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KPMG SME REPORT: FIRSTBANK NAMED BIGGEST MOVER IN 2019
Written by Collins Nweze
Capital is crucial in driving sustainable Small and Medium Enterprises’(SMEs’) growth and uplifting the economy. First Bank of Nigeria Limited, as part of the launch of its specialised SMEs’ propositions, has continually supported SMEs through diverse initiatives. The bank says its support for SMEs is in line with the Central Bank of Nigeria’s directive on improved funding for SMEs to ensure economic growth and development. The economies of great nations thrive on the strength and performance of Small and Medium Enterprises (SMEs) seen as engine of growth. For Nigeria, the Central Bank (CBN) defines SMEs as enterprises with asset base (excluding land) of between N5 million and N500 million and labour force of 11 and 300 people. The benefits of funding SMEs have attracted many banks with eye on the future to invest and support SMEs in the interest of the economy. For SMEs to achieve these goals, operators’ easy access to credit must be promoted. First Bank of Nigeria Limited is one of the banks that is investing and supporting SMEs. Following research by the bank over the years, it identified these seven strategic pillars that are essential to the sustainability and growth of the SMEs. These include access to infrastructure, access to talent, capacity building, policy and regulation, access to resources, access to market as well as access to finance. The bank has also held its SMEs’ Week in Lagos, Abuja, Port Harcourt, Ibadan, Kano and Owerri. The week-long event was rounded off with a live webinar, facilitated by Gbenga Shobo, the bank’s Deputy Managing Director. According to Shobo, “FirstBank has, over the years, been at the forefront of supporting businesses, especially the SMEs, as we recognise that the SMEs are the engine of the economy. We are committed to ensuring that we leave no stone unturned as we connect with them in their continued contribution to national development in terms of the employment opportunities they create as well as their contribution to the nation’s GDP amongst many economic values. “The FirstBank SME Week is driven to promote the Bank’s SME proposition, thereby having SMEs across the country optimally enlightened on how to plug in. We believe this will help SMEs bolster their contribution to the growth and development of the economy.” The 2019 Nigeria banking industry customer experience survey report recently published by KPMG Nigeria showed that in the retail segment, the top two performers have remained the same for the fourth consecutive year. GTBank, Zenith Bank are top-rated bank in the 2019 ranking. Sterling Bank, FirstBank and UBA are the biggest movers in 2019, coming in third, fifth and seventh places
Commitment to fashion and entrepreneurship.
FirstBank sponsored the Sixth Africa Fashion Week, which held last December in Lagos. The event themed ‘’Africa Unites’’ was a convergence of fashion entrepreneurs and the public to promote the creativity and innovation of Nigerian and African brands through worldwide visibility, distribution and manufacturing. Dignitaries at the event include wives of the Ekiti, Ogun and Kwara state governors, Mrs Bisi Adeleye-Fayemi, Mrs Bamidele Abiodun and Mrs Folake Abdulrazaq. The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi; former Director-General of Nigerian Tourism Development Corporation,Mrs Omotayo Omotosho; television presenter and model, Idia Aisen; model and beauty influencer, Whitney Madueke were also there. FirstBank was represented by Helen Ogboh, Business Manager, Corporate Banking. Speaking on FirstBank’s sponsorship of the event, the Bank’s Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney, said: “We are pleased to identify with Africa Fashion Week Nigeria as it showcases creativity by African fashion designers to the teeming public, leading players and enthusiasts of African fashion while promoting their contribution to the growth of the fashion industry. “We will continue to drive advocacy for this as it can create jobs that will deepen opportunities for the revival of our textile industry resulting in SMEs’growth along the value chains especially, with the growing demand in the fashion industry.” Recently, the bank promoted the use of local fabrics with a ‘What If’ campaign to commemorate the country’s Independence. It ran across the social media channels, Twitter, Instagram and Facebook, focusing on the creativity of sewing local fabrics as a national symbol vis-a-vis our outfits, clothing accessories, household furniture, in line with the bank’s celebratory 125th Anniversary, themed, “Woven into the Fabric of Society”. Ani-Mumuney said the bank would continue to empower the society, including the support for small businesses and promotion of the growth of the entertainment industry. Also, on the list of fashion sponsorship credentials of the Bank is the Fashion Souk, as well as Street Souk organized in partnership with Eventful Limited. Ani-Mumuney said “Street Souk was designed to encourage the youth to channel their talents to genres as music, arts and fashion. It’s a platform that identifies opportunities, which promote the innovative spirit in youngsters. She noted that Street Souk was tied to the FirstBank’s initiative to empower the society, including small business owners. According to her, the initiative is also tied to the promotion of the entertainment industry. Manager XIIG Glover, a merchant at the Street Souk, Mr Obembe Abiola, said he was happy to be part of last year’s (2019) street trading. “We are here to showcase what we also have as a brand which is African made and to reach out to people to know about the brand. Last year (in 2018), we