By Oyinkansayo Wole-Bodunde.
In Nigeria’s unpredictable financial landscape, entrepreneurs need swift access to funds to drive growth and success. First Bank of Nigeria Limited has introduced the Retail Temporary Overdraft (RTOD) to provide businesses with flexible cash flow support.
This product offers up to N5 million monthly, with interest rates that are competitive and subject to market changes. Key features include: No collateral requirements, 30-day facility tenor which is renewable up to 12 times a year, and Automatic repayment from incoming receivables
The RTOD benefits businesses by helping them meet urgent financial needs, grow volumes, and position for higher facility limits. Eligible SMEs must have a regular cash flow and maintain an account with FirstBank for at least six months or 12 months with another commercial bank.
The application process is straightforward and approval is possible within 24 hours if criteria are met.
Successful customers, like Mr. Isola of Champion Five Limited, have used the facility to increase production, expand their customer base, and employ more staff.
FirstBank’s commitment to empowering SMEs has earned it recognition as the Best SME Bank in Nigeria and Africa at the Asian Banker Excellence in Retail Financial Services International Awards 2024.
The bank’s range of SME-focused products, including deposit products, loan packages, and advisory services, has distinguished it as a leader in supporting businesses. FirstBank’s FirstSME initiative provides capital access, cash flow management, and business development guidance, driving economic growth and innovation. By supporting SMEs, FirstBank is contributing to employment, innovation and economic expansion in Nigeria and Africa.
