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When a Bank Puts SMEs First
Last week will go down as one of the most challenging weeks, if not the most challenging, Nigeria has faced in 2020. What started out weeks before as very well-organised peaceful protests by young Nigerians campaigning to #EndSARS, was supplanted by hoodlums engaging in wanton looting, arson and destruction of public and private properties across many states at an unprecedented scale. By the end of the week, many lives had been lost, many properties and businesses completely destroyed and Nigeria has been left reeling from a shock that dwarfs any the country felt even at the peak of the COVID-19 outbreak.
In keeping with the Nigerian spirit of being one’s brother’s keeper, equally unprecedented efforts by individuals, groups and corporate organisations to try to provide assistance for people and businesses affected by the crises of the past week, have followed. Individuals and groups have announced donations of cash and materials, set up helplines to offer psychological counselling and support, and started online crowd-funding efforts in support of victims. Among corporate organisations, we have seen banks take a leading role. Some banks, such as Access Bank and Stanbic IBTC, have announced funds or desks they have set up to receive requests from, and process assistance for, affected individuals and businesses. One of these banks’ efforts include pledged interest-free loans and grants that affected businesses and individuals can access.
Another bank has seen thousands of requests for assistance pour in through the online channel it set up for the purpose. The requests have flowed in, not only because of the victims’ desperation for help, but also because of the humane approach to banking that this institution adopts. Always putting the customer at the heart of its business, FirstBank has been showing empathy with all those who have experienced one loss or the other as a result of the crises. Since last week, the bank has been seeking every opportunity to identify with people who are currently grieving and hurting.
Although the largest and most prominent member of Nigeria’s leading financial powerhouse, the FBNHoldings Group that is a one-stop shop for financial services ranging from commercial and investment banking to financial advisory, insurance brokerage and pensions custodianship, FirstBank is neither immune nor removed from the challenges people face. It is a human institution with thousands of humans working as employees to provide bespoke banking products and services to millions of other humans whose pulse the bank feels through its employees. Being part of a group with expertise across the broad spectrum of financial services, makes FirstBank the banking partner with the broadest shoulders to assist SMEs buffeted by the wave of violence witnessed across the nation last week.
Given the interconnectivity between Nigeria and FirstBank’s history, it is no surprise that a tumultuous week in Nigeria is giving way to one with stories of hope and optimism by Nigerians badly affected by the crises of the past week, who are looking to FirstBank for assistance. These Nigerians have been encouraged by the strides FirstBank has made over the years in the SME space as the bank of first choice for small businesses. Built around seven strategic pillars – of connect to infrastructure, connect to talent, capacity building, policy and regulation, connect to resources, connect to market as well as connect to finance – considered essential for the sustainability and growth of SMEs and intended to promote a healthy business interaction and adaptability of the SMEs with their immediate environment, FirstBank’s involvement with SMEs, through SMEConnect (the bank’s branded bouquet of empowerment initiatives, products and services tailor-made for SMEs), has been one that has sought to facilitate their growth into future economic powerhouses playing ever-increasing roles in Nigeria’s economic development.
Since its maiden SME National Conference in 2014, FirstBank has annually engaged small businesses and SME owners in series of empowerment seminars and workshops designed to improve their business capacity. Only this year, FirstBank held its inaugural SME Business Clinic in Lagos, Port Harcourt and Abuja with many SMEs in attendance. The SME Business Clinic featured Abayomi Adewumi, CEO of the Global Leadership Institute and an industry expert and business growth consultant with vast experience working with SMEs. He engaged participants on the FirstBank SME diagnostic tool designed for SMEs to check the health of their business, better understand it and drive profitability.
In 2019, FirstBank organised a weeklong SME event which had owners of SMEs in different sectors mentored across multiple states in the country. It was the first of its kind in the industry. Organised in partnership with SME Traction, a leading business coaching platform, it was aimed at empowering SMEs to make informed choices about their businesses, thereby facilitating growth and bolstering their contribution to the development of the economy. At the event, FirstBank’s Deputy Managing Director, Gbenga Shobo, underlined the importance the bank attaches to SMEs. He said: “At FirstBank, we recognise the impact SMEs have in promoting growth of the economy and are excited at the opportunity to continue to enable them prosper by strategically contributing to the sustainability of their business. We remain the trusted financial partner of SMEs and reiterate our resolve to be known as the brand that enables their success; much the same way that we have for over 125 years enabled Nigerians and the economy at large.”
This same point was elaborated at another FirstBank SME event, “Food Souk”, convened in 2019 in partnership with Eventful Limited, an events management firm, where the bank restated its commitment to the Federal Government’s diversification drive, promising to continue to support the agricultural value chain from production to consumption to create opportunities for SMEs in the food sector so they could in turn create job opportunities. The bank also extended its hand of partnership to all small businesses involved in organising different trade fairs and exhibitions. A food vendor at the event, Ms Ijeoma Ebeneme, the Chief Executive Officer, JEM N Iris, commended FirstBank for putting the event together. Ebeneme said she was at the food fair to make profit, meet new clients as well as create the needed publicity for her brand. It is for people like Ebeneme that FirstBank maintains an SME website (https://smeconnect.firstbanknigeria.com) with rich resources to help SMEs build capacity and improve how they run their business. On the website is a blog featuring business articles and tips, SME business toolkit, SME products, Microsoft 365 Business Basic and a whole lot more.
In support of owners of SMEs operating in the education sector, FirstBank, in partnership with the Lagos State Employment Trust Fund (LSETF), set up a matching fund scheme of ₦5 billion LSETF-FirstEdu Loan. Officially launched in September by Governor Babajide Sanwo-Olu of Lagos State and Dr Adesola Adeduntan, Managing Director/CEO of FirstBank, the scheme aims to cushion the impact of Covid-19 pandemic on low-cost private schools by ensuring lending at an attractive interest rate. Speaking at the launch, Dr 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.”
It is for efforts like all those highlighted above and many more that the 2019 edition of KPMG’s Annual Banking Industry customer Satisfaction Survey named FirstBank as the biggest mover in the SME space. The 2014 edition of the Survey had named the bank as the most popular bank among MSMEs for both deposit transactions and credit/loan facilities with 26 per cent of the SMEs surveyed identifying the bank as one where they had an ongoing loan facility or had obtained one in the recent past. It is also for the same reason that the unfortunate events of the last week have reignited the bond between Nigerians and FirstBank, a partner that they can bank on in times of need. The bank’s track record leaves no one in any doubt of its unwavering commitment to continue to weather all storms with Nigeria and Nigerian SMEs with whom it shares a common destiny.
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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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