A Year of Global Challenges and Opportunities
Forecasting a global economic growth rate of 3.2%, as predicted by the International Monetary Fund (IMF), Alebiosu noted that 2025 holds promise for emerging markets. Declining inflation and interest rate normalization in major economies such as the United States, United Kingdom, and China are expected to provide a conducive environment for growth. However, he cautioned against potential risks, including geopolitical tensions and policies from the incoming U.S. administration that could affect global productivity.
In response to these dynamics, Alebiosu affirmed that FirstBank is strategically enhancing its value propositions to empower customers across all segments. The bank plans to strengthen its intermediation and facilitation roles in ways that align with the evolving global economic landscape.
FirstBank’s Commitment to Africa’s Resurgence
Turning his focus to Africa, Alebiosu acknowledged the inflationary pressures and currency challenges that plagued Sub-Saharan economies in 2024. However, he expressed optimism that the reforms undertaken by governments in Nigeria, South Africa, and Kenya will yield visible progress in 2025.
As a pan-African financial powerhouse, FirstBank aims to support the continent's journey toward stability by offering tailored products and services for households, MSMEs, and various economic sectors. Alebiosu highlighted the bank’s robust suite of investment and payment solutions designed to meet the aspirations of governments and businesses seeking economic revitalization.
A Groundbreaking Year for Nigeria
With Nigeria’s proposed NGN49.7 trillion budget for 2025—a record-breaking figure—Alebiosu underscored the transformative potential of increased allocations to critical sectors such as health, education, and power. He expressed confidence in the government’s capacity for improved budget implementation, thanks to growing revenue-generation capabilities.
FirstBank, he asserted, is uniquely positioned to harness the opportunities presented by Nigeria's economic expansion. With a deep understanding of the local market and an array of innovative financial products, the bank is poised to play a pivotal role in driving Nigeria’s development agenda forward.
Digital Banking Revolution: How FirstBank Plans to Stay Ahead in 2025
2025 promises to be a transformative year for the banking industry, and FirstBank is set to lead the charge into the future with innovation at its core. With technology reshaping every aspect of financial services, FirstBank’s strategic blueprint is laser-focused on staying ahead of the curve by leveraging its legacy of innovation and a forward-thinking approach.
Technology: The Driver of Banking’s Future
"Digital is not just the future; it’s the present," declares FirstBank’s CEO. By 2025, Digital Financial Services (DFS) will dominate banking, not only as a means to deliver services but also as a critical tool for bridging financial inclusion gaps. FirstBank’s history of trailblazing innovations, from introducing ATMs in 1991 to launching human-less branches in 2021, is just the beginning.
In its quest to redefine customer experience, FirstBank plans to accelerate the integration of robotics and artificial intelligence into its processes. From boosting efficiency to delivering personalized customer experiences, these advancements aim to position FirstBank as a leader in a competitive digital age.
Policy Shocks and Strategic Responses
2024 was a challenging year, with the Central Bank of Nigeria (CBN) introducing stringent policies like raising the Cash Reserve Ratio (CRR) to 50% and announcing new capital thresholds. Despite these hurdles, FirstBank’s proactive capital-raising initiatives have positioned it to exceed the NGN500 billion minimum capital requirement well before the 2026 deadline.
"FirstBank is not just prepared to meet the new benchmarks; we’re poised to exceed them," the CEO affirms. With NGN350 billion additional capital planned, the bank is demonstrating its readiness for the future while reinforcing its commitment to stability and growth.
Balancing Profitability with Public Perception
Amid scrutiny over banks’ foreign exchange (FX) gains, FirstBank’s leadership stresses its role as a financial intermediary supporting the real economy. The bank has actively funded manufacturers during FX scarcity, keeping industries afloat despite economic headwinds. Moreover, measures to cushion SMEs against inflationary pressures underscore FirstBank’s dedication to its stakeholders.
Vision 2033: Africa’s Bank of First Choice
A long-term ambition to rank among Africa’s top three universal banks by 2033 anchors FirstBank’s strategy. With customer-led innovations and differentiated value propositions, this vision aspires to make FirstBank the preferred partner across retail, wholesale, and wealth management sectors.
The 2025–2029 strategic plan is central to achieving this vision. By expanding into high-growth African markets and exploring opportunities outside the continent, FirstBank aims to solidify its leadership in the financial sector.
ESG Leadership and Sustainability Commitments
Recognized as a leader in sustainability, FirstBank’s efforts in environmental, social, and governance (ESG) practices are integral to its market dominance. From responsible lending to climate initiatives, the bank’s ESG framework reflects its 130-year commitment to stakeholders. The CEO highlights plans to fund Africa’s energy transition and reduce the bank’s carbon footprint.
Investing in People and Processes
FirstBank’s talent strategy is pivotal in maintaining its competitive edge. The bank’s flagship programs, like the FirstBank Management Associate Program (FMAP) and Leadership Acceleration Program (LAP), ensure that its workforce is equipped with the skills to thrive in a rapidly evolving industry.
Moreover, FirstBank’s emphasis on process automation and cloud migration in 2025 will enhance agility and operational efficiency. These investments in technology and people are designed to deliver superior customer experiences while driving sustainable growth.
Risk Management: A Foundation for Sustainable Growth
As the CEO succinctly puts it, “Effective risk management is a lever for sustainable growth.” From strengthening its enterprise risk management framework to deploying advanced tools for cybersecurity, FirstBank is fortifying its defenses against economic uncertainties, regulatory changes, and technological disruptions.
FirstBank’s Vision for the Future
With its strategic priorities aligned to harness technological innovations, strengthen its financial backbone, and champion sustainability, FirstBank is not just adapting to the future of banking, it’s shaping it. As the bank accelerates its African expansion and solidifies its leadership, 2025 is set to be a landmark year in FirstBank’s storied history. Alebiosu concluded by reiterating FirstBank’s readiness to break new ground in 2025 and beyond. Guided by a legacy of innovation and customer-centric services, the institution is set to lead not just Nigeria but the entire African continent into a new era of financial excellence and economic empowerment.
