Women Strengthen Institutions, Record Lower Loan Defaults – FirstBank MD

Managing director of First Bank of Nigeria Limited, Olusegun Alebiosu, has said women’s strong ethical values and sense of responsibility make them critical to building resilient institutions and sustainable financial systems.

Alebiosu, speaking during the bank’s celebration of International Women’s Day, noted that experience in the financial sector has shown that women often demonstrate higher levels of integrity and accountability, traits essential in industries built on trust, such as banking.

“In psychology, if you say someone stole money, about 80 per cent of women will condemn it outright, while maybe 50 per cent of men might do the same,” he said. He added that women’s ethical orientation and empathy often shape how they approach decisions, noting that they tend to prioritise responsibility over risk.

Alebiosu further pointed to lending data, which suggests that women generally record lower default rates compared to men. “Some people say women may not take as many risks as men, but the reality is that women tend to prioritise responsibility,” he said, noting that such attributes contribute to stability in financial systems.

The FirstBank chief executive also acknowledged the role women play in supporting families and enabling professional success, describing his wife as a strong pillar in his personal and professional life.

Also speaking, Global Chair of the First Women Network at the bank, Olaitan Martins, said empowering women through mentorship, opportunity and institutional support remains essential for building inclusive workplaces.

Martins said deliberate investment in women creates stronger organisations and unlocks broader societal benefits. “When women are given opportunities, we gain stronger institutions. We gain confidence and capability,” she said.

She explained that the bank’s First Women Network operates several development pillars, including communications and media, financial empowerment, family lifestyle and welfare, personal branding and wellness, career management and mentoring.

According to her, the network has also extended its outreach beyond the workplace, recently visiting female correctional centres across the country to provide essential items and support to inmates. “Our women went across the nation to visit women in correctional centres, providing essential items and offering support. The goal was to empower them, share hope and provide practical guidance,” she said.

Martins added that empowering women must remain a continuous effort through mentorship, partnership and fairness in opportunity. “When women rise, families rise, and communities rise,” she stated, stressing that collective progress depends on sustained commitment to women’s advancement.