FirstBank of Nigeria has launched a new initiative to support the growth and resilience of small and medium-sized enterprises (SMEs) through the adoption of artificial intelligence (AI), as part of efforts to drive sustainable economic development.
The initiative was introduced during the bank’s SMEConnect Webinar themed “AI for Business Growth: From Adoption to Integration and Scalable Impact,” where business owners were equipped with tools and knowledge to integrate AI into their operations.
The bank said the programme is designed to enhance productivity through automation, improve customer engagement using data-driven insights, and support decision-making with AI-powered analytics.
Managing Director of FirstBank, Olusegun Alebiosu, said the adoption of digital technologies is critical to strengthening SMEs and enabling them to scale sustainably in an increasingly competitive environment.
He noted that the bank has already deployed AI-driven credit scoring systems to expand financial inclusion, disbursing over ₦1 trillion in instant loans to micro-SMEs across Nigeria.
According to the bank, the use of AI in credit assessment has improved access to finance for small businesses, many of which are underserved by traditional lending systems, while also reducing risk and improving efficiency.
FirstBank said the initiative aligns with its broader strategy to support entrepreneurship, deepen financial inclusion and drive job creation, particularly among small businesses that play a critical role in Nigeria’s economy.
Industry stakeholders at the webinar said increased adoption of AI could help SMEs optimise operations, reduce costs and build more resilient business models, contributing to long-term economic sustainability.
The bank added that continued investment in digital innovation and capacity building will be essential to unlocking the full potential of SMEs and supporting inclusive growth across the country.
