In an effort to boost trade and investment between China and Africa, FirstBank, the leading financial institution in West Africa and a supplier of financial inclusion services, has announced that it would hold the first-ever China-Africa Interbank Association (CAIBA) Forum.
The event will be held in the Fraiser Suites Abuja on November 27, 2024, with the topic “Joining Hands to Advance Modernization and Strengthening China-Africa Trade, Industrialization, and Economic Diversification.”
With 16 African banks, including FirstBank and China Development Bank (CDB), as well as ABSA Bank, West African Development Bank, Central African States Development Bank, Eastern and Southern African Trade and Development Bank, Development Bank of South Africa, Ecobank, United Bank for Africa, and RawBank, CAIBA was established in 2018 and represents a significant milestone in promoting financial cooperation between China and Africa. Its goal is to strengthen partnerships in a number of areas, including infrastructure interconnection, international cooperation, and cultural exchange.
The need to close the financial gap in Africa for infrastructure, industrialization, and poverty reduction served as the impetus for this project.
The China Development Bank will co-host the CAIBA Forum, which provides a unique opportunity for networking, knowledge sharing, and deal-making with the goal of promoting mutual development and win-win cooperation among member banks. The Forum, which was previously held exclusively in Beijing, will now offer a special venue to highlight Nigeria’s crucial contribution to the expanding economic ties between China and Africa as the host nation.
FirstBank is deeply ingrained in the community and, because to its wide-ranging network in China, the UK, and Sub-Saharan Africa, offers unmatched market access to promote investment and trade between China and Africa. Furthermore, FirstBank’s proficiency in corporate and investment banking, trade finance, and financial inclusion makes it a perfect partner for China Development Bank, which is spearheading this significant endeavor to assist Chinese and African enterprises. FirstBank’s strengths lie in providing inclusive and sustainable financial solutions.
“We are honored to host this important event that fosters dialogue and collaboration between Chinese and African financial institutions,” said Mr. Olusegun Alebiosu, CEO of FirstBank Group, in reference to the forum. This meeting reaffirms our dedication to closing the divide between China and Africa and promoting economic development. Our rich heritage, in-depth knowledge of African markets, and remarkable 130-year history of enabling people and businesses to prosper are all reasons why FirstBank was chosen to serve as the host. We continue to be committed to investigating the partnership prospects this conference will present for the mutual benefit of China and Africa, and we are honored to help the continent’s economic transformation and prosperity.
The opportunity to interact with business executives, government representatives, and financial specialists from both areas will be provided to participants. A number of industry leaders, policymakers, and experts are expected to attend, including His Excellency the Vice President of the Federal Republic of Nigeria, the Governor of the Central Bank of Nigeria, the Minister of Trade, Industry & Investment, the MD of China Development Bank, the Federal Capital Territory (FCT) Minister, the Governors of Lagos, Kano, and Anambra States; ambassadors from CAIBA member nations; the President and Chairman of the Board of Directors of the African Export-Import Bank; representatives from the China-Africa Development Fund, and much more.
Additionally, Dr. Abiodun Adedipe, the founder and chief consultant of BAA Consult, and David Ofosu-Dorte, senior partner of AB & David Africa, will participate in a plenary session at the CAIBA Forum. Ugo (UgoDre), a Pan-African Law Firm Wole Adeniyi, CEO of Stanbic IBTC; Bamidele Abu, CEO of ABSA Nigeria Capital Markets; Obi-Chukwu, Publisher of Nairametrics; and Mrs. Kouassigan Dovi Eliane Khady, Head of Financial Institutions of the West African Development Bank (BOAD). A trade show, keynote addresses, and networking events that will examine the newest developments and prospects in China-Africa collaboration are among the other fascinating lineups.
The creation of CAIBA is a constructive step that might have a big influence on the economy, actively influencing the future and creating alliances that promote the long-term prosperity and sustainable growth of both China and Africa.
About FirstBank
First Bank of Nigeria Limited “FirstBank”, established in 1894, is the dominant bank in West Africa, a leading financial inclusion services provider in Africa, and a digital banking behemoth.
