FirstBank CEO, Olusegun Alebiosu, Highlights Poverty Eradication as Key Global Priority at UN General Assembly

In an exclusive interview with Arise TV during the 79th United Nations General Assembly in New York, Olusegun Alebiosu, CEO of FirstBank—West Africa’s leading financial institution and champion of financial inclusion—underscored the urgent need for global leaders to prioritize poverty eradication. According to Alebiosu, poverty, climate change, and gender inequality are critical issues demanding immediate international action.

Alebiosu emphasized that poverty, at its core, is driven by a lack of resources and access to financial opportunities. “The most effective way to overcome poverty is through access to finance,” he stated, highlighting the pivotal role financial services play in lifting individuals and communities out of poverty in the 21st century.

Finance as a Tool for Sustainable Development

At the UN Global Compact Leaders’ Summit, Alebiosu participated in discussions around innovative financing, sustainable development, and the role of artificial intelligence in shaping the future of humanity. He stressed the importance of investing in human capital to bridge the economic disparity between developed and developing nations. This aligns with the United Nations’ Sustainable Development Goals (SDGs), particularly in areas like gender equality, climate action, and fair wages.

FirstBank’s Commitment to Financial Inclusion

As a leading voice in Nigeria and across Africa, Alebiosu emphasized FirstBank’s dedication to financial inclusion as a key strategy to combat poverty. The Bank has taken significant steps to support women and underserved communities. In 2023, FirstBank extended over N36 billion in loans to women, reinforcing its commitment to gender equality and economic empowerment. The institution’s “gender market strategy” aims to further strengthen its support for women entrepreneurs.

Additionally, FirstBank’s Firstmonie agent network—a nationwide initiative to provide financial services to remote and underserved areas—surpassed 232,000 agents in 2023. Remarkably, over 55,000 of these agents are women, demonstrating the transformative power of finance in driving economic development and promoting equality.

A Vision for the Future

Looking ahead, Alebiosu expressed a clear vision for FirstBank’s continued role in advancing Africa’s economic development. “FirstBank will further embed itself into the fabric of society, earning a place in the hearts and minds of Nigerians as a leading advocate for economic progress in Nigeria and across Africa,” he said.

The UN Global Compact Leaders’ Summit

The UN Global Compact Leaders’ Summit is an annual event that brings together global business leaders, government officials, and civil society representatives to explore innovative solutions and drive sustainable development. This year’s summit, held in New York on September 24, 2024, offered a platform for stakeholders to collaborate on actionable strategies to advance the 2030 Agenda.