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FirstBank launches account to grow SMEs.

First Bank of Nigeria Limited has launched an account designed to benefit Small and Medium-scale Enterprises in order to boost national growth and development.

 It said this in a statement on Monday titled ‘FirstBank unveils FirstSME account, reiterates its commitment to the continued growth of SMEs’.

 The statement said the SME accounts, namely FirstSME Classic and FirstSME Deluxe, were offered to SMEs, irrespective of industry, and tailored to have SMEs exposed to a wide range of services and opportunities that are essential for their continued growth and role in contributing to national development.

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 It stated, “The advantages and features of these accounts include; access to temporary overdrafts and other facilities subject to meeting risk adjustment capital of each product.

“Immediate enrollment on all digital platform; free access to FirstBank SME events; free access to extensive business promotional and networking opportunities on the SMEConnect portal; access to a wide range of discounted and promotional offers.”

 Another opportunity available to holders of FirstSME account, it stated was the SMEConnect initiative of FirstBank which was a platform through which SMEs accessed the bank’s unique propositions that would equip them with the essential tools needed for the growth of their business.

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It stated that the SMEConnect portal was also designed to help SMEs identify various gaps that hindered their business growth.

With FirstBank’s over 126 years of impacting the economy, it stated, the bank’s SME innovative business diagnostics tool would also help proffer tailored solutions, while creating avenues for business improvement, profitability and sustainability.

Following extensive research by the bank, it said seven strategic pillars had been considered essential for the sustainability and growth of SMEs.

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They are connect to infrastructure, connect to talent, capacity building, connect to policy and regulation, connect to resources, connect to market as well as connect to finance, it stated.

The Chief Executive Officer, FirstBank, Dr Adesola Adeduntan, said, “FirstBank is delighted to unlock several opportunities for SMEs to thrive.

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