First Bank of Nigeria (FirstBank) is intensifying its support for small and medium enterprises (SMEs) by championing the adoption of artificial intelligence (AI) tools and strategies to boost competitiveness, efficiency, and sustainable growth. The initiative was highlighted during the SMEConnect webinar on March 31, 2026, themed “AI for Business Growth: From Adoption to Integration and Scalable Impact.”
“SMEs are the backbone of the Nigerian economy, and at FirstBank, we recognise that the economy cannot thrive without them-building on this foundation, we are equipping business owners with the right knowledge and practical insights on Artificial Intelligence to help them scale in the short term and drive sustainable growth,” said Chuma Ezirim, Group Executive, e‑Business and Retail Products, FirstBank.
During the event, FirstBank executives showcased several AI-enabled platforms designed to support SME operations. These include credit scoring and instant loans powered by AI-driven behavioural and transactional analytics; tools for payments, payroll, business management, and fraud detection; and digital platforms connecting SMEs to funding, partnerships, and market opportunities.
“We have developed about 19 AI-powered platforms supporting SMEs,” confirmed Olufemi Odunmboni, Head of Online Banking and Digital Channels at FirstBank. Guest speaker Temitope Odude, Senior AI Solutions Architect at Microsoft, stressed the accessibility of AI tools to SMEs of all sizes.
“AI allows SMEs to work smarter, respond quickly to market changes and unlock new growth opportunities… most AI solutions are affordable, easy to use and can be implemented without deep technical expertise,” Odude said. He advised a phased adoption approach, starting with identifying key challenges, deploying tools, integrating workflows, and tracking measurable impact within 7 to 14 days.
FirstBank officials also highlighted the bank’s financial support for SMEs. Over ₦1 trillion in digital loans has been disbursed, with a significant portion of them administered via AI-enabled credit-scoring models.“These platforms enable credit scoring, payments, payroll processing and access to instant loans without collateral,” said Odunmboni, emphasising the practical impact of AI in driving financial inclusion.
The webinar is part of FirstBank’s continued strategic focus on innovation and capacity building for SMEs, reflecting the institution’s commitment to digital transformation and business enablement. With AI increasingly central to competitive advantage, FirstBank’s approach positions Nigerian SMEs to compete effectively in both domestic and global markets.
Senior AI Writer
Bio: Okikiola is a writer and AI enthusiast with a background in Office Technology and Management from the Federal Polytechnic Offa. She went further to study an MSc in International Business at De Montfort University (DMU). With extensive work experience across administrative and business roles, she now focuses on exploring how artificial intelligence can transform work, innovation, and everyday life.