were also here and it was a great time out to meet up with new clients, customers and to meet up with other brands and this year is a lot more better than last year. We are large in number, new faces and everything is going on fine,” Abiola said. He commended FirstBank for organising the event aimed at encouraging entrepreneurship. Also, Creative Director, Dmf Designs & Shopwith5k, Adebayo Bankole, a participant, said she was glad to showcase her brand to people. “I have finally found my target audience here, people that are interested in street Souk culture in Nigeria. They are my target audience,” Bankole said. She stated that sales had been very amazing and that it was worth-while being part of this year’s Street Souk. “I really appreciate the fact that FirstBank is doing this because most banks go for ankara or made- in-Nigeria but this is promoting a different culture in Nigeria. Street trading is not common in Nigeria, the fact that FirstBank is able to support the promotion of street Souk in Nigeria is amazing,” Bankole added. The bank also said it would remain committed to the Federal Government’s diversification drive with the development of agricultural value chain to boost employment. FirstBank’s Chairman, Mrs Ibukun Awosika, stated this at last year’s edition of ‘Food Souk’, an event the Bank convened in partnership with Eventful Limited, an events management firm. Mrs Awosika said the bank would continue to support the agricultural value chain from production to consumption to create opportunities for SMEs in the food sector to create job opportunities. “As you have noticed, we have been doing a chain of Souks with Eventful. It is critical for the economy of the nation that we encourage the SMEs sector across different industries,” she said. According to her, the Food Souk was introduced to diversify the economy through agricultural development. “When we have 200 million people, food is big business because everybody will eat. So, what we are trying to do is in support of the nation’s building. We are seeking to encourage small, medium and big enterprises in different sectors of the economy. “One is to help create jobs because if we think that 65 per cent of our population is made up of people under 40 years and the highest unemployment rate is within the segment that is between 20 and 35, so you need to create jobs. “But you will only create jobs when you create entrepreneurs, as we create more businesses you are creating job opportunities,” Mrs Awosika said. She added that the bank’s focused on the growth of the economy with the hope it would benefit from it as a provider of financial services. “As we grow the economy, as we build lives of Nigerians, as we support the government’s investment in the diversification of the economy and help to create jobs through the enterprises we will ultimately benefit,” Mrs Awosika stated. The Chairman said FirstBank, the largest retail bank in the country, would continue to support growth and development of SMEs. “A lot of big businesses of today that grew in Nigeria are businesses we supported from scratch. “We are starting with different generations of new businesses and events like this help you to see the trends. It helps you to see the companies that need nurturin.
“It helps you to see the companies that you can support. It also gives you information about how you can best support them and engage them in their terrain to see businesses and understand their feelings to create the kind of product that will support their businesses,” Mrs Awosika said. A food vendor, Ms Ijeoma Ebeneme, the Chief Executive Officer, JEM N Iris, commended FirstBank for putting the event together. Ebeneme said she was at the fair to make profit, meet new clients as well as create the needed publicity for her brand. Food Souk, formerly known as Fiesta of Flavours, is a food and wine fair, that holds yearly at Harbour Point in Victoria Island, Lagos, since its premier edition in 2015. The fun food and beverage fair hosted by Eventful and sponsored by FirstBank provides an avenue for attendees to experience the entertainment, art and business of food. It showcases the best in local and international cuisine, cutting-edge food technology and cooking techniques, and the best beverages, wines and spirits the world offers. It provides management and training seminars, food demonstrations and performances.
The Alternative Bank Limited (Alt Bank) has announced the appointment of Gul Khan as Managing Director and Chief Executive Officer following approval by the Central Bank of Nigeria (CBN). He succeeds Hassan Yusuf, the Bank’s founding Managing Director.
Khan brings more than 25 years of international financial services experience, having worked in Europe, America, Asia, Middle East & Africa. Most recently he served as Chief Executive Officer and Board Director of I&M Bank Kenya and was Group Head of Products for Airtel Money, the fintech business across 14 markets in Africa. He alsopreviously served as Global Head of Retail Banking and Wealth Management at HSBC Amanah, the Group’s non-interest banking business. His career also includes executive leadership roles with banks in UAE, Egypt and Qatar giving him experience across established banking institutions and technology-led financial services businesses.
Commenting on the appointment, Muhtar Bakare, Chairman of Alternative Bank, said “Gul’s expertise in non-interest banking and his leadership experience across African financial services position him well to lead Alternative Bank through its next phase of growth. The Board is confident in his ability to build on the Bank’s foundations and broaden its reach, while maintaining the strong governance and commercial discipline essential to long-term success.”
