The Nation Newspaper

Tag: FirstBank

  • FirstBank, Access Bank back financial literacy

    First Bank of Nigeria Limited (FirstBank) and Access Bank Nigeria Plc have reiterated their commitment to promoting financial literacy in the country.

    Speaking at the Central Bank of Nigeria Financial Literacy Day held in Ado-Ekiti, FirstBank Executive Director, Lagos and West, Gbenga Shobo, said the lender is firmly committed to the achievement of financial inclusion in Nigeria and would continue to work towards this aspiration by extending banking services to under-banked.

    As part of the CBN ‘Adopt A School programme’, Shobo took over 200 students of Tinuola International School, Ado Ekiti through the basic concepts of making money, savings and investments while letting them know that their capacity to make informed decisions will make them better adults in the future.

    Also, Access Bank’s Executive Director, Personal Banking Division, Mr. Victor Etuokwu, said that the lender has pioneered several financial literacy initiatives aimed at promoting awareness for financial Inclusion and literacy amongst women, small and medium scale entrepreneurs (SMEs) and more especially children and schools in Nigeria.

    Etuokwu who spoke on the theme: ‘Save Today, Safe Tomorrow’ at the Greensprings School, Anthony Campus, Lagos, in commemoration of the 2015 Global Money week said: “Several years ago we launched Nigeria’s first fun-filled interactive financial literacy campaign for kids, parents and educators with the Access Early Savers campaign”.

    The Global Money Week is an annual international money awareness celebration which holds on the second week of March every year.  This year, both lenders engaged children in learning how money works, including savings, creating livelihoods, gaining employment, and entrepreneurship.

     

  • FirstBank rewards 246 customers

    FirstBank of Nigeria has given out cash prizes and gifts to its 246 customers during the savings promo bonanza draw held in Lagos at the weekend.

    Speaking at the event, the bank’s Head, Consumer Banking Products, Mrs. Adebimpe Ihekuna, said the promo was designed to enhance savings culture amongst Nigerians and encourage the youths as well as the unbanked to embrace the financial services.

    “It is designed to reward customers for their patronage and loyalty to the brand over the years in keeping with the brand’s promise of putting customers first,” she said.

    Ihekuna said the promo, which kicked off last September, had at the weekend, saw 246 winners that emerged during the draw rewarded.

    She said the monthly and quarterly raffle draws in the FirstBank Savings Bonanza has produced several winners in the past months to include 300 winners of 32-inch LED Televisions, 300 winners of Samsung Galaxy Tab 3, 300 winners of Home Theatre Systems, 300 winners of N50,000 cash prize each and six winners of a brand new Hyundai Elantra  and Toyota Corolla cars.

    Ihekuna said the bank has offered delightful star prizes during its past promos. For instance, during the ‘Big Splash Promo’ held between June and December 2008, the star prize winner was given a brand new toyota corolla, 2008 model. In the ‘Big Splash Promo – reloaded’ held between February and August 2009, the star prize winner was a Prado Jeep.

    The bank’s Head, Marketing and Corporate Communications, Mrs. Folake Ani-Mumuney reiterated the lender’s commitment to her customers’ needs and aspirations and enjoined them to continue to patronize the Bank whilst assuring of the bank’s drive to continue to churn out innovative and tailored-fit products and services.

    In ensuring transparency and credibility of the draws, the process is under the supervision of the national lottery regulatory council and with world class consultants, KPMG, to ensure the promo aligns with world best practice.

  • FirstBank rewards 246 customers

  • FirstBank, NAPSS partner on financial literacy

    FirstBank, NAPSS partner on financial literacy

    FirstBank of Nigeria Limited has partnered the National  Association of Proprietors of Private Schools (NAPPS) to provide financial management education for school owners.

    The event tagged: “Effective Empowerment of Schools through Collaborative Building Capacity and Leadership” focused on collaborative building of organisations, a shared responsibility of all schools and how to translate it into building of individual schools for growth and development.

    The bank’s spokesperson, Mrs. Folake Ani-Mumuney, said entrepreneurs are at the heart of national development, contributing greatly to the gross domestic product of the country.

    “We put our customers at the heart of our business as part of our ‘You First’ ideals to drive sustainable finance, empower the citizenry and grow the economy”, she asserted.

    Head of Consumer Banking Products, First Bank, Mrs. Adebimpe Ihekuna said the lender is focused on empowering entrepreneurs towards capacity building and development to contribute to the growth of the economy.

    “This is why we have delivered a presentation on book keeping, accounting and cash flow management at the retreat aimed at up skilling private school proprietors to effectively manage the administrative issues attendant to their businesses,” she added.

    NAPPS President, Chief Yomi Otubela said the association is delighted to have partnered with FirstBank in enabling participants at the retreat develop requisite skills in school business using collaborative building capacity. He further said: “We are optimistic that the training provided will help address the administrative problems as well as corporate governance issues of schools.

     

  • FirstBank named best banking brand

    For the fourth consecutive year, First Bank of Nigeria has been ranked number one banking brand in Nigeria by The Banker magazine of Financial Times and Brand Finance, London, United Kingdom in their annual 2015 The Top 500 Banking Brands.

