Home Business First Bank of Nigeria eyes strategic expansion and technological innovation in 2025

First Bank of Nigeria eyes strategic expansion and technological innovation in 2025

First Bank 2025 strategy, Nigerian economy, digital banking, market dominance, economic growth
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First Bank of Nigeria plans to solidify its market dominance and invest in technological innovations to enhance customer experience in 2025.

 

 

As Nigeria’s foremost banking institution, First Bank of Nigeria Limited has long established itself as a leader in offering products and services that cater to both current and future customer needs.

Looking forward to 2025, the bank’s Managing Director/Chief Executive Officer, Mr. Olusegun Alebiosu, envisions a year of strategic expansion, innovation, and increased market dominance.

In an interview with THISDAY, Alebiosu outlined the bank’s goals for 2025 as it embarks on a new strategic planning horizon.

Central to this strategy is strengthening its position across all the markets it operates in, with an emphasis on responding to both global economic shifts and local opportunities.

According to Alebiosu, global economic conditions in 2025 are expected to follow a growth trajectory of around 3.2%, continuing from 2024’s trend.

He highlights that inflation rates in major economies, including the United States and the United Kingdom, are likely to decline, which could offer emerging markets, particularly in Africa, an opportunity to capitalise on the resulting interest rate normalisation.

However, he also acknowledges the risk posed by global geopolitical tensions, especially the actions of US President Donald Trump, which could exacerbate trade conflicts and further hinder global productivity.

Despite these challenges, First Bank is positioned to enhance its intermediation role and tailor its value propositions to help customers navigate these turbulent economic times.

Turning to the African landscape, Alebiosu pointed out that many Sub-Saharan African nations faced inflation and currency depreciation challenges throughout 2024.

He expects that, despite slow progress, inflation and interest rates will decrease in 2025, aided by ongoing fiscal reforms in countries like Nigeria, South Africa, and Kenya.

First Bank, with its Pan-African presence, is poised to support these economies by providing crucial financial products and services to sectors such as households, Micro, Small & Medium Enterprises (MSMEs), and government projects.

With an increasing focus on financial inclusion, the bank’s support will be essential in helping African nations achieve greater economic stability.

Nigeria’s proposed 2025 budget, which is set at a record NGN49.7 trillion, is poised to stimulate growth through significant allocations to critical sectors such as health, education, and infrastructure.

Alebiosu expressed optimism about Nigeria’s economic performance, citing improvements in government revenue and the likelihood of successful budget implementation.

First Bank, as Nigeria’s premier financial institution, intends to leverage its deep understanding of the local market to seize opportunities arising from this economic expansion.

With a strong foundation and a comprehensive suite of financial products, the bank plans to support both governmental and private-sector initiatives for Nigeria’s growth in 2025.

Alebiosu also discussed the growing importance of digital banking in the future of the financial industry.

First Bank has already been a pioneer in this space, having introduced innovations such as ATMs in 1991 and digital branches in 2021.

The bank’s forward-looking approach includes expanding its use of Artificial Intelligence (AI) and robotics to streamline operations and improve customer experience.

In line with its goal to foster financial inclusion, First Bank is preparing for 2025 by focusing on expanding its digital offerings, making its platforms more versatile and user-friendly.

This will enhance the overall customer experience, allowing clients to access a wide array of services with ease.

In light of Nigeria’s ongoing inflationary pressures, Alebiosu acknowledged that many businesses, particularly SMEs, face heightened operational costs.

To support these businesses, First Bank is committed to providing access to financing options and practical insights through initiatives such as the SME Connect Hub.

These efforts aim to help SMEs navigate economic challenges while contributing to the stability of the wider economy.

Looking ahead, Alebiosu outlined First Bank’s key priorities for 2025. The bank will continue its market dominance strategy, focusing on expanding into new markets both within Africa and beyond.

Technological investments and a commitment to enhancing customer experience across digital platforms will be integral to this vision.

Additionally, the bank is ramping up its process automation initiatives to gain a competitive advantage in the fast-evolving banking sector.

Alebiosu also touched upon the importance of risk management in First Bank’s operations. With the Nigerian Central Bank’s new capital requirements, the bank is focused on meeting these regulatory challenges while ensuring sound risk management practices.

First Bank’s commitment to maintaining a robust capital base and managing risks effectively ensures its resilience in the face of economic uncertainties.

As 2025 unfolds, First Bank is positioning itself for continued growth, market leadership, and digital transformation.

By embracing innovation, expanding its footprint, and adapting to economic shifts, the bank is confident in its ability to deliver exceptional value to its customers and stakeholders in the years ahead.

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