The narrative of women's impact on Nigeria's economy is deeply intertwined with the nation's history. It is widely acknowledged that women represent the largest underutilized resource of national wealth globally. Across the globe, women have established their significance in the realm of commerce. However, Nigerian businesswomen have long encountered substantial obstacles in obtaining the financial services and business support essential for their success. Traditional banking systems worldwide have often overlooked the distinct challenges faced by female entrepreneurs.
This context led to the 2019 International Women’s Day theme, ‘Better the Balance, Better the World’. In response, FirstBank introduced the innovative FirstGem product, aimed at transforming the landscape of women's empowerment in Nigeria.
Launched in October 2016, FirstGem aligns with FirstBank’s strategic commitment to promote financial inclusion and holistic development for women through gender-focused initiatives encompassing savings habits, financial education, loan management, and investment portfolio development. FirstGem signifies a significant shift in addressing the banking needs of women. "We understood that women require more than mere financial resources; they need a comprehensive support ecosystem," states FirstBank's representatives. "This ecosystem is designed to nurture their aspirations and enable them to achieve greater success."
This foundational principle has guided the evolution of FirstGem into a versatile program that integrates customized financial services with extensive business development support. By addressing the varied requirements of female entrepreneurs, FirstGem has emerged as a powerful agent of change, empowering women to not only endure but excel.
Central to FirstGem is a range of financial products specifically designed to meet the unique challenges faced by Nigerian businesswomen. The program moves away from the inflexible criteria and generic solutions that have historically hindered female entrepreneurs from securing vital funding for their ventures.
FirstGem removes the financial obstacles associated with account maintenance, allowing women to direct their resources toward expanding their businesses, as the account features Zero Monthly Service Fees. The program's innovative loan acquisition strategy takes into account the specific needs of female entrepreneurs, thereby creating new pathways for funding access.
One of FirstGem's key offerings is Specialized Credit Lines, which provides a variety of financing options tailored to the different stages and requirements of women-led enterprises, enabling them to grow with assurance. The Digital Banking Integration offers efficient mobile and online banking services, specifically designed for busy entrepreneurs, allowing FirstGem members to manage their finances with exceptional ease.
While the financial services provided by FirstGem are indeed groundbreaking, the program's real strength lies in its comprehensive approach to empowering women. By merging customized banking solutions with extensive business development programs, FirstGem has established a strong ecosystem that supports the growth and success of female entrepreneurs.
Skills Development Programs, which include regular workshops on financial management, business strategy, digital marketing, and e-commerce, equip FirstGem members with essential knowledge and tools to navigate the dynamic business environment. Additionally, Networking Opportunities are facilitated through quarterly events, mentorship initiatives, and industry-specific forums, connecting FirstGem members with a vibrant community of accomplished businesswomen, thereby promoting invaluable peer-to-peer learning and collaboration.
Advisory Services are accessible through specialized relationship managers who are trained to comprehend the distinct requirements of women-led businesses. They offer customized support in areas such as business plan formulation, market research, and strategic growth.
At the FirstBank Sponsored Demo Day for the Transitioning to Tech for Women Programme, held on Wednesday, January 15, 2025, at The Mike Adenuga Centre, Mrs. Adeshina Rachel, the Chief Technology Officer of FirstBank, delivered a keynote address emphasizing FirstBank's dedication to empowering women through the FirstGem initiative. She stated, “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 influence of FirstGem reaches well beyond individual success stories, as the program serves as a catalyst for significant social change, generating ripple effects that are transforming communities nationwide. In terms of economic empowerment, recent research indicates that FirstGem members have seen an average business turnover increase of 60% within two years, a 45% rise in household income, and a 40% boost in job creation—remarkable accomplishments that are reshaping the entrepreneurial landscape.
The impact of the program on communities is significant, with FirstGem members generating over one million jobs nationwide and mentoring more than a million young women. Notably, 80% of members have reported an increase in their involvement in household decision-making.
FirstGem's outstanding accomplishments have garnered recognition, including 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 progresses towards economic diversification, FirstGem's role becomes increasingly essential. The program's achievements highlight the transformative effect of customizing financial services and business support to meet the specific needs of female entrepreneurs. Future initiatives for FirstGem include expanding digital banking options, launching specialized investment products, enhancing support for cross-border trading, and focusing on empowering tech-savvy women in business.
FirstGem is more than a banking initiative; it embodies a movement for financial inclusion and women's economic empowerment, showcasing the immense potential of Nigeria's pioneering female entrepreneurs. For aspiring women in business, FirstGem conveys a powerful message: success is attainable and is bolstered by a comprehensive ecosystem designed to maximize their potential. As one member of FirstGem aptly expressed, "This isn't just about banking; it's about believing in women's power and providing the tools we need to succeed."
FirstGem serves as a symbol of advancement and opportunity within Nigeria's dynamic business landscape. By merging financial accessibility with comprehensive business assistance, the program is crafting a new narrative for women entrepreneurs in Nigeria—one that honors their resilience, creativity, and steadfast commitment to influencing the country's economic trajectory.
Numerous testimonials from FirstGem account holders highlight its impact, such as MANKILIK RESAT BECKY, owner of 9thMay Enterprise, who states, “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, founder of Precious Luck Top Farm Enterprises, which specializes in animal feed sales and vaccine consultancy, expresses her satisfaction with the program, particularly the low interest rates. She appreciates the flexibility to withdraw funds whenever necessary to replenish her inventory, resulting in a notable increase in her monthly sales.
For FirstBank, this initiative transcends traditional banking; it aims to foster a more inclusive and thriving Nigeria, empowering women one at a time.
Through FirstGem, the bank is enabling women across the nation to uplift their communities, thereby contributing to economic development and inspiring future generations. As Nigeria progresses, programs like FirstGem are essential to ensuring that women's economic empowerment remains a priority in national development. For FirstBank, the mission extends beyond banking; it is about cultivating a more inclusive and prosperous Nigeria, one woman at a time.