FirstBank Nigeria has reaffirmed its commitment to financial inclusion through strategic partnerships with FinTech operators at its sixth FinTech Summit, themed “Banking on Partnerships.”
At the Fintech Summit 6.0 in Lagos, Ini Ebong, Deputy Managing Director while speaking to journalists, highlighted FirstBank’s 130-year evolution, emphasizing the need for partnerships to drive digital growth and financial inclusion.
He noted the bank’s elaborate ecosystem of FinTech partnerships, enabling 20 million active customers on its digital platforms.
Ini Ebong, sharing the motivation behind the summit’s theme, “Banking on Partnerships,” said the evolution of financial services is driven by technology, necessitates collaboration to achieve financial inclusion.
“As a 130-year-old bank, FirstBank recognized the need to evolve and partner with FinTech operators to expand digitally. This strategic approach has yielded impressive results, making FirstBank Nigeria’s largest digitally enabled bank with over 20 million active customers on its digital platforms.”
However, Ebong emphasized that this success was not achieved alone. “We have built an elaborate ecosystem of partnerships with a wide range of FinTechs,” he said. “Every day, young Nigerian and African entrepreneurs approach us with innovative solutions.”
Through partnerships, FirstBank has fostered financial inclusion, encouraged entrepreneurship and promoted mutual growth between the bank and FinTechs.
He said, beyond the summit, FirstBank aims to continue supporting innovative solutions and empowering Nigerians through financial services. By embracing partnerships, FirstBank demonstrates its dedication to inclusive banking, paving the way for a more financially inclusive in Nigeria.
He said: “When they partner with an institution like First Bank, right, they get the visibility that they require, they get the scalability, and they are able to attract investment and capital. It is by no accident Nigeria has produced a number of unicorns, homegrown, and we know who they are. So, certainly, it has been beneficial.”
He continued, ”Certainly, there are opportunities for young Nigerian entrepreneurs who are bright and smart enough to pursue their dreams, pursue ideas. And we can assure them that a bank like First Bank will partner with them. And that is why we invest in this annual FinTech Summit. We give them a platform to showcase their ability, showcase their skills, and perhaps attract investment. And we assure them that we will be here to work with them now and as we have been doing for over 130 years in Nigeria.”
FirstBank’s partnership with FinTech operators has significantly promoted financial inclusivity in Nigeria. Through collaborations, FinTech’s innovative solutions cater to underserved segments.
Situ Olayinka Oluwarotimi, Chief transformation officer/ Group Head, Corporate Transformation for FirstBank, explained, ”Inclusivity comes with having the right products and services targeted at specific segments.”
Situ Olayinka Oluwarotimi, Chief transformation officer/ Group Head, Corporate Transformation for FirstBank.
He said, FirstBank’s partnership achieves this by Leveraging FinTech’s youthful expertise to understand customer needs, Extending services to meet customers where they are and Encouraging innovative ideas through programs like the SpinTech Summit.
“At the summit, 400 startups presented ideas focused on expanding financial access and inclusivity. FirstBank invested in top innovators, offering ₦10 million, to ₦5 million prizes. This long-term commitment demonstrates FirstBank’s dedication to inclusive banking, empowering Nigerians through financial services and partnerships,” he said.
Through programs like SpinTech Summit, FirstBank invests in innovative solutions, promoting inclusive banking and empowering Nigerians.
