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Tag: FirstBank

  • FirstBank exceeds N1tr mark on 894 quick banking channel

    FirstBank exceeds N1tr mark on 894 quick banking channel

    First Bank of Nigeria Limited has recorded giant strides in its Financial Inclusion services delivery, via its 894 quick banking, a Unstructured Supplementary Service Data (USSD) based channel. The banking channel enables customers to access banking services using any type of phone and without data/internet.

    The 894 banking scheme, which is one of the fastest growing USSD scheme in the market, grew by about 250 per cent in 2017 to now over 4.5 million customers with a target base of over 6.5 million before the end of this year.

    Over N1 trillion worth of transactions have been processed using the 894 services, with over N3 trillion worth of transactions projected to be processed this year alone.

    Customers who use 894 are able to check their balance, send/transfer money to any bank account in Nigeria, buy airtime for themselves and for their loved ones, confirm payments (up to last 5 transactions), open accounts, and do lots more.

    The “894 Collection & CashOut” service is effectively designed for businesses to receive payments for goods and services, and to address their cash management challenges. It is also a very viable channel for government to collect taxes and other statutory payments.

    According to FirstBank’s Group Head, e-business, Chuma Ezirim, a major element of the bank’s strategy is to make payments and collections easier for businesses around the country. Digitizing payment and collections processes not only improves transparency and efficiency, but also helps a business to grow. “That’s why our 894 service is very useful for our Corporate and SME customers because every Nigerian can pay using 894 irrespective of the type of phone he/she uses, and without the barrier of internet access”, he said.

     

  • FirstBank celebrates awards

    First Bank of Nigeria Limited in the 20017 financial year received an avalanche of awards in recognition of its activities and interventions in various sectors in the financial services industry. The awards epitomised the bank’s sustained relevance to its customers and the nation at large for 124 years.

    FirstBank was named the ‘Most Valuable Bank Brand in Nigeria’ six times in a row – 2011, 2012, 2013, 2014, 2015 and 2016 by the globally recognised The Banker Magazine of the Financial Times Group, having achieved this feat in recognition of its steady transformation, increased brand value and excellent service delivery through several years. The bank was also named the ‘Best Bank in Nigeria’ by Global Finance Magazine for the 13th time in recognition of the bank’s consistent leadership in enterprise and innovative banking in Nigeria, sub-Saharan Africa and beyond.

    FirstBank was reaffirmed ‘Best Retail Bank in Nigeria’, an award it has previously won five times in a row by the Asian Banker. This award was earned based on the bank’s robust portfolio and exceptional performance in Nigeria’s retail market. To reinforce the bank’s position as the number one SME bank in Nigeria, it was acknowledged as the ‘Best Bank in SME Banking in Nigeria 2017’ by BusinessDay Media Limited based on the bank’s unflinching support for Small and Medium Scale Enterprises. FirstBank also won ‘Excellence in Retail Banking’ by New Age Banking Awards, following its consistent demonstration of excellence in the retail banking industry. The bank through 124 years of existence has continued to nurture the SME sector to build sustainable businesses and facilitate economic development.

    For the second time, FirstBank was named the winner of the ‘Digital Bank of Distinction in Nigeria’ for the year 2017 by the globally recognised Global Finance Magazine for its prudent utilization of slim budget to achieve sustainable profit optimisation and consistent leadership in Nigeria’s digital banking space. The bank was also recognised and celebrated as the first financial institution in Nigeria and the second bank in Africa to issue 10million payment cards to customers across the country. In addition, the Bank won three Interswitch awards in Electronic Payment as the fastest Mobile Penetration Bank across Africa, the Highest Card Transacting Bank and the Highest Issuer of Verve Cards

    FirstBank clinched the ‘Best Private Bank in Nigeria’ award by World Finance Magazine in recognition of its attention to client services and its Best-in-Class Private Banking Hubs located in Abuja, Lagos, and Port Harcourt, as well as the accelerated speed in growing its market share and registering optimised revenues within a short span of operation.

     

     

  • FirstBank lends to salary account holders

    First Bank of Nigeria Limited has created opportunities for salary accounts holders to unlock the wealth in their accounts. This is through the bank’s Personal Loan Against Salary (PLAS).

    According to Abiodun Famuyiwa, Group Head, Products & Marketing Support, FirstBank “salary account holders  can access up to N30 million to help them pursue capital projects, carry out renovation works on their properties, acquire assets, give their children the best education and other fulfilling accomplishments.

