How FirstGem Empowered Women Amidst Recession

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At a time when some households, firms and agencies were scrambling for funds to combat the recessive state of the Nigerian economy, a unique product aptly designed by First Bank of Nigeria Limited, called FirstGem, has helped some Nigerian women actualise their dreams through easily accessible funds to start up and to expand their businesses. A perusal into the nature, benefits and characteristics of the banking product unveiled some intriguing facts.

Introduction

FirstGem which marked it’s first year anniversary recently, having kicked off in October 2016, is a product suite that cuts across women from 18 years and above irrespective of location and social status, providing an opportunity for women to create a savings plan and culture that guarantees them safety in the future; which enables them to save towards a specific target.

The product:

In a bid to overcome the challenges women face with asset ownership as collateral to back up loan accessibility for business development and expansion, FirstBank saw the need to create a value-enhancing culture that will enable women build their businesses and careers to credible and acceptable standards that would ensure reliability and dependency for the home front, society and economy at large.

This culture stemmed from the line of thought explained by Mrs. Ibukun Awosika who said: “Women tend to make their own resources a consumable resource for the family”.

She explained that most women channel their income to the day to day running of the home, and even when their resources are built into the family’s acquisition of an asset that may guarantee access for greater wealth, this access is denied because the asset may not be registered in the woman’s name.

These challenges birthed the FirstGem and according to Awosika, the last one year of FirstGem being launched has brought amazing results.
testimonial and in recognition of the impact of women’s contribution to economic development, has taken the vision of FirstGem to different women empowerment programs across different cities and states of the Federation via international conferences, seminars, workshops, roadshows, etc. Some of the events supported and leveraged by FirstGem within the past one year include:

i. Oyo State Women Empowerment Programme, organised by the First Lady of Oyo State to expose women of Oyo State to various opportunities in trade and commerce, savings and investments, food and agriculture, fashion, tourism, education, and lots of other economic empowerment initiatives. ii. Southern States Governors Wives’ Forum hosted by the First Lady of Abia State – a gathering that galvanized women from all the 17 Southern States to create awareness and consciousness in women as economy change agents to move in and take their place in the global scheme of things, iii.Benue State Women Empowerment Programme in Makurdi, Benue State; iv. Mentoring Women to Posterity held at Enugu, Enugu State; v. The Girl Entrepreneur – a book review held at Uyo, Akwa Ibom State – all of these events and roadshows speak to one singular global course – women development and empowerment. vi. OAU International Law Students Women Conference – A 2-day entrepreneurship workshop on Women empowerment and financial all-inclusiveness powered by FirstGem.

The benefits:

With FirstGem, female customers can access support funds for their total financial wellbeing, free business advisory to meet their economic needs and aspirations, specialized trainings on business development initiatives, regular information and insight on business opportunities in various sectors and industries as well as tremendous discounts at merchant outlets that offer lifestyle products and services amongst other benefits.

FirstGem comes in variants of Savings and Current accounts and it is designed to benefit women professionals, entrepreneurs, SMEs, women in paid employment as well as low income earners, traders and artisans.

With FirstGem, there is something for every woman.

Culled from Daily Times

https://dailytimes.ng/firstgem-empowered-women-amidst-

More than 170,000 women have lined up for the product; and we have been amazed at what these women have been able to achieve, Awosika enthused.

The results brought to reality an increase in the number of women involved in driving socio-economic change through different areas of human endeavours in the 21st century. FirstBank thus considered these women in diverse careers and businesses and their contribution to the Bank’s bottom line and the nation’s GDP on the long run, to come up with FirstGem thereby solidifying its support to provide access to the required funds for value enhancement at a minimal interest rate.

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