FirstBank in October 2016 launched FirstGem in line with the Bank’s deliberate strategy to drive financial inclusion and all round development of women through gender advancement programmes wrapped around savings culture, financial literacy, loan management and building an investment portfolio. FirstGem represents a paradigm shift in the way women’s banking needs are addressed. “We recognized that women need more than just capital, they need a complete ecosystem of support,” explains FirstBank’s sources. “They need a complete ecosystem of support that nurtures their ambitions and empowers them to reach new heights.”

This guiding principle has shaped FirstGem into a multifaceted programme that seamlessly blends tailored financial services with comprehensive business development initiatives. By tackling the diverse needs of female entrepreneurs, FirstGem has become a catalyst for transformative change, empowering women to not just survive, but thrive.

At the heart of FirstGem lies a suite of financial offerings carefully curated to address the specific challenges faced by Nigerian businesswomen. Gone are the rigid requirements and one-size-fits-all approaches that have historically deterred female entrepreneurs from accessing crucial funding for their businesses.

FirstGem eliminates the financial barriers of account maintenance, ensuring that women can focus their resources on growing their enterprises as the account comes with Zero Monthly Service Fees. The programme’s innovative approach to securing loans considers the unique circumstances of female entrepreneurs, opening up new avenues for access to funding.

Specialized Credit Lines is one of the offerings of FirstGem with a diverse range of financing options tailored to the diverse stages and needs of women-led businesses, empowering them to scale with confidence. Digital Banking Integration ensures seamless mobile and online banking services designed for busy entrepreneurs allow FirstGem members to manage their finances with unparalleled convenience.

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While the financial services offered by FirstGem are undoubtedly transformative, the programme’s true strength lies in its multifaceted approach to empowering women. By combining tailored banking solutions with comprehensive business development initiatives, FirstGem has created a robust ecosystem that nurtures the growth and success of female entrepreneurs.

Skills Development Programmes designed as Regular workshops on financial management, business strategy, digital marketing, and e-commerce equip FirstGem members with the knowledge and tools needed to navigate the ever-evolving business landscape.  Networking Opportunities are also provided through quarterly networking events, mentorship programmes, and industry-specific forums connect FirstGem members with a vibrant community of successful businesswomen, fostering invaluable peer-to-peer learning and collaboration.

Advisory Services are also available through dedicated relationship managers, trained in understanding the unique needs of women-led enterprises, provide tailored guidance on business plan development, market analysis, and strategic expansion.

Recently at the FirstBank Sponsored Demo Day of Transitioning to Tech for Women Programme, that held on Wednesday, 15 January 2025, at The Mike Adenuga Centre, the Chief Technology Officer for FirstBank, Mrs Adeshina Rachel, delivered a keynote speech highlighting the commitment of FirstBank to women empowerment through the FirstGem initiative. She said “FirstBank’s commitment to women empowerment aligns seamlessly with the mission of the Transitioning to Tech for Women programme as part of our FirstGem initiative. We are thrilled to sponsor this initiative because it embodies everything we stand for—resilience, innovation, and a belief that everyone, regardless of gender, deserves a chance to succeed…. To the graduates of this programme, you are more than participants; you are pioneers. Your success is a declaration that the gender gap in tech is closing, not because others made space for you, but because you claimed it for yourselves. FirstBank is proud to be a part of this transition.”

The impact of FirstGem extends far beyond individual business success stories, as the programme has become a catalyst for broad social change, creating ripple effects that are transforming communities across the country.  In terms of economic empowerment, recent studies show that FirstGem members have experienced a 60% average increase in business turnover within two years, a 45% improvement in household income, and a 40% increase in employment generation — remarkable achievements that are redefining the entrepreneurial landscape.

The programme’s influence on communities is equally profound, with over one million jobs created by FirstGem members all over the country and more than a million young women mentored, and a staggering 80% of members reporting increased participation in household decision-making.

FirstGem’s remarkable achievements have not gone unnoticed, with the programme receiving prestigious accolades such as the “Best Women’s Banking Initiative” at the African Banking Awards, “Innovation in Financial Inclusion” from the Central Bank of Nigeria, and “Excellence in Women’s Economic Empowerment” from the Global Banking Alliance for Women.

As Nigeria continues its journey toward economic diversification, the role of FirstGem becomes increasingly vital. The programme’s success has demonstrated the transformative power of tailoring financial services and business support to the unique needs of female entrepreneurs. FirstGem’s future initiatives include the expansion of digital banking solutions, the introduction of specialized investment products, enhanced cross-border trading support, and a heightened focus on nurturing tech-savvy women in business.

FirstGem represents more than just a banking programme; it is a movement toward financial inclusion and women’s economic empowerment, a testament to the boundless potential that lies within Nigeria’s trailblazing female entrepreneurs.  For aspiring women in business, FirstGem offers a clear message: success is not just possible — it is supported by a comprehensive ecosystem designed to unleash their full potential. As one FirstGem member eloquently stated, “This isn’t just about banking; it’s about believing in women’s power and providing the tools we need to succeed.”

FirstGem stands as a beacon of progress and possibility, in the face of Nigeria’s ever-evolving commercial milieu. By combining financial access with holistic business support, the programme is helping write a new chapter in the story of Nigeria’s women in business — a chapter that celebrates their resilience, their innovation, and their unwavering determination to shape the nation’s economic future.

Testimonies abound from FirstGem account holders like Mankilik Resat Becky, the proprietor of 9thMay Enterprise: “the FirstGem loan was helpful to my business, it gave me a leap as the price of fabrics and other materials went really high and I needed to restock. The most amazing part of this facility is the interest rate, it is just WOW!”

Mrs Aluko Titilayo Magret is the prime mover of Precious Luck Top Farm Enterprises. She is into sales of animal feeds mill and vaccines consultancy. She is enjoying the facility especially with the low interest rates she is paying, Customer is delighted that she has access to draw down any time she needs to stock her goods, which has led to an increase in her business monthly turnover.

For FirstBank, this journey is not merely about banking; it is about building a more inclusive and prosperous Nigeria, one woman at a time.

Through FirstGem, the bank is empowering females everywhere to transform their communities, contributing to the nation’s economic growth and inspiring generations to come.  As Nigeria moves forward, initiatives like FirstGem are crucial in ensuring that women’s economic empowerment remains at the forefront of national development. For FirstBank, it’s not just about banking, it’s about building a more inclusive and prosperous Nigeria, one woman at a time.

*By Tosin Ajayi (Culled from Nigerian Tribune)

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The FirstGem loan scheme is designed for female-owned or partnered SMEs in the following sectors – Food/Beverage processing & Packaging, Beauty and cosmetics, Confectionaries, Catering & Restaurants, Transportation (Logistics) and Agric/Agro-Allied (retail value chain).

With an interest rate of 9% per annum, FirstGem loan is a collateral-free loan that is available to the bank’s existing and prospective female customers.

Based on eligibility, customers can access loans from N500,000.00 to N3,000,000.00.

To access the loan, female owned or partnered SMEs can visit the Bank’s website –  https://www.firstbanknigeria.com/personal/loans/more-financing-options/firstgem-funds/ – to download and fill out the Retail Loan Application Form.

The completely filled form should be submitted to the nearest FirstBank branch with accompanying documents.

Speaking on the loan Folake Ani-Mumuney, Group Head, First Bank of Nigeria Limited said, “We are delighted with the role our FirstGem product plays in creating an avenue to enlarge the business activities and endeavours of female entrepreneurs across the country.

“Our FirstGem value proposition offers real solutions to constraints encountered by female entrepreneurs and working professionals, as it exposes women to opportunities for the advancement of their business. We implore every female business-minded individual to take advantage of the FirstGem loan as it puts them at an advantage to contribute their quota to the national economy.”

Launched in 2016, FirstGem has been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programmes like savings culture, financial literacy, wealth management and building an investment portfolio.

FirstGem is designed specifically to meet the needs of the female gender, aged 18 years and above.

FirstGem  is targeted at a broad spectrum of women, working professionals, entrepreneurs or market women through an array of benefits such as free business advisory services, access to finance, specialized training on business development initiatives (virtual  and physical events),  regular insights on business / investment  opportunities, and mouth-watering discounts at partner merchant outlets (spas, salons, grocery stores) offering  lifestyle products and services.

Recently, FirstBank announced its partnership with CDC Group, the UK Government’s development finance organisation to economically empower women-owned and led businesses as well as local small and medium-sized enterprises (SMEs) in Nigeria.

The facility, which is in the sum of US$100 million will have a minimum of 30% allocated in the form of credit lines to women entrepreneurs.

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The 2021 event is themed “The Art of Negotiation” and convened to provide women with insights on the secrets of wealth management, investment and savings.

It is scheduled to hold on Wednesday, March 31, 2021.

Participants are required to register via the link http://bit.ly/firstbankwebinar

The product, FirstGem, is an account designed specifically to meet the needs of women, aged 18 years and above.

The product is targeted at a broad spectrum of women, working professionals, entrepreneurs or market women to promote their business through an array of benefits, from free business advisory services on business funding, specialised training on Business Development initiatives (online and physical), regular information or insights on business opportunities or openings in various sectors and industries.

FirstGem account owners have access to mouth-watering discounts at merchant outlets (spas, salons, grocery stores) that offer lifestyle products and services.

The Guest Speakers at the event are Mrs. Ibukun Awosika – Chairman, Board of Directors, First Bank of Nigeria Limited; Prof Pedro Videla – Prof. of Economics at IESE Business School, and Prof Mehta Kandarp, Senior Lecturer, IESE Business School.

They would respectively speak on the topics; the theme of the International Women’s Day “Choose to Challenge”, the current state of the Global Economy and how it Impacts Business Decisions and Negotiation as a Tool for Winning in Business & Career.

During the event, FirstBank SME customers would be given the opportunity to pitch their business idea and stand a chance to get N1,000,000 seed fund to kick-start their business.

The business ideas would be judged by the following criteria; Originality, Feasibility, Good presentation skills and Sustainability.

Speaking on the event, Mr. Francis Shobo, Deputy Managing Director, Firstbank, said: “The FirstGem 4.0 is the icing on the cake in the streams of initiatives and activities we have organised and participated in March as we join the world to celebrate women for the indelible roles they play in our society. Through these activities, we spearhead the call on the need to promote women inclusiveness in the country as the role they play towards the continued socio-economic growth and development of any given society cannot be overemphasised.”

Shedding light on the impact of the FirstGem account, he said, “our FirstGem account is specifically designed to meet the financial needs of women as it offers unrivalled services that empower women to do more and achieve more. It seeks to drive financial development and the empowerment of women through gender engineered programmes. At FirstBank, we recognise that promoting female entrepreneurship and empowerment is crucial to a better society,” he concluded.

Since the product launch in October 2016, the Bank has implemented various activities targeted at promoting female empowerment, impact and influence in the economy.

Through its online portal – designed to provide a virtual online community with over 61,293 members where like-minded women irrespective of where they are in Nigeria and abroad, gather to connect, grow and share knowledge on everything about lifestyle, motherhood, career development, entrepreneurship, health, work and family.

“We encourage all women to join the community by signing up via this link: https://firstgem.com.ng/community to enjoy this experience.”

FirstGem has successfully empowered women in states across the geo-political zones in Nigeria and the United Kingdom.

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Empowering women through improved access to finance and social support are crucial in achieving the desired growth for the economy. This is the belief of First Bank of Nigeria Limited, even as it maintained that investing in women’s economic empowerment sets a direct path towards gender equality, poverty eradication and inclusive economic growth.

It acknowledges the enormous contributions made by women, whether as business women, farmers, entrepreneurs or employees, or by doing unpaid care work at home.

This it demonstrated during this year’s International Women’s Day (IWD), a worldwide event that celebrates women’s achievements – from the political to the social. It is also a day that stakeholders in Nigeria and in the Diaspora canvassed gender equality in society and workplace.

The event brings together governments, women’s organisations, corporations and charities for purposes of development and inclusion.

According to the World Bank, women empowerment is the process that creates power in individuals over their own lives, society and in their communities.

Women’s empowerment is all about equipping and allowing them to make life-determining decisions through the different problems in society.

Also, empowering women by granting them access to vast opportunities and information will not only lead to personal development for them but also the development of the communities and societies they operate in.

First Bank is, therefore, supporting women’s economic empowerment through FirstGem, which gives them economic voice and bring many unbanked women to the financial system.

The bank has advanced N58 billion loans to over 81,000 women-led businesses and interests. Besides, 44,356 women (corporate and individual, including members of staff of the bank) currently own and operate the FirstGem account with a seating balance of N2.4 billion.

Also, the Agent Banking platform – which the bank leads in the industry – has promoted not just the financial inclusion of women but also independence as there are many women among its Agent Banking. Data showed that there are 38,185 male banking agents, and 11,762 female banking agents.

First Bank Managing Director/CEO Adesola Kazeem Adeduntan, said women-led businesses constitute a large part of the banks’ balance sheets and stream of income, even as he added that the bank will continue to give priority to issues that affect women.

He said the bank is also in tune with the Nigerian Sustainable Banking Principles (NSBP) which requires that companies promote gender equality in workplace.

To support the NSBP project and give women voice in the workplace, FirstBank boss said women remain some of the best workforces and always make great impact in establishments.

FirstBank believes that women needed to be economically empowered. Unless social concerns such as gender disparity and women economic empowerment are addressed, economic and environmental goals and overall sustainable development will be difficult to achieve.

Adeduntan said the introduction of FirstGem, a female-focused product by the bank has contributed to the development of the Nigerian economy.

Speaking at the FirstGem third anniversary conference held in Lagos, the bank chief said he was delighted that FirstGem is promoting savings culture, financial literacy, loan management, wealth creation and healthy lifestyle for women.

Adeduntan said the product has a wide array of advisory, health and current awareness services for the discerning woman.

He said: “On October 28, 2016 we launched this women-centric account, designed specifically to meet the financial needs of both corporate and entrepreneurial women. This product, apart from being an account dedicated solely to women, is lifestyle-enhancing.

“It provides a total lifestyle support for discerning women to enable them to meet their economic needs and aspirations. It goes without saying that economic stability does impact overall stability of individuals, institutions, communities and nations.

“With FirstGem, therefore, our long-term focus is on national economic development. I believe that with the indices we have so far, FirstGem is on the right performance track.”

In sports, the Female Basketball team, Elephant Girls, have, over the years, dominated the Women Basketball League of the Nigeria Basketball Federation, representing Nigeria in the International Basketball Federation (FIBA) Africa Women’s Champions.

According to FirstBank, Corporate Responsibility and Sustainability (CR&S) involves meeting the needs of our stakeholders now and in the future. Our CR&S approach is three-pronged: citizenship, stakeholder management and impact management.

“Citizenship and stakeholder management involves putting into consideration the needs of stakeholders in making decisions, while impact management is basically about minimising our negative impacts and increasing our positive impacts on society.

“FirstBank prides itself in being an equal opportunity employer and have integrated diversity and inclusion policies and awareness into its practices.

“The bank said its efforts at engendering diversity in the workplace include having in place a policy that encourages inclusion. The group’s diversity and inclusion objective is to be a recognised industry leader in workforce diversity and leverage diversity for the growth of the group and the success of the customers and communities we serve. We have a male: female ratio of 61:39 across the workforce,” he said.

Also, the bank’s Board and Senior Management Teams have consistently supported women development by deliberately designing a dedicated platform called FirstGem to drive financial inclusion and all-round development of women.

The bank’s CR&S approach is designed to deliver value in a structured way in the areas of education, health and welfare; financial inclusion; responsible lending and procurement.

Inclusivity ties in with our people empowerment goal which includes improving the lives of our stakeholders through the bank’s agenda of nation-building by empowering women and girls to access the opportunities and societal benefits to grow and advance societal and economic benefits. The bank is committed to promoting diversity, inclusion through our products, services and programmes.

Advancing the FirstGem vision

FirstBank explained that in recognition of the impact of women’s contribution to economic development, the bank is steadily advancing the vision of FirstGem through active and value-adding participation in many women empowerment programmes, international conferences, seminars, workshops, and roadshows across different cities and states of Nigeria over the past couple of years.

It revealed that at the forefront of these engagements is the Chairman of Board of Directors of the Bank who happens to be a female.

It said the bank is committed to maintaining a positive work environment and to conducting business in a positive, professional manner by consistently ensuring equal employment opportunity.

FirstBank Women Network is aimed at addressing the gender gap at the senior levels and taps the opportunities presented by enabling our women to contribute even more if given the necessary strategic support and an enabling environment. This includes providing a platform that enables women to become more engaged in their workplace, set and achieve goals, have greater influence in their lives and achieve more of their potential.

The initiative was launched with the International Women’s day (IWD) celebration that held on March 8, 2018 with the theme #PressforProgress.

Also, the First Women Network is built around six pillars which are influence career pipeline, networking opportunities, grooming, etiquette and poise, mentoring, coaching and sponsorship opportunities, counselling, support and welfare, financial planning and empowerment.

Coaching/mentoring scheme

FirstBank has a coaching and mentoring scheme dedicated to female members of staff in the bank. This is to enable older female members of staff to handhold and coach the younger ones with reference to their experience as they climbed the career ladder.

For her, the types and number of products and services available to women include the facilities and polices provided to support gender diversity in the work place, among others.

Also, 2,708 female employees have special opportunities as nursing mothers: The Bank recognises that pregnancy and childbirth may take its toll on the women.

In addition to the three months’ maternity leave with pay, our practice allows for nursing mothers to resume two hours later than the normal resumption period, or close two hours earlier than the normal closing hours. This is applicable for the first three months after resumption from maternity.

All these have made the bank winner of the Nigeria Sustainable Banking Awards on Women Empowerment Category, which is driven by the Central Bank of Nigeria, among other laurels.

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