FirstBank proudly sponsored the recently held Canada-Africa Fintech Summit (CAFS 2025), which ran from August 5–8 at the Sheraton Centre in Downtown Toronto.

Dr. Segun Aina, President of the African Fintech Network, convened CAFS 2025 as a landmark event that united fintech leaders, regulators, startups, and investors from Africa and Canada to explore scalable digital solutions, encourage investment, and promote inclusive economic development across both continents.

FirstBank Demonstrates Commitment to Global Fintech Collaboration

As a legacy institution with over 131 years of leadership in financial services, FirstBank’s sponsorship highlighted its commitment to fostering cross-border collaboration, financial inclusion, and forward-thinking innovation in the global fintech landscape.

Olayinka Ijabiyi, Ag. Group Head, Marketing and Corporate Communications at FirstBank, stated, “Our support of CAFS 2025 reflects our belief that collaboration between African and Canadian fintech ecosystems can lead to transformative innovations. FirstBank is proud to help shape that future.”

FirstBank Highlights API Innovation and Regulatory Trust

During a high-level panel discussion with Rudy Cuzzeto, MPP for Mississauga–Lakeshore, and David Stevenson, Country Director for the United Nations World Food Programme (Nigeria), Chuma Ezirim, Group Executive for E-Business & Retail Products at FirstBank, stressed the significance of digital collaboration in Africa’s financial ecosystem.

He explained, “We’re building APIs that understand regulatory bifurcation, who has access to what, and why.

The technology is the easy part. The real challenge lies in maintaining security, consent, and performance.”

He emphasized, “In Nigeria, fintech has evolved beyond disruption to convergence, integrating banks, fintechs, and regulators into an agile and accountable ecosystem.

” He further underscored that regulatory clarity is essential for building public trust and attracting private investment in fintech, stating,

“The more we collaborate, the more lessons we learn, and the greater the benefits for consumers.”

FirstBank Leverages AI to Expand Credit Access

In a separate panel discussion, Rachel Adeshina, Chief Technology Officer at FirstBank, shared insights on harnessing AI to enhance credit access for the underbanked.

She noted, “We’re addressing data poverty by using AI to interpret alternative data, allowing us to lend to individuals who might otherwise be invisible to the traditional credit system.”

Adeshina highlighted that FirstBank has disbursed over ₦1 trillion in digital loans through this AI-driven model, achieving a remarkable repayment rate of over 99%.

She added, “This innovation was enabled not only by technology but also by a supportive environment, including API banking regulations, data privacy laws, and a shift from account-based to wallet-based banking.”

She also underscored the importance of scalability through collaboration, stating, “In a fragmented continent like Africa, digital scale will come from interoperability. Connecting the 54 markets is the next big challenge, and fintechs are ideally positioned to lead that initiative.”

CAFS 2025 Aligns with Canada’s Broader Africa Strategy

The summit formed part of Canada’s broader Africa Strategy, which aims to foster economic partnerships, digital cooperation, and innovation exchange. As Africa’s digital finance ecosystem continues to grow and Canada develops its own open banking framework, CAFS 2025 provided a timely platform to align strategies and ignite collaborations.

 About FirstBank

First Bank of Nigeria Limited “FirstBank”, which was established in 1894, stands as the premier bank in West Africa, a leading financial inclusion services provider in Africa, and a digital banking giant.

FirstBank’s international footprints span three continents Africa, Europe, and Asia with FirstBank UK Limited in London and Paris.

Not only that, FirstBank also  operates  in The Democratic Republic of Congo, Ghana, The Gambia, Guinea, and Sierra Leone; FBNBank in Senegal; and a FirstBank Representative Office in Beijing, China.

All the subsidiary banks hold full registrations with their respective Central Banks to provide full banking services.

Beyond offering domestic banking services, the subsidiaries conduct international cross-border transactions with FirstBank’s non-Nigerian subsidiaries.

While the representative offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other African countries.

For over 13 decades, FirstBank has built an outstanding reputation for solid relationships, good corporate governance, and a strong liquidity position.

It has led the promotion of digital payments in Nigeria, having issued over 13 million cards to customers—making it the first bank in Nigeria to achieve such a milestone.

FirstBank continues to invest significantly in technology, innovation, and transformation.

Its cashless transaction drive has grown steadily, with over 25 million active FirstBank customers signed up on digital channels, including the USSD Quick Banking service via the nationally renowned \*894# Banking code.

With over 43 million customer accounts (including digital wallets) spread across Nigeria, the UK, and sub-Saharan Africa.

Tthe Bank provides a comprehensive range of retail and wholesale financial services through more than 820 business offices and over 280,000 agent locations across 772 out of Nigeria’s 774 Local Government Areas.

In addition to banking solutions and services, FirstBank also provides pension fund custody services in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated services through First Nominees Nigeria Limited.

FirstBank demonstrates its commitment to diversity through its policies, partnerships, and initiatives, such as maintaining a female-to-male employee ratio of about 41%:59% and achieving 37% female representation in management roles.

It also runs the FirstBank Women Network, an initiative aimed at closing the gender gap and increasing women’s participation at all organizational levels. Furthermore, FirstBank’s membership in the UN Women affirms its deliberate policy that aligns with UN Women’s Women Empowerment Principles (WEPs) ─ Equal Opportunity, Inclusion, and Nondiscrimination.

From 2011 to 2016, The Banker Magazine of the Financial Times Group named FirstBank the “Most Valuable Bank Brand in Nigeria” for six consecutive years.

The Asian Banker International Excellence in Retail Financial Services Awards named it the “Best Retail Bank in Nigeria” eight times in a row from 2011 to 2018.

As of September 2023, FirstBank’s Global Credit Rating was A+ with a positive outlook, while Fitch and Standard & Poor’s assigned ratings of A (nga) and ngBBB+, respectively, both with stable outlooks.

In 2022, for the first time since 2015, FirstBank matched the international credit ratings of Nigeria’s sovereign.

In 2024, FirstBank received numerous international awards and accolades, including Nigeria’s Best Bank for ESG 2024 and Nigeria’s Best Bank for Corporates 2024 from the Euromoney Awards for Excellence.

It was also named Best SME Bank in Africa and Nigeria by The Asian Banker Global Awards, and Best Private Bank in Nigeria and Best Private Bank for Sustainable Investing in Africa by Global Finance Awards.

Other awards include Best Corporate Bank, Best CSR Bank, Best Retail Bank, Best SME Bank, and Best Private Bank in Nigeria for 2024 from the Global Banking and Finance Awards.

So far in 2025, FirstBank has garnered further international acclaim. It won Best SME Bank in Nigeria and Africa from The Asian Banker, Best Private Bank in Nigeria and Best Private Bank for Sustainable Investing in Africa from Global Finance Awards.

It equally won the SME Financier of the Year in Nigeria from The Digital Banker Global SME Banking Innovation Awards.

The Annual Global Economics Awards also named FirstBank the Best Retail Bank in Nigeria 2025 and Best Bank for Empowering Women Entrepreneurs in Nigeria 2025.

FirstBank’s vision is “To be Africa’s Bank of first choice,” and its mission is “To remain true to our name by providing the best financial services possible.”

This commitment rests on core values of EPIC – Entrepreneurship, Professionalism, Innovation, and Customer-Centricity.

Its strategic ambition remains “To deliver accelerated growth in profitability through customer-led innovation and disciplined execution.”

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