    The scheme offers options to top-up and refinance existing loans at competitive rates. These flexible options were created to offer convenience and reward customer as we stay true to our brand promise of ‘YOU First’.”

  • FirstBank unveils N15b loan plan for schools

    FirstBank of Nigeria Limited has set aside N15 billion loan budget for schools. The lender has also developed an array of products and solutions targeted at enabling schools to acquire attractive educational facilities to support their business while empowering parents and guardians to send their wards back to school.

    The bank’s educational products and solutions include the FirstEdu Loan; Operational Vehicle Loan; Term Loans for constructing new sites and renovation of existing sites; Personal Loan against Salary (PLAS) and Salary Overdraft (SODA), which enhances Parents/Guardians’ capacity to pay their wards’ school fees.

    The FirstEdu loan is targeted at private Nursery, Secondary and A-Levels schools. The product offers opportunity for private schools to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment, as well as refurbish dilapidated buildings and classroom blocks.

    The Operational Vehicle Loan is targeted at registered businesses. It allows the entrepreneur to acquire brand new vehicles for the day to day operation of the business. Institutions can take advantage of this facility to purchase school buses in the case of school proprietors and upscale their staff welfare schemes through provision of staff buses.

    Personal Loan against Salary (PLAS) offers customers in paid employment access to cash to meet immediate financial needs such as payment of school fees, medical treatment, holiday expenses, among others.

    “The PLAS has a flexible repayment plan spread up to 48 months for our customers’ convenience. There is no equity contribution or collateral requirement,”the bank said.

    It continued: “The Salary Overdraft Account (SODA) is also available to customers, who want short tenured overdraft to meet immediate financial needs. SODA can be dispensed as a one-off overdraft for 30 days or a revolving overdraft for 180 days with up to 50 per cent of net monthly salary. Only a salary account qualifies you to access PLAS and SODA if you work with any of FirstBank’s approved list of employers.”

  • FirstBank drives financial inclusion with Firstmonie

    First Bank of Nigeria Limited has continued to demonstrate its commitment to providing the best financial solutions to its customers and driving financial inclusion among the under-banked and unbanked populace.

    The bank launched agent banking services, on the refreshed Firstmonie brand, to provide customers access to banking services in areas where they live and work. Firstmonie Agents, who are positioned within communities with limited or no banking penetration are regarded as the “bank branch” closest to customers around their locations. Customers are able to open accounts, deposit cash into any account, withdraw cash from any bank account, buy airtime, pay bills, and do so much more.

    Firstmonie Agent is a unique channel that seeks to solve transaction problems in rural and semi-urban locations across the country. Through its Agent network, the Bank is committed to providing convenient services that endear trust and solve real problems for customers. It would save time and travel costs; transactions are PIN protected and safe; and banking products are more accessible to customers.

    FirstBank’s Group Head, eBusiness, Chuma Ezirim, “Providing access to financial services in remote locations remains a challenge in the formal financial sector. Through our Agent network, we are surmounting this hurdle by taking affordable financial services to rural residents. When people have access to convenient financial services, their lives could become better.”

  • CBN rewards FirstBank’s fight against e-fraud

    CBN rewards FirstBank’s fight against e-fraud

    FirstBank has won two of the three awards in the keenly-contested Nigerian Electronic Fraud Forum (NeFF) Annual Dinner and Awards Night held at the Federal Palace Hotel, Lagos.

    FirstBank FraudDesk emerged as the “Best FraudDesk” and the “most Cooperative FraudDesk” in the Industry.

    These are  recognition of the  bank’s efforts in combating e-fraud as well as curbing cyber-crime, thereby frustrating all forms of criminal activities targeted at its valued customers in every nook and cranny of the country.

    The winner was generated through an  online survey carried out by the Central Bank of Nigeria in partnership with NIBBS.

    The bank with the majority of votes across all sectors won.

    The awards prove that investment in security of customer’s funds does have its rewards.

    Following the appointment of Dr. Adesola Kazeem Adeduntan as FirstBank MD/ CEO, FirstBank management embarked on reengineering  of the bank’s technology, operations and upscaling the skill of its personnel with security of its customer’s funds as key priority, given the bank’s massive investments in alternate electronic transaction channels and technology.

