FirstBank of Nigeria Limited has announced a strategic push to integrate artificial intelligence into the operations of small and medium-sized enterprises across the country, aiming to enhance productivity, improve decision-making, and accelerate business growth. The initiative, unveiled at a stakeholders’ forum in Lagos, reflects the bank’s commitment to leveraging technology to support the backbone of Nigeria’s economy.
The programme, designed in collaboration with technology partners and innovation hubs, will provide SMEs with access to AI-powered tools tailored to their specific operational needs. These include solutions for customer engagement, inventory management, sales forecasting, and financial planning. The bank noted that by embedding AI into everyday business processes, SMEs can reduce manual inefficiencies, make data-driven decisions, and respond more swiftly to market changes.
Speaking at the launch, FirstBank Group Head of SME Banking underscored the critical role of small businesses in Nigeria’s economic landscape. SMEs account for a significant portion of employment and contribute substantially to gross domestic product, yet many operate with limited access to technology, formal credit, and business advisory services. The AI initiative is designed to address these gaps by offering affordable, scalable tools that can be adopted without the need for extensive technical expertise.
From an economic development perspective, the programme targets a fundamental constraint in SME growth: productivity. Many small businesses in Nigeria operate with manual processes that limit their ability to scale. AI-driven tools can automate routine tasks, optimise supply chains, and provide insights into customer behaviour, enabling entrepreneurs to focus on strategic growth activities. For businesses in retail, hospitality, logistics, and manufacturing, these capabilities can translate directly into improved margins and competitiveness.
The initiative also reflects a broader trend in Nigeria’s financial services sector, where banks are increasingly positioning themselves as ecosystem partners rather than mere providers of credit. By offering value-added services such as digital tools, business training, and market linkages, lenders can deepen customer relationships, reduce risk, and support business growth that ultimately benefits their loan portfolios. FirstBank’s focus on AI aligns with this evolving model, leveraging its extensive customer base and distribution network to scale adoption.
Technology infrastructure remains a consideration. Access to reliable power, affordable internet connectivity, and digital literacy levels vary across the country, potentially affecting the reach of AI tools. The bank indicated it would work with partners to ensure that solutions are accessible across different segments, including businesses in secondary cities and rural areas. Training and support programmes will accompany the deployment to ensure that business owners can effectively utilise the tools.
The initiative also contributes to the broader national conversation on artificial intelligence and digital transformation. With the federal government’s focus on building a digital economy, private sector-led efforts to democratise access to advanced technologies will be essential. FirstBank’s SME AI programme demonstrates how financial institutions can play a catalytic role in bridging the technology gap for smaller enterprises.
As the programme rolls out, its success will be measured by adoption rates, improvements in SME productivity, and ultimately the contribution of supported businesses to economic growth. The bank has indicated it will track outcomes and refine the offering based on user feedback. For Nigeria’s millions of small businesses, access to AI tools that were previously available only to larger corporations could represent a significant step toward greater competitiveness and resilience.
