PROPARCO’s aim in supporting the credit activity of First Bank Nigeria, an internationally renowned institution, is to strengthen medium and long-term financing, which is hard to come by in the country and essential for Nigerian companies.
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. It ranks as Nigeria’s leading bank, with a balance sheet of USD 20bn and a network of 867 branches. It is currently developing at regional level via targeted acquisitions in the Democratic Republic of Congo, Gambia, Ghana, Guinea and Sierra Leone.
Proparco’s financing will support FBN’s medium and long-term credit activity with Nigerian companies.
This operation will increase the local financing capacity in a country where long-term resources are not very well developed. It will support the development of the local economic base in key sectors for the country’s development. In addition, it will help improve access to financial services via its extensive network of branches.