FirstBank’s Managing Director, Mr. Segun Alebiosu, has highlighted the bank’s plans to strengthen its role across all markets while addressing challenges and seizing emerging opportunities.
in a recent interview with Thisday Newspaper, Mr Alebiosu shared insights into the bank’s strategy for 2025, in the context of global and regional economic trends.
FirstBank boss expressed optimism regarding the global economic outlook for 2025, with growth forecasted to maintain a steady 3.2%, similar to 2024.
He noted that inflation rates are expected to decline in major economies, such as the United States, United Kingdom, and China, while interest rates are likely to stabilize, presenting opportunities for emerging markets.
However, he cautioned about the risks posed by geopolitical tensions and potential trade sanctions, particularly with the possible policies of U.S. President Donald Trump.
For FirstBank, Alebiosu outlined a strategy focused on enhancing its value propositions across customer segments to leverage global growth opportunities. The bank plans to position itself as a key player in intermediation and market facilitation, strengthening its service offerings in response to global economic trends.
Discussing Africa’s prospects, Mr Alebiosu pointed out that rising inflation and currency depreciation impacted several economies in 2024. However, he anticipates a reduction in inflation and interest rates in 2025, fueled by ongoing reforms in key countries like Nigeria, South Africa, and Kenya. As part of its pan-African focus, First Bank aims to support economic recovery through its diverse range of financial products for households and businesses.
Mr Alebiosu also addressed Nigeria’s ambitious 2025 budget, proposing a 74.18% increase aimed at tackling developmental challenges. He expects the budget to stimulate economic activity, with significant allocations to health, education, defense, and infrastructure.
According to him, First Bank plans to leverage its market knowledge and innovative financial services to support Nigeria’s economic growth and capitalize on emerging opportunities.
Mr Alebiosu also stated the growing importance of digital financial services (DFS) in shaping the banking industry.
With an increasing reliance on digital platforms, he said First Bank aims to stay ahead of the curve through continuous innovation.
Alebiosu pointed to the bank’s historical leadership in digital banking innovations, such as the introduction of ATMs and digital banking centers, and reaffirmed First Bank’s commitment to leveraging artificial intelligence and robotics to enhance customer experience and operational efficiency.
Reflecting on 2024, Mr Alebiosu identified two key policies that had a significant impact on banking: the increase in the Cash Reserve Ratio (CRR) to 50% and the new minimum capital requirements set by the Central Bank of Nigeria (CBN).
W,lhile the CRR increase limited banks’ ability to lend, he noted that First Bank managed to navigate these challenges by supporting key sectors, including local manufacturers, during the foreign exchange crisis.
Looking ahead, Alebiosu laid out First Bank’s strategic priorities for the 2025-2029 planning cycle, focusing on enhancing customer experience, accelerating automation, and expanding into new markets.
He emphasised that First Bank is set to prioritize its market leadership by investing in digital technologies, robotics, and artificial intelligence.
While he recognised the difficulties faced by Small and Medium Enterprises (SMEs) due to high inflation and operational costs, he highlighted the bank’s initiatives, including the SME Connect Hub, aimed at providing businesses with the necessary skills, insights, and access to funding to weather the challenging economic environment.
As First Bank enters 2025, Alebiosu is confident that the bank’s strategy will not only ensure continued growth but also reinforce its leadership in the African banking sector.
He added that the bank’s commitment to innovation, customer-focused solutions, and prudent risk management will be key drivers of its success in the coming years.