Khan will work with the Board and management team to guide the Bank’s next phase of growth. Outlining his priorities, he said:
“The opportunity is to make Alt Bank the preferred choice for consumers and businesses in Nigeria. That means understanding what customers need, whether acquiring productive assets or growing their businesses, and providing solutions that are relevant and they can use with ease. I look forward to working with colleagues to build on Alt Bank’s progress and earn our customers’ continued trust.”
Alt Bank met the CBN’s revised minimum capital requirement for national non-interest banks well ahead of the regulatory deadline. The Bank has also completed its migration to MIZAN, a core banking platform designed for non-interest financial institutions. Its strengthened capital base and investment in technology support its capacity to finance business growth and develop products that meet the needs of its customers.
The Alternative Bank is part of Sterling Financial Holdings Company Plc, a diversified Nigerian financial services group. Backed by the Group’s institutional strength, governance framework and commitment to innovation, the Bank continues to advance its mission of expanding access to non-interest financial solutions for individuals and businesses across Nigeria.
Guaranty Trust Bank Limited (“GTBank”), the banking subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or “the Group”), today announced the launch of the 737 App designed around the evolving financial needs, digital habits and everyday experiences of young Nigerians. The launch further reaffirms GTBank’s longstanding commitment to building financial solutions that empowers the younger generation.
For GTBank, engaging the younger generation goes beyond providing access to banking services. It is about understanding how young people live, work, connect, spend and plan for the future, and developing solutions that fit these realities. This commitment has shaped the bank’s product innovation over the years, from GTCrea8, which offers young people free banking services, to a growing suite of digital solutions that make managing money easier, faster and more accessible.
The 737 App represents another deliberate step in this journey. Recognising that young people are increasingly mobile-driven, digitally connected and accustomed to managing different aspects of their lives from their phones, GTBank has developed an application that fits into the lifestyle of the young average Nigerian, experiencing life more and banking less. I
The 737 App uses customers’ phone numbers as their account numbers, making account details easier to remember and share. It also offers free virtual Naira Mastercard for online payments on international platforms such as Amazon, Netflix, Spotify and AliExpress. Its Scan to Pay feature enables faster transfers by eliminating manual account entry, while savings tools support future goals. Customers can also access instant loans and conveniently pay for airtime, data and utility bills.
Commenting on the launch, the Managing Director of GTBank, Mrs Miriam Olusanya, said: “We recognise that younger generations have an evolving relationship with money and financial services. They are technology-driven, digitally connected and increasingly intentional about how they spend, save and pursue their ambitions. Our responsibility is to understand these changing behaviours and translate them into financial solutions that fit seamlessly into their lifestyles. The 737 App reflects this commitment, bringing together the convenience, speed and accessibility they expect, while providing the tools to support their financial aspirations and plan for the future.”
She added: “This reflects the Group’s broader commitment to continuously innovate around the needs of the younger generation. Over the years, we have remained deliberate about creating products and opportunities that make financial services more accessible, relevant and rewarding for young people, empowering them to pursue their ambitions and make the most of life.”
The 737 App is available for download on the Google Play Store and Apple App Store, with a seamless digital onboarding process for both new and existing customers.
Zenith Bank Plc has awarded ₦190 million to 13 winners across three innovation competitions at the sixth edition of its flagship technology event, Zenith Tech Fair 2026: Future Forward 6.0, reinforcing its commitment to nurturing innovation, accelerating digital advancement and empowering the next generation of African technology leaders.
Held virtually for the first time on Thursday, November 5, 2026, under the theme, “AI: Embrace or Extinct,” the event brought together technology leaders, entrepreneurs, innovators, policymakers and participants from across the world to explore the transformative potential of Artificial Intelligence (AI) and its implications for businesses, economies and society. The ₦190 million prize pool is the largest in the history of the Tech Fair, further demonstrating the Bank’s growing investment in technology and innovation.
The 2026 edition featured three competitions: the Hackathon, Startup Pitch Competition and the newly introduced Future Innovators Challenge. Together, they attracted over 3,000 submissions from developers, entrepreneurs and secondary school students seeking to showcase innovative solutions and secure funding to advance their ideas.
In the Hackathon category, Team Solo emerged overall winner, receiving ₦35 million, while 10x Brains secured second place with ₦20 million. Rumour Hunters came third with ₦15 million, while Òmìnira and Team Avera emerged fourth and fifth, receiving ₦10 million each.
In the Startup Pitch Competition, Cutstruct Technology Limited clinched first place with ₦35 million, followed by Sproutly, which received ₦20 million. PharmaRun secured third place with ₦15 million, while AUI BRAND and ProDevs completed the top five, receiving ₦10 million each.
The Future Innovators Challenge, introduced to encourage technology-driven creativity and problem-solving among secondary school students, produced three winners. Caleb British International School emerged first, receiving ₦5 million, while Queen of the Rosary College, Onitsha, came second with ₦3 million. Regina Pacis International School secured third place with ₦2 million.