With FirstBank UK Limited in London and Paris, FirstBank in the Democratic Republic of Congo, Ghana, The Gambia, Guinea, and Sierra Leone, FBNBank in Senegal, and a FirstBank Representative Office in Beijing, China, FirstBank has a presence in three continents: Africa, Europe, and Asia. All the subsidiary banks are fully registered by their respective Central Banks to provide full banking services.
The representative offices in Paris and China enable commerce flows from Asia and Europe into Nigeria and other African nations, and the subsidiaries not only offer local banking services but also participate in international cross-border transactions with FirstBank’s non-Nigerian subsidiaries.
With more than 13 million cards, FirstBank has been leading the nation in advancing digital payments for more than 130 years and has established an exceptional reputation for excellent connections, sound corporate governance, and a strong liquidity position.
issued to customers (the first bank to accomplish such a milestone in Nigeria). FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with virtually 23 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.
With over 42 million customer accounts (including digital wallets) spread across Nigeria, UK and sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale financial services through more than 820 business offices and over 243,400 agent locations spread across 772 out of the 774 Local Government Areas in Nigeria.
FirstBank offers banking services and solutions as well as nominee and related services through First Nominees Nigeria Limited and pension fund custody services in Nigeria through First Pension Custodian Nigeria Limited.
The female to male employee ratio (roughly 39%:61%) and the presence of 32% of women in management are just two examples of FirstBank’s policies, partnerships, and initiatives that demonstrate the bank’s commitment to diversity. Another is the FirstBank Women Network, which aims to close the gender gap and boost the involvement of women at all organizational levels. A conscious policy that aligns with UN Women’s Women Empowerment Principles (WEPs) ─ Equal Opportunity, Inclusion, and Non-discrimination is also affirmed by the Bank’s membership in UN Women.
FirstBank won the title of “Best Retail Bank in Nigeria” eight times in a row, from 2011 to 2018, from the Asian Banker International Excellence in Retail Financial Services Awards, and “Most Valuable Bank Brand in Nigeria” for six years in a row, from 2011 to 2016, according to the internationally recognized Financial Times Group’s The Banker Magazine.
FirstBank won several noteworthy honors in 2023, such as the Global Finance Awards’ “Best Private Bank for Sustainable Investing in Africa 2023,” the International Investors Awards’ “Best Sustainable Bank in Nigeria 2023,” and the Best Bespoke Banking Award.
International Investors Awards’ “Services in Nigeria 2023,” Digital Banker Africa’s “Best Financial Inclusion Service Provider in Nigeria 2023,” African Leadership Magazine’s “African Bank of the Year,” Euromoney Awards’ “Best Corporate Bank in Nigeria 2023,” and Global Brands Award’s “Most Innovative Banking Brand – Nigeria 2023.”
Notably, as of September 2023, FirstBank’s global credit rating was A+ with a positive outlook, while Fitch and Standard & Poor’s ratings were A (nga) and ngBB+, respectively, with stable outlooks. For the first time since 2015, FirstBank was able to keep the same level of international credit ratings as the sovereign in 2022.
With a number of international honors and recognitions already in 2024, FirstBank has maintained its widespread praise on the worldwide scene. The Euromoney Awards for Excellence have named Nigeria’s Best Bank for ESG 2024 and Nigeria’s Best Bank for Corporates 2024; the Asian Banker Global Awards have named Nigeria and Africa’s Best SME Bank; the Global Finance Awards have named Nigeria’s Best Private Bank and Africa’s Best Private Bank for Sustainable Investing; the Global Banking and Finance Awards have named Nigeria’s Best Corporate Bank 2024, Best CSR Bank in Nigeria 2024, Best Retail Bank in Nigeria 2024, Best SME Bank in Nigeria 2024, and Best Private Bank in Nigeria 2024.
Our objective is “to stay true to our name by providing the best financial services possible,” and our vision is “to be Africa’s Bank of first choice.” Our basic values of EPIC—Entrepreneurism, Professionalism, Innovation, and Customer-Centricity—form the foundation of this dedication. Our brand promise is always to create the ultimate “gold standard” of value and excellence to put You First in every way, and our strategic aim is “to deliver accelerated growth in profitability through customer-led innovation and disciplined execution.”
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