at 320.6 billion and 215.9 billion respectively underscoring the strength and resilience of our business model in the markets we operate in. Key balance sheet indicators remain strong with total assets, customer deposits, loans and advances, and shareholders’ equity closing at 42.4 trillion, 22.9 trillion, 13.2 trillion 3.8 trillion respectively. The Banking group demonstrated resilient performance in H1 2025. Interest income grew by 38.7% year-on-year to 2.0 trillion in H1 2025 from 1.5 trillion in H1 2024. Net interest income increased by 85%, from 536.7 billion in H1 2024 to 992.7 billion in H1 2025. Fee and commission income increased by 27% to 294.9 in H1 2025 from 232.5 billion in H1 2024 driven by increased transaction volumes. Profit before tax (PBT) and profit after tax (PAT) closed at 303.0 billion and 199.3 billion respectively. Banking group subsidiaries contributed 65% to the Banking group’s profit before tax (PBT) in H1 2025. This result highlights our journey towards sustainable performance and execution across our key African and international markets. The Group’s non-banking subsidiaries maintained a strong growth momentum. For Access – ARM Pensions, financial performance was robust, with revenue up 29.9% to 21.0 billion and profit before tax up 65.1% to 13.1 billion. The business delivered a₦ ₦
www.accessbankplc.com solid ROAE of 48.1%, a cost-to-income ratio of 35.1%, and a PBT margin of 62.5%, underscoring strong operational efficiency and profitability. Hydrogen Payments recorded a 40.5% growth in top-line revenue compared to H1 2024. Profit before tax (PBT) grew by 273% year-on-year. The total transaction value processed increased by 211%, reaching 41.1 trillion in H1 2025, up from 13.8 trillion in H1 2024. Access Insurance Brokers has sustained strong momentum, recording a 125% year-on-year increase in gross written premium, 146% growth in revenue, and a 161% improvement in profit before tax (PBT). Oxygen X, the Group’s digital lending arm, has sustained strong momentum since launch in Q3 2024, delivering 5.4 billion in revenue and 2.2 billion in profit before tax in H1 2025. Access Holdings’ businesses are well-positioned to deepen market penetration, expand product offerings, and leverage cross-sell opportunities across the Group to drive continued growth and profitability. The group’s focus remains on driving prudent growth and continued execution of its strategic priorities, scaling its digital and transaction-led income streams, increasing revenue diversification, embedding efficiency, innovation, and disciplined portfolio management across all areas of the business. It will also continue to uphold the highest standards of risk and governance discipline to ensure sustainable profitability.Access Holdings remains confident that it will continue to deliver sustainable value and returns to its shareholders. Its long-term objective is to build a stronger, more agile Group that consistently delivers superior returns, fosters innovation-driven growth, and optimises portfolio performance to create inclusive value across its markets while reaffirming investor confidence in the strength and future of Access Holdings. The Group appreciates the continued trust and support of its shareholders, customers, and employees. Together, the Group is building a stronger future.
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