FirstBank’s Triumph: A Deep Dive into Sustainable Banking Practices
FirstBank’s recent accolade, the Euromoney Award for Excellence 2025 in the Environmental, Social, and Governance (ESG) category, marks a significant milestone in the Nigerian banking landscape. This prestigious recognition, secured for the second consecutive year, underscores FirstBank’s unwavering commitment to sustainable finance and responsible banking practices. The award serves not only as a testament to the bank’s dedication but also as a benchmark for other financial institutions striving to integrate ESG principles into their core operations. The Euromoney Awards, renowned for their rigorous evaluation process, analyze performance based on strategic and impact-oriented criteria, making this achievement a true reflection of FirstBank’s impactful initiatives.
A cornerstone of FirstBank’s ESG strategy lies in its comprehensive integration of sustainability considerations across its operations. The bank’s meticulous screening of over N3 trillion worth of transactions for sustainability risks in 2024 demonstrates its proactive approach to responsible lending and investment. This commitment goes beyond mere compliance; it represents a fundamental shift in the bank’s ethos, prioritizing long-term value creation for all stakeholders while minimizing negative environmental and social impacts. By embedding ESG factors into its credit framework, FirstBank ensures that its financial decisions align with its sustainability goals, contributing to a more sustainable and equitable financial ecosystem.
FirstBank’s commitment to environmental sustainability is exemplified by its ambitious tree-planting campaign in partnership with the Nigeria Conservation Foundation. The initiative, aiming to plant 50,000 trees across Nigeria, has already seen over 30,000 trees planted in its first phase. This commitment to reforestation not only contributes to carbon sequestration, mitigating the impacts of climate change, but also supports biodiversity preservation and enhances local ecosystems. The projected absorption of approximately 720 tonnes of CO2 by the end of 2025 highlights the tangible environmental benefits of this initiative, further solidifying FirstBank’s role as a leader in environmental stewardship within the financial sector.
Beyond environmental initiatives, FirstBank’s commitment to social impact is deeply embedded in its operations. The bank’s Gender Market Strategy, exemplified by the disbursement of over N43 billion in FirstGem loans to women-led businesses in 2024, demonstrates its dedication to gender inclusion and women’s economic empowerment. This targeted support not only facilitates access to finance for women entrepreneurs but also contributes to broader economic growth and social development. Furthermore, FirstBank’s inclusive banking approach, evidenced by the significant increase in transactions facilitated by FirstMonie agents, expands financial access to underserved communities, fostering greater financial inclusion and economic participation across Nigeria.
Recognizing that capacity building is crucial for driving sustainable change, FirstBank has prioritized ESG training for its employees and stakeholders. The training of over 9,000 employees, coupled with webinars and workshops reaching over 2,000 SMEs and corporates, underscores the bank’s commitment to fostering a culture of sustainability within its organization and beyond. By equipping its workforce and stakeholders with the knowledge and skills necessary to navigate the evolving ESG landscape, FirstBank empowers them to contribute meaningfully to the bank’s sustainability agenda and drive positive change within their respective spheres of influence.
The investment in leadership development for over 2,000 female employees through the FirstBank Women Network further demonstrates the bank’s commitment to fostering a diverse and inclusive workforce. This initiative not only strengthens the leadership pipeline within the bank but also empowers women to take on leadership roles in the broader financial sector. By cultivating a diverse and knowledgeable workforce, FirstBank is better positioned to address the complex challenges and opportunities presented by the evolving ESG landscape, ensuring its long-term sustainability and competitiveness. This multifaceted approach, encompassing environmental stewardship, social inclusion, and capacity building, forms the foundation of FirstBank’s ESG strategy, solidifying its position as a leader in sustainable banking in Nigeria.
