Real reason why FirstBank entered into partnership with United Nations Global Compact

By allcitynews.ng

As part of efforts to create more conducive atmosphere in the midst of harsh business environment, the management of FirstBank, the West Africa premier financial institution and financial inclusion services provider, has strengthened entered into partnership with the United Nations Global Compact (UNGC).

The act, according to  the bank is to reaffirm its commitment to driving sustainable finance and unlocking capital for development.

This ongoing partnership was reinforced at the recently concluded Fourth International Conference on Financing for Development (FfD4) hosted by the United Nations Department of Economic and Social Affairs (UN DESA) in Seville, Spain.

The FfD4 Conference brought together global leaders, policymakers, and private sector experts to discuss innovative solutions to address the growing SDG financing gap and unlock capital for development in fragile and underserved regions.

Making this known, the Chief Risk Officer, Patrick Akhidenor, who represented FirstBank at the conference, highlighted two FirstBank flagship initiatives driving resilience finance in Nigeria: The Solar Equipment Financing initiative and the revamped FirstGem Fund. The Solar Equipment Financing initiative offers tailored financing options for the purchase and installation of solar power systems, ensuring access to clean, reliable, and affordable energy solutions.

The FirstGem Fund, a women-focused proposition, provides single-digit interest loans to women entrepreneurs without collateral requirements, targeting funding gaps in critical sectors.

‘’We are committed to driving sustainable finance and unlocking capital for development,” said Patrick Akhidenor. “Our partnership with UNGC and participation in the FfD4 Conference demonstrate our dedication to innovative finance solutions that address the SDG financing gap.”

On her part, the CEO of UNGC, Sanda Ojambo,  emphasized the need for innovative, inclusive financial models for underserved regions,  saying “The private sector must play a central role in shaping fit-for-purpose, scalable finance solutions,” she said.

Moreover, Ojambo said, “De-risking tools and blended finance can help unlock capital and drive meaningful impact.”

FirstBank’s partnership with Development Finance Institutions (DFIs) and its SMEConnect hub demonstrate its capacity to lead efforts in sustainable finance. The bank provides training, networking, and tailored financing to SMEs across various sectors, including education, healthcare, and retail.

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