In a significant move to empower its female workforce, FirstBank has introduced a dollar-denominated money market fund exclusively for its female employees under the FirstBank Women Network (FWN). The announcement was made by the Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, during the bank’s International Women’s Day celebration held in Lagos on Friday, March 8, 2024.
This year’s International Women’s Day, themed ‘Accelerate Action,’ provided the perfect backdrop for the launch of the initiative, which aims to bolster financial inclusion and investment opportunities for women. Represented by Seyi Oyefeso, Executive Director of Retail Banking (South) Directorate, Alebiosu highlighted the success of the FWN Naira Fund, launched in 2022, and expressed optimism about the new dollar fund.
“It is with great pleasure that I announce the launch of the First Women Network Dollar Fund. This is yet another opportunity for women to build a steady stream of income and invest,” Alebiosu stated. He explained that the fund allows female employees to invest in U.S. dollars with as little as $100, offering an attractive interest rate. The fund also facilitates the conversion of naira to USD, enabling women to diversify their earnings and build wealth in a stable foreign currency.
Alebiosu emphasized the rewarding nature of the investment, noting that even small contributions are pooled into a larger fund, yielding significant returns. “This is yet another fund that I will enjoin you all to be part of,” he added, encouraging women to take advantage of the opportunity.
Call to Action: Empowering Women in Leadership
The event also featured a keynote address by Remi Odunlami, a non-executive director of FirstBank, who urged women to embrace challenges and excel in their roles. She advised women to seek out high-visibility projects and take initiative within their departments, emphasizing that such efforts often lead to recognition, promotions, and greater responsibilities.
“By the time you come out of that project, you go back and say, ‘What did I learn from that project?’ And your supervisors look at you and say, ‘Wow, if she could do that, give her more responsibilities,’” Odunlami remarked. She encouraged women to create opportunities for themselves, even in the absence of obvious challenges, by proposing innovative ideas to their supervisors.
A Mandate for Urgency and Equality
In her welcome address, Olaitan Martins, Global Chair of the FirstBank Women Network, called on women to stop postponing their dreams and take decisive action toward self-improvement and economic empowerment. “This year’s theme, Accelerate Action, is more than just a call. It is a mandate,” she declared.
Martins urged women to stop procrastinating on personal and professional goals, such as pursuing IT courses, leadership training, or other skill-building opportunities. “Sitting and waiting is no longer an option. This is the time to act as a woman in banking,” she asserted.
She also highlighted the broader societal impact of gender equality, stating, “Gender equality is not just a women’s issue. It’s a societal imperative because when women succeed, economies grow stronger.” Martins emphasized the importance of collective support among women, noting that every decision, opportunity, and barrier broken contributes to the larger movement toward equality.
A Commitment to Gender Equality
The FirstBank Women Network was established to address the gender gap at senior levels within the organization and to create an enabling environment for women to thrive. By providing strategic support and opportunities like the FWN Dollar Fund, FirstBank aims to empower its female employees to contribute more effectively to the bank’s success and the broader economy.
The event was attended by notable figures, including the First Lady of Ogun State, Bamidele Abiodun, who arrived with a delegation, and the First Lady of Lagos State, Ibijoke Sanwo-Olu, who was represented. Their presence underscored the importance of collaboration between the private sector and government in advancing gender equality and women’s empowerment.