First Bank Nigeria PLC

History and Founding

FirstBank traces its origins to 1894, when Sir Alfred Jones, a Liverpool shipping magnate, established the Bank of British West Africa (BBWA) in Lagos. The bank played a pivotal role in financing trade and commerce across West Africa. It acquired the Bank of Nigeria in 1912 and later merged with Standard Bank, leading to local incorporation as Standard Bank of Nigeria Limited in 1969. The bank was renamed First Bank of Nigeria Limited in 1979 and converted to a public company in 1991. In 2012, as part of regulatory compliance with the Central Bank of Nigeria’s holding company framework, FirstBank transferred its listing and shareholder base to FBN Holdings Plc (now First HoldCo Plc), while retaining its commercial banking operations.

Business Model and Products

FirstBank generates revenue through interest income from loans, fees from transaction and account services, and earnings from foreign exchange and trade finance. Its extensive product suite caters to retail, corporate, commercial, and public sector customers. Retail offerings include FirstOnline (internet banking), FirstMobile (mobile banking app), FirstMonie (agent banking network with over 233,500 agents), USSD banking via *770#, and Chat Banking on WhatsApp. Business customers benefit from E-Solutions (corporate e-banking), trade finance, cash management, and SME-focused products such as FirstAdvance (salary advance) and SMEConnect webinars. The bank also provides mortgage services through FBN Mortgages Limited and pension custody via First Pension Custodian Nigeria Limited. Internationally, FirstBank operates subsidiaries in the UK, Ghana, Guinea, Sierra Leone, The Gambia, Senegal, and the Democratic Republic of Congo, with representative offices in China, South Africa, the UAE, and a branch in Paris.

Market Position and Recognition

FirstBank is consistently ranked as Nigeria’s strongest brand by Brand Finance and has won numerous awards for retail and SME banking. In 2025, The Asian Banker named it “Best Retail Bank in Nigeria” for the ninth time, and it was also recognized as “Best SME Bank in Africa.” The bank’s financial resilience is reflected in a pre-tax profit of ₦610.9 billion for the nine months ended September 2024, with total assets of ₦27.4 trillion. Its strong capital position has earned top-tier ratings from credit agencies.

Digital Innovation and Financial Inclusion

The bank has invested heavily in digital channels to expand financial access. The FirstMonie agent network allows customers in rural areas to perform basic transactions without a physical branch. The FirstMobile app and FirstOnline platform provide comprehensive banking services, while USSD and WhatsApp banking ensure accessibility even on basic phones. These innovations have helped FirstBank serve over 42 million customers and maintain a leading position in digital banking in Nigeria.

Recent Developments and Strategy

FirstBank’s recent strategy focuses on deepening financial inclusion, enhancing digital capabilities, and expanding its pan-African footprint. In 2024, the bank launched new entrepreneurship support programmes in partnership with state governments and sponsored trade finance conferences. It has also been recognized for ESG leadership, winning “Nigeria’s Best Bank for ESG” from Euromoney for two consecutive years. With a legacy of over 130 years, FirstBank continues to strengthen its market leadership through innovation, strategic partnerships, and a commitment to sustainable banking.