Among the winning solutions, Cutstruct Technology Limited’s LiveVend platform is transforming construction procurement by connecting developers and contractors with suppliers. Sproutly uses financial technology to simplify school payments, while PharmaRun makes access to authentic medications more convenient through its network of pharmacies. Caleb British International School’s ReLearn platform, which won the Future Innovators Challenge, redistributes used textbooks to students in underserved communities, making learning materials more affordable and accessible.
Beyond the financial rewards, the winners will benefit from a six-week mentorship and incubation programme, providing expert guidance and practical support to refine their solutions, strengthen their business models and scale their innovations.
In his welcome remarks, the Founder of Zenith Bank Plc, Jim Ovia, CFR, reaffirmed his vision of empowering young people through technology and nurturing innovators capable of making a global impact. He said: “My vision is to continue empowering young people through technology, with the hope that one day we will produce individuals who make an impact on the scale of Bill Gates, Steve Jobs and Jeff Bezos.”
In her opening address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr Adaora Umeoji, OON, highlighted the urgency of embracing Artificial Intelligence and adapting to the rapidly evolving technology landscape. She noted that the Bank’s commitment to innovation is reflected in its investments in digital infrastructure, products and services, including its Zenith Intelligent Virtual Assistant (ZIVA). She also highlighted the role of the Bank’s fintech subsidiary, FinoPay, in developing the SMART AfCFTA Portal to facilitate intra-African trade.
Speaking on Africa’s role in the global AI revolution, she declared: “The next generation of global AI champions can and should come from Africa.” She further challenged participants to embrace emerging technologies, stating: “Do not fear AI. Embrace it. Whether you are developing a solution for a farm, clinic, classroom or factory, dare to think big, build ethically and create scalable solutions.”
The Governor of Lagos State, His Excellency, Mr. Babajide Sanwo-Olu, commended Zenith Bank’s contribution to technological advancement, saying: “Over the years, Zenith Bank has been a strong driver and enabler of innovation, using technology to advance solutions and raise expectations for its employees, stakeholders and the wider business community.”
He also reaffirmed the Lagos State Government’s commitment to the technology ecosystem, stating: “We are also committed to supporting and promoting the technology ecosystem, creating opportunities for innovation and ensuring that Lagos remains at the forefront of this important area of development.”
The Honourable Minister of Innovation, Science and Technology, Dr Kingsley Tochukwu Udeh, SAN, represented by the Director-General of the National Space Research and Development Agency (NASRDA), Professor Matthew Adepoju, commended the Bank’s investment in technology and youth empowerment. He emphasised the importance of public-private collaboration in translating innovation into economic opportunities, stating: “When government and the private sector work in the same direction, ideas become products, products become businesses, and businesses create jobs for our people.”
The Tech Fair featured a distinguished line-up of technology leaders and industry experts, with Zach Kass, former Head of Go-to-Market at OpenAI, delivering the keynote address. Examining the evolution of AI and the emergence of autonomous agents, Kass challenged participants to consider the place of human judgement and values in an increasingly automated world. He said: “We are approaching a world in which we will have to ask ourselves, regularly and seriously: what do we want to keep human, and what are we willing to automate?”
Other speakers included Mike Ogbalu III, Managing Director/CEO of the Pan-African Payment and Settlement System (PAPSS); Deniz Oran, Head of Payment Partnerships at Google for EMEA; Jane Egerton-Idehen, Managing Director/CEO of Nigerian Communications Satellite Limited (NIGCOMSAT); Kashifu Inuwa Abdullahi, Director-General of the National Information Technology Development Agency (NITDA); and Chinwe Uzoho, Regional Managing Director, West Africa, Network International. Sessions were moderated by Victoria Rubadiri, CNN Correspondent, alongside other industry experts.
Conceived by the Bank’s Founder, Jim Ovia, CFR, the Zenith Tech Fair reflects his vision of empowering young Nigerians through technology and nurturing innovators capable of developing solutions with global relevance. Over the years, it has evolved into a platform connecting ideas, talent, investment and opportunities, while giving emerging technology businesses the resources and exposure to grow.
Previous winners have gone on to develop solutions with practical applications across different sectors. They include JumpnPass, which developed a self-checkout solution for retail; CreditChek, which uses AI and open banking to streamline credit verification; TrustLoop, winner of the 2025 Hackathon with its digital identity verification solution; and Cubbes Technologies Limited, winner of the 2025 Startup Pitch Competition with its AI-powered educational technology platform.
With the introduction of the Future Innovators Challenge, Zenith Bank is extending this support to secondary school students, recognising the importance of identifying and nurturing technology talent early. Through the Tech Fair and its broader technology-driven initiatives, the Bank continues to invest in the people, ideas and businesses shaping Africa’s digital economy, providing innovators with the funding, mentorship and opportunities to turn promising ideas into impactful solutions.
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