FirstBank, the top financial institution in West Africa and the leading provider of financial inclusion services, has declared its support for the Imo State Government on the One Kindred One Business Initiative (“KõBüge), a model of group-based entrepreneurship that encourages members to jointly own and manage businesses.
ÓKÓBÌ, a brainchild of the Imo State Governor, His Excellency, Governor Hope Uzodimma, is rooted in traditional African values of communalism, kinship, cooperation, and collective responsibility. In order to create resilient businesses that are simpler to finance and better positioned to combat poverty in both rural and urban regions, KaféBỹ formalizes groupings of like-minded individuals into registered businesses.
Since its founding in 2023, over 600 companies have enrolled with 20,000 members, and within three years, it hopes to create or support 100,000 employment.
Speaking on the sponsorship, Olusegun Alebiosu, the CEO of FirstBank Group, stated: “Peer accountability remains a powerful driver of sustainable enterprise growth. The ÓKÓBÌ initiative exemplifies this by transforming existing social capital into tangible economic value for communities. FirstBank is proud to support the Imo State Government in this forward-looking programme, which goes beyond traditional financing to embed financial inclusion directly within group-based enterprises.
“By supporting these collectively owned businesses, we are helping to stimulate economic empowerment at scale—creating a self-sustaining ecosystem where wealth creation is inclusive, participatory, and widely shared. This initiative aligns with our broader commitment to enabling small and medium enterprises, deepening financial inclusion, and driving long-term socio-economic development across Nigeria.”
Speaking about First Bank's sponsorship as well, Professor Kenneth Amaeshi, the Chief Economic Advisor to the Imo State Government, expressed gratitude to the bank for its support and said that, given the accomplishments in a short amount of time, "K."B.— has demonstrated the potential to address the issues of unemployment and informality throughout Nigeria. In order to generate sustainable employment, he also emphasized the necessity for other corporate organizations to embrace and encourage the establishment of resilient, group-based businesses that support long-term economic development, enable individuals to become entrepreneurs, and contribute to the creation of wealth. Additionally, he thanked the governor of Imo State for spearheading the project and for his ongoing assistance in guaranteeing its effective execution and expansion.
Acknowledged by the federal government as one of eight National Human Capital Development Accelerator Projects, business institutions and development partners looking for reputable, low-risk platforms for impact investment are taking notice.
FirstBank's commitment to the program is based on its sustainability pillar of financial inclusion and diversity, as well as its goal of promoting sustainable finance and empowering individuals in the areas in which it operates.
The Bank lowers credit risk, improves business survival through peer accountability, and increases access to financing for marginalized groups, especially women and young people, by funding group-owned enterprises.
Acknowledged by the federal government as one of eight National Human Capital Development Accelerator Projects, business institutions and development partners looking for reputable, low-risk platforms for impact investment are taking notice.
FirstBank's commitment to the program is based on its sustainability pillar of financial inclusion and diversity, as well as its goal of promoting sustainable finance and empowering individuals in the areas in which it operates.
The Bank lowers credit risk, improves business survival through peer accountability, and increases access to financing for marginalized groups, especially women and young people, by funding group-owned enterprises.
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