First Bank of Nigeria Plc has reiterated its commitment to supporting businesses through various initiatives and providing financial solutions for a thriving business environment and economic growth.
Olaitan Martins, Group Executive, Transaction Banking, reaffirmed this at an interactive session on Wednesday in Lagos during a session with some Fast Moving Consumer Goods (FMCG) business owners.
The News Agency of Nigeria reports that the interactive section was for FMCG distributors in the South West to enlighten them on business development and how to grow their income bases.
Martins said that the forum was part of the bank’s efforts to engage and educate its customers on business development and to appreciate key distributors and principals in the FMCG sector.
Martins said it was important to support businesses that contribute to the nation’s economy through the distribution of fast moving commodities.
She said: “Our customers are the key distributors and the principals. They are the large corporates and the main companies in Nigeria. Today’s event is just to enlighten them and celebrate them for what they have been doing in contributing to the nation and to the distribution channel for fast moving commodities.
“It’s also an opportunity for us to thank them for their businesses and really educate them on how to run this value chain business because, in everything, there is risk. It is important that we assist our customers.”
Martins emphasised the bank’s longstanding presence in Nigeria for 130 years and its integral role in the country’s economy and individual lives.
She explained that the distributor’s scheme was about financing companies, thereby growing the economy.
She added: “FirstBank is here to support every business. We are here for you, but we all have to do it together and ensure that we grow the economy and grow the nation.”
Earlier, Mobolade Ojeahere, Group Head, Transaction Banking, FirstBank, said it had become imperative for the bank to engage the distributors because of the exchange rate volatility.
Ojeahere said the interactive session was also to get feedback, look for solutions and how to turn challenges into opportunities.
The News Agency of Nigeria reports that the officials of the bank took turns to introduce various products of the bank, demystify myths about bank loans and also spoke on how distributors could leverage on opportunities.
They discussed market trends for critical sectors being dominated by FMCGs.
They also discussed digital solutions for distributors and the need to embrace cashless transactions for FMCGs, adjudged to have the highest market sale in Africa with 41.78 billion dollars.
The panel answered questions on mode of calculations for various bank facilities, interest rates on various products, over deductions as well as product dynamics and advice.
Awards were later given to the best distributors from the South West in attendance.
