An Overview Of FirstSME Account By FirstBank And Its Impact On SMEs In Nigeria

The viability of any business venture is hinged on many factors including; the policies of the government, the state of the economy, the availability of the right infrastructural facilities as well as the quality of financial services within its reach.

These factors are essential in promoting the sustainability of any business whilst guarding against bottlenecks that could adversely affect business survival.

In Nigeria, First Bank of Nigeria Limited, the country’s premier financial services provider, which has been in existence for over 127 years has been a pillar of support to the growth of the businesses in the country.

Much as the Bank has been at the forefront of promoting Business, in August 2020, the Bank unveiled the FirstSME account, an account specifically designed to take the business of its SME customers to the next level, irrespective of the nature of the business venture.

The FirstSME account is available to all non-individual entities, including Limited liability Companies, Public sector institutions, Enterprises/Sole proprietorships, Partnerships & Associations, Religious Bodies, Traders, NGOs.

According to the Nigeria Bureau of Statistics, small and medium scale enterprises (SMEs) in Nigeria have contributed about 48% of the national GDP in the last five years. In Nigeria, SMEs contribute 48% of national GDP, account for 96% of businesses and 84% of employment. With a total number of about 17.4 million, they account for about 50% of industrial jobs and nearly 90% of the manufacturing sector, in terms of the number of enterprises.

 

THE PRODUCT

 

The FirstSME account, which comes in two variants – FirstSME Classic and FirstSME Deluxe, exposes customers to a wealth of opportunities that are essential for their continued growth and role in contributing to national development.

The FirstSME helps SMEs with the essential tools needed for the growth of their business. The product comes with major features such as access to loans, access to digital products, and SME connect.

FirstSME account is one of the numerous opportunities designed to empower SMEs to continually drive impact as the backbone and contributor to employment and economic growth.

 

Benefits of SME accounts to customers

  • Immediate enrollment on all digital platforms;
  • Free access to FirstBank SME events;
  • Access to a wide range of discounted and promotional offers;
  • Free access to extensive business promotional and networking opportunities on the SMEConnect portal
  • Access to Temporary Overdrafts (TODs)
  • Access to SMEConnect.

 

However, in addition, a viable opportunity available to holders of FirstSME account is the SMEConnect initiative of FirstBank which reiterates the bank’s resolve to continually proffer tailored solutions to SMEs, create avenues for business improvement, profitability, and sustainability. SMEConnect was birthed out of the need to bridge the gap and connect SMEs to resources, products, and services that will enable them to overcome business challenges.

 

Features and Benefits of SMEConnect

  • Free business advisory services through First Banks’ business diagnostic tool
  • Free showcasing of products and services
  • Interact with customers and other SMEs
  • Discounts on business development resources
  • Free capacity building workshops, seminars, and webinar
  • Regular updates on policies and regulations impacting SMEs.
  • 34% discount when customers request a business coach on SMEConnect

The platform provides other features, including the SMEConnect blog, business categories, e-newsletter, special offers, and upcoming events and programs.

To boost your business to its next level, open a FirstSME account to take advantage of the numerous opportunities provided by FirstBank

By the way, you can also join the FirstBank’s SMEConnect platform https://smeconnect.firstbanknigeria.com and sign up for free.

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