BY NNENNA EZEAH
First Bank of Nigeria Plc has been named the best telecoms financing bank in Nigeria at the 2011 edition of the Nigerian telecoms awards by Logica Media Group.
In a statement by the bank, signed by Folake Ani-Mumuney, Head Marketing and Corporate communications, the bank said the award is coming on the heels of its preparedness to effectively position itself for the emerging opportunities in the mobile broadband and data market in Nigeria through the provision of alternative financial transaction channels for the banked, unbanked and under-banked segments of the nation.
Ani-Mumuney said that the award underscores First Bank’s leading position in generally providing financial services and solutions to drive economic growth across all sectors of the economy.
She said that the Bank had over the years supported major telecoms operators through the provision of term loans and working capital credit lines in Dollar and Naira Credit to enhance Network rollout expansion.
She explained that the Bank has effectively deployed its IT infrastructure platform to enhance and bank the major operators (GSM & CDMA) sales collection as well as partnering with the dealers through dealership finance schemes.
She also said “We have continued to leverage on our extensive and long existing relationships with varying corresponding banking institutions worldwide in offering professional, cost effective and timely foreign trade services to our strategic telecoms partners”.
Speaking further she disclosed that in addition to providing and facilitating financial support for the Telecom Sector, First bank offers sound financial advisory services by leveraging on its long standing experience and knowledge in the industry as well as making use of the Bank’s various investment subsidiaries to raise local and offshore capital requirement (equity and debt) for its strategic telecoms partners.
The event is held yearly to recognize and celebrate organizations that have facilitated the growth of the sector in Nigeria. The organizers said FirstBank’s consistent support for the development and growth of the sector earned the leading financial institution the prestigious award, adding that the Bank had remained a major player in ensuring the expansion of telecoms business since the revolution began in 2001.