    The Country Representative of The Banker magazine – Nigeria, Mr. Kunle Ogedengbe said First Bank moves from being number 382 in 2014 to 336 this year. Other Nigerian banks that made the ranking moved up.

    They are Zenith Bank, Guaranty Trust Bank and Access Bank. Zenith Bank moves to number 388 from 453 in 2014, Guaranty Trust Bank moves to 417 from 422 while Access Bank made first entry into the ranking.

    Brand value of First Bank increases to $300 million in 2015 from $228 in 2014 and according to the Economics editor of the magazine, Silvia Pavoni, the brand value is “the licensing rate that a third-party would need to pay to use that company’s brand.”

    Pavoni said Brand Finance obtained brand-specific financial and revenue data;  modeled the market to identify market demand and the position of individual banks in the context of all other market competitors; established the royalty rate for each bank; calculated the discount rate specific to each bank, taking account of its size, geographical presence, reputation, gearing and brand rating and discounted future royalty stream (explicit forecast and perpetuity periods) to a net present value  which is the brand value.

    This approach, the Economics editor noted “is used for two reasons: it is favoured by tax authorities and the courts because it calculates brand values by reference to documented third-party transactions and it can be done based on publicly available financial information.”

    Globally, Wells Fargo of the United States of America retains the number one banking brand in the world for the third consecutive year and was followed by banks in China, United Kingdom and Spain in the first ten. Wells Fargo’s brand value for 2015 is $34.9 billion as against $30.2 billion in 2014, an increase of $4.7 billion.

    The first ten banks in the world are Well Fargo (USA); ICBC (China); HSBC (UK); China Construction Bank; Citibank, Bank of America, Chase (USA); Agricultural Bank of China; Bank of China; and Santander (Spain).

     

     

     

    On the rise of Chinese banks, the chief operating officer of Brand Finance, Mr. Bryn Anderson noted that “the Chinese economy has been doing well for a number of years but I think this has been the first year, in terms of brand value, when Chinese banks have climbed up the tables and stood out.”

    The Banker, a publication of Financial Times Newspaper which is regarded as the most influential newspaper in the world, is a global financial intelligence magazine published since 1926. It is the definitive publication that provides guide to bank ratings and analysis globally and the definitive reference on international banking for finance experts, governments, chief finance officers, CEOs, Central Bank Governors, Finance Ministers, and other decision makers globally.

     

  • FirstBank driving cashless with ATMs

    FirstBank driving cashless with ATMs

    First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, presently accounts for 38 per cent of bills payment services in the nation’s banking industry as at December 2014, the Head, Marketing and Corporate Communication,  Folake Ani-Mumuny, has said.

    She said as at December 2014, the bills paid through the bank’s Automated Teller Machines (ATMs) stood at about N928.48 million, while the value of airtime purchase on all its ATMs was over N3.2 billion. She explained that the bills payment option is one of the features of FirstBank’s ATMs, which also have other unique functional features which include cash transfer, air-time top-up, and cash deposit, among others.

    “The bills payment option is the non-cash transaction feature on the ATM that makes it easier for customers to pay for bills, such as Cable TV subscription, post-paid phone bills, and pre- booked airline tickets.  These transactions can be executed through the Quickteller option on any of the bank’s ATMs.”

    The Transfer feature enables customers to transfer money from their accounts to both intra (within FirstBank) and interbank (other banks) accounts, thereby reducing the queues in the banking hall, save time as well as provide a more convenient option for customers,’ Ani-Mumuny said, adding that in 2014 alone, N251 billion was transferred from one account to another using FirstBank ATM.

    She said to reach out to more customers and in line with its strategy to drive ease of service in banking, FirstBank is presently leading in the industry as the bank with the highest number of Automated Teller Machines (ATMs) numbering over 2500 deployed across the country, making it the nation’s financial institution with the widest retail footprint.

    The bank is also currently responsible for over 40 per cent of interbank transactions and 26 per cent of airtime vending. As active mobile network users in Nigeria are over 130 million and the need to recharge is on the increase, the bank’s ATMs also provide the platform for easy top-up, she stated.

    To further enhance convenience, FirstBank’s ATMs also operate the Cash Deposit function which allows customers to deposit funds without customarily having to enter a banking hall for this transaction. This is a direct testament to its value proposition of putting customers first.

    Folake Ani-Mumuney, said this distinct development was achieved as a result of the bank’s desire to reach out to more people in the country and as part of living true to putting customers at the heart of our business.

    “FirstBank is positioned to meet the needs of its customers and to reach out to the under banked and unbanked. Our mission is to make banking as convenient for our customers as is obtainable globally”, she said, adding that the Bank has, in particular, designed innovative and tailored-made financial services products to ease banking transactions,  and as well aid the use of its ATMs nationwide for enhanced protection of customers’ funds.

    She described as a major product, the FirstBank Verve Debit card, a Naira denominated domestic payment card accepted for payment throughout Nigeria on all electronic channels, including the ATMs.

    One of the outstanding and unique features of the product is that it is issued in 15 minutes at FirstBank branches. This distