Down Memory Lane – FirstBank’s Pioneering Role In Banking

For 129 years, FirstBank has been at the forefront of innovation and technological advancements in financial products and service delivery.

In 1947, for the first time, a long-term loan was advanced to the then-colonial government and in 1955, the Bank partnered with the same government to expand the railway lines across the country. This demonstration of commitment to national development was the first of many firsts to follow!

At Independence, FirstBank gave the first-ever consumer loans to citizens of the newly independent Nigeria- a historical statement of being the first to support not just the nation’s economic growth, but also empower the citizens.

To stamp this historic status, the Bank embarked on the first landmark rebranding in history and became First Bank of Nigeria in 1979.

From there on, it has been a roll call of firsts that put the Bank firmly at the forefront of Nigeria’s financial landscape.

FirstBank was the first organisation in Nigeria to be granted the prestigious Information Security Management System Certification (ISMC), the highest accreditation for information protection and security amongst other International Standard Organisation (ISO) certifications.

Banking has been made so easy with several digital innovations mostly pioneered by FirstBank as is the case of the first ATM in Nigeria, introduced by FirstBank in 1991. Others include the introduction of money transfer through the Western Union and the first-in-Africa Innovative Credit Administration Software called FinnOne that revolutionised consumer and retail banking giving millions of customers access to innovative products and services.

In its class, The Bankers Magazine, a publication of the Financial Times, rated FirstBank, the first among its peers.

The Bankers Magazine report card shows FirstBank leading in four areas; overall performance, profitability, efficiency and return on risk