  • FirstBank plans youth mentoring with Awosika

    FirstBank plans youth mentoring with Awosika

    FirstBank of Nigeria Limited has announced it is convening a Youth Mentoring Session, themed “Building a Financially Literate Tribe”. The event which will be hosted by  its Chairman, Mrs. Ibukun Awosika, is being organised to drive a culture of financial literacy among the youth and create a consciousness of financial efficiency in their daily activities; in business, entrepreneurship, career and personal lives.

    The mentoring session which is scheduled for today at 10am at the Harbour Point, Wilmot Point Road, Victoria Island, Lagos would convene about 1,000 youths to equip them with the knowledge of money management, entrepreneurship skills, and financial independence, thereby securing their future and placing them on the path to financial freedom and productivity.

    Awosika would be speaking at the event along with the Managing Director, dkbMarkets, Remi Banjoko as well as Founder and Chief Executive Officer of Bestman Games Ltd, Nimi Akinkugbe. They would share practical experiences on the art and finesse of money growth, investments and entrepreneurship with participants to build a financially literate tribe that would sustain the culture of financial literacy amongst their friends, class mates, and associates.

  • FirstBank, CFA Society Nigeria harp on ethics

    First Bank of Nigeria Limited in collaboration with the Chartered Financial Accountants (CFA) Society Nigeria has hosted the Universities’ Ethics Challenge in Lagos.

    The exercise, attended by over 35 students across seven universities was meant to promote ethical investment behaviours among the youths who are the leaders of tomorrow.

    FirstBank said the event aligns with its Corporate Responsibility and Sustainability approach to education and fits into the theme of one of the its endowment programmes in Nigerian Universities – The Samuel Asabia Chair for Business Ethics at the University of Lagos.

    The Ethics Challenge took place at the FirstAcademy, FirstBank’s strategic platform for competence development, knowledge management and workplace culture change.

    FirstBank said the vent also aligns with its commitment to ethics, professional excellence, capacity building and inclusive growth of Nigerians, even as it underpins the bank’s core values of entrepreneurship, professionalism, integrity and customer service.

    FirstBank Group Head, Marketing and Corporate Communications, FirstBank, Folake Ani-Mumuney asserted that FirstBank’s Corporate Responsibility & Sustainability focus areas of People Empowerment and Education are in line with CFA’s promotion of educational excellence.

    “Core to our educational interventions is the Bank’s Endowment programme which has instituted Professorial Chairs in academic fields in several universities across our geopolitical zones and also facilitated infrastructural development in some of these universities to complement government’s efforts in educational development. FirstBank remains committed to partnering with initiatives that will drive the sustainable development of education in our nation,” she enthused.

    Also speaking, President, CFA Society Nigeria, Banji Fehintola, said banking thrives on trust and such trust must be sustained by bankers at all times.

  • FirstBank deepens Corporate Social Responsibility

    FirstBank has deepend its Corporate Social Responsibility (CSR) initiatives. The lender has pledged its support for The 2017 Annual Awareness Week of the Down Syndrome Foundation, which started yesterday and ends on October 27.

    The 2017 edition is not the first time the bank is supporting this initiative, as the Bank has over the last 8 years partnered and participated in a number of initiatives of The Down Syndrome Foundation, a Non-Governmental Organisation that was founded 17 years ago.

    The bank’s partnership and support to the Down Syndrome Foundation is in furtherance of its Hope Rising Initiative designed to provide various forms of interventions for persons living with disabilities as well as create advocacy and public enlightenment for them.

    The event themed; “Yes (I, You, We) Can… Make A Difference” is projected to feature activities such as press briefing, family fun fair and novelty match amongst others.

  • FirstBank partners NESG on summit

    FirstBank partners NESG on summit

    As part of the continued commitment to drive thought leadership, policy influencing initiatives and sustainable national economic development, First Bank of Nigeria Limited has partnered The Nigerian Economic Summit Group  to host the 23rd Nigerian Economic Summit (NES#23) with the theme: ‘Opportunities, Productivity & Employment: Actualizing the Economic Recovery and Growth Plan’.

    The summit which started yesterday in Abuja, will highlight the significant role of public-private sector dialogue in national transformation. The event is projected to drive “consciousness and build national consensus on what is urgently required to rebuild, revamp and reinforce public-private dialogue for a collaborative and an all-inclusive economic growth”.