Assisting FBN with the integration of climate issues in its strategy and operations

First Bank of Nigeria Limited (FirstBank or FBN) was set up in 1894 and is one of the oldest African banks. It has played a structural role in Nigeria’s banking sector, by introducing the use of payment cards in 1994 and mobile banking services in 2012. Today, FBN is a renowned international commercial bank offering a wide range of financial services. It has over 34 million clients and a network of over 800 branches. The bank has strong foundations and is continuously creating new business opportunities on its local market (Nigeria). It also operates in Europe (UK, France) and Asia (China). It is continuing its development in Africa via targeted acquisitions in the Democratic Republic of Congo, Gambia, Ghana, Guinea, Sierra Leone and Senegal.     

Proparco’s financing, a USD 75m loan, will support FBN’s Pro-Climate credit activity for its SME and corporate clients.

This is one of Proparco’s first Pro-Climate projects and aims to provide FBN with the resources to integrate climate issues into its strategy and operations. 

In addition, with 31% of women in the management team, 38% of women in the bank’s total headcount and the implementation of a variety of initiatives and programs to support the inclusion and promotion of women in the company, 30% of the project has qualified for the 2X Challenge, a global initiative to reduce gender inequalities. Finally, the operation will mobilize USD 57.5 million of private finance (ratio of 1.15).

The project will mainly contribute to the achievement of SDG 8 (“Decent work and economic growth”) and SDG 5 (“Gender equality”).