Details Of 1st Bank Summit In LAGOS
Two weeks ago, First Bank Plc celebrated the 2nd anniversary of FirstGem; a special product of the bank designed for women. The event took place at the spacious and popular event centre, Harbour Point, Victoria Island, Lagos.
FirstGem is a unique product/platform designed by First Bank to empower women achieve their goals/dreams. It is also an avenue to recognise the importance of women in driving socio-economic growth.
FirstGem is an account designed specifically to meet the needs of women. With FirstGem, women can get low-cost loans for their businesses, secure funding for an investment opportunity, or undertake new exciting projects that really matter.
To be eligible, they must first commit themselves by opening a savings account with only #1,000 or current account with minimum of #5,000 for individual, and #10,000 for corporates.
The programme started with the introduction of guests who trooped in emasse to the spacious Harbour Point and it had many important dignitaries in attendance. Some of them include; Mrs. Ibukun Awosika (Chairman of First Bank Plc), Dr. Doyin Salami, Dr. Chief Nike Akande, Dame Abimbola Fashola, Mrs. Funke Amosun, Mrs. Arunma Oteh, Mrs. Bashirat Odunewu, Dr. Adesola Adeduntan and many others.
The event became lively when the popular economy expert, Dr. Doyin Salami, CEO of Kainos Edge Consulting was asked to talk and advice women on which (business) to put their money. In this, he pointed out various reasons why women don’t do well in business.
Dr. Doyin highlighted 6 sectors of economy where women can invest their money and which include, Agriculture, Manufacturing, Telecommunications/ICT, Trading, Oil&Gas, Real Estate.
According to him, he said, women need to identify the sector where there’s more activities and where they can put their money, when deciding where to invest.
He said that, half of the spendings of Nigerians is on food and every other consummable items but a lot of people are now spending more on clothes and foot wears.
He also mentioned education as one area where Nigerians now invest their money.
Healthcare is another area women need to pay attention and it’s believed that the spendings in that sector will go higher in future.
He also pointed out the importance of Telecommunications because it’s an avenue for every average Nigerian to leverage on, he said. But he warned women! He said, before they can go into any business they must be sure it’s a business they have knowledge of. He said experience will be their backups in any business they tend to do.
He continues by saying that, this is an election period where
The respected economist said, many businesses fail because people price wrongly. He said further that, if you buy something and re-sell it but you can’t afford to buy it back, then you sold at a wrong price.
Many people fail because they don’t understand business model. He said profitability is another thing that sustain a business, that many people use their profits to fund another project. He said women need to be prudent with their spendings; that women should focus more on their targets and serving the right people with the right product should be key in business. And a cost effective product is also key, he said.
Dr. Doyin also said, aspiration don’t sell a product but what people have in their pockets.
Dr. Doyin Salami is a Nigerian economist who in November 2017 completed a two term stint as member of Central Bank of Nigeria’s Monetary Policy Committee.
This economy expert was born in Ijebu Ode, Ogun State in 1963. He is also a lecturer who has contributed a lot.
He has built a career in Consulting, establishing the research firm, Edward Kingston Associates in 1997, which he merged with Softskills in 2014 to form Kainos Edge.
Another top personality who also spoke at the event is Mrs, Arunma Oteh, World Bank Vice President. She spoke on why women don’t do well in business.
She stressed out the importance and contributions of women to any economy. She said women are the economic foundation of the future. That women should start seeing themselves as a major force of Nigeria’s economy.
Dr. Adesola Adeduntan, First Bank Managing Director, stated that the focus of First Bank is to put customers and stakeholders at the heart of their business and that was why First Bank designed FirstGem product for women.
“For over 124 years of our existence, we have focused on providing excellent financial services to meet the needs of our esteemed customers.
We continue to improve on our products and also create ones that suit their specific financial needs.
The reason why we have been successful is our ability to invent, reinvent and reinvent ourselves.
You can only be successful like that when you put your customers at the centre piece of all your actions. That is the secret of our success.
In designing our FirstGem product, we are very clear on the space we want to occupy, he concluded.
Since the launch of FirstGem in October 2016, a series of female empowerment initiatives, trainings and seminars have been organized across the country and in the UK to harness and financially mobilize the growing percentage of women in the country whilst empowering them through the nuggets of financial independence.