Nigeria’s premier and leading financial institution, First Bank of Nigeria has over the years contributed to all aspects of nation-building since its establishment in 1894.
The tier-1 lender has consistently built relationships with its customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management, and leadership.
As a responsible corporate entity, First Bank has scored many first and has shown that it is not only interested in doing business with its customers but continually putting customers’ needs first as well as enriching the lives of the communities where it does business.
Among First Bank’s many firsts is the launch of the Bank’s Corporate Responsibility & Sustainability (CR&S). The initiative, which is now in its third edition has been widely received by Nigerians and is now part of the First Bank’s DNA
Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications, First Bank, noted that the CR&S week is driven to amplify the Bank’s culture of “Employee Giving & Volunteering Programme” with a focus on reinforcing the values of the Bank’s SPARK (Start Performing Acts of Random Kindness), an initiative that focuses on creating and reinforcing a consciousness/mindset of showing compassion, empathy; as well as giving to others aimed at inspiring people to make a difference.
According to Ani-Mumuney, the SPARK platform will empower people and create a positive ripple effect that expands and strengthen the Nigerian economy, noting that every act of kindness regardless of how little or in whatever form ignites a ripple effect that goes on without end.
The 2019 edition themed Ripples of Kindness, Putting You First, was held across six geopolitical zones of the country and the Bank’s business locations in Ghana, Gambia, Guinea, Senegal, Sierra Leone, DR Congo, and The United Kingdom.
As part of activities marking the 2019 edition, the Bank empowered 125 widows as identified by the International Women Society (IWS) vis-à-vis their initiative for widows – Widows Trust Fund – with funding to grow their micro-medium scale businesses.
Speaking at the 125 widows’ endowment empowerment programme in commemoration of FirstBank 125th Anniversary, Bashirat Odunewu, Group Executive, International Banking Group (ITBG), First Bank of Nigeria, said the Bank’s partnership with IWS was designed to further the empowerment of women, especially widows.
Odunewu, who was represented at the event by the Business Development Manager (ITBG), First Bank of Nigeria Limited, Kunle Olorunfemi explained that as part of the Bank’s employee giving and volunteering programme, the week focused on a wide range of activities under the SPARK initiative, which include a partnership with IWS for the empowerment of widows, as well as visit and donations to orphanage/less privileged homes, Internally Displaced Persons (IDPs) and deepening the values of SPARK amongst school children.
“The partnership with International Women Society is also in line with the Bank’s financial inclusion and women’s economic empowerment policy which promotes accessible and affordable financial products and services to disadvantaged groups with the goal of bringing these marginalized populations into the mainstream economy, improving their chances for resilient livelihoods and financial stability,” she said.
Corporate social responsibilities (CSR) are becoming increasingly important in today’s business world. Companies should not only care about their stakeholders’ interests but at the same time, place more emphasis on other areas apart from solely profits making.
Research has also proven that there is a competitive advantage for corporations that have a higher reputation and are more socially responsible in their CSR programs. Having a distinguished corporate social responsibility program is one way to enhance companies’ reputation and build a good image.
According to the Reputation Institute, a United States reputation based-research and advisory company, over 70percent of people would spread positive words out to others when companies obtain higher than 80 points in their CSR.
No wonder why several multinational companies such as Microsoft have established a well-developed code of conduct; they also strive to achieve some social missions to do businesses ethically, minimize negative environmental impacts, raise public attention on certain issues, raise funds and donations, increase employees’ job satisfaction, and more.
First Bank’s CR&S has impacted members of the society in several ways which include payment of medical bills and giving support to those having challenges with school fees.
As part of activities marking this year CR&S week, the bank empowered 125 widows as identified by the International Women Society (IWS) vis-à-vis their initiative for widows – Widows Trust Fund – with funding to grow their micro-medium scale businesses.
Baby Ijeoma is one of the beneficiaries of the SPARK initiative. She was in dire need of cardiac surgery to correct her congenital heart disease and forestall irreversible and life-threatening complications. As a result, Ijeoma received more than N1.5 million from the bank’s start performing acts of random kindness.
Besides this, a more touching story was that of Mary Pius, a mother of 5 who lost her husband some years ago a widow. Pius sells fruits to sustain her family and was unable to send her children to school since her husband was no longer alive to support her.
Owing to this, her business received some boost with N100,000 she got from the SPARK initiative, giving more financial supports to meet her obligations.
The initiative also extended its quest to promoting values to Ondo state where it supported Lawal Seun. The young boy’s mother was blind, and she was left with Seun and his three siblings after their father abandoned them some years ago.
Seun now feels less of the negative impact of their father’s absence, thanks to the bank’s SPARK initiative which offered him N150,000, enabling the boy to pay his school fees in secondary school.
Over 10,000 victims of Sierra-Leone mudslide got $100,000 from SPARK crowdfunding effort; it granted disaster relief support to over 600,000 Internally Displaced Persons who are victims of the North East and Benue flood.
Furthermore, more than 22 charities and foundations including the Down Syndrome Foundation; Sickle Cell Foundation; National Association of the Blind; Nigeria Red Cross Society; Pacelli School for Blind and Partially Sighted; International Women Society; United Nations Global Compact, among others, have enjoyed the support and partnered with the initiative.
No doubt, the bank’s commitment to providing opportunities for widows in areas of capacity building and access to start-up capital through partnerships with these local and international organizations portray the bank in a good light and boosting its perception for advancing social and economic impact at the global stage.
FirstBank’s CR&S Week has also influenced the approach of other organisations towards their corporate responsibility. Not less than five of the biggest listed companies have taken similar steps to initiate CSR at the scale at which FirstBank has elevated its shared value campaign.
As a trailblazer, First Bank has paved the way for other businesses to double down on the creation of social and environmental value in their immediate environment as more organisations are beginning to follow suit in dedicating a whole week to addressing issues affecting lives in their host communities.
FirstBank was been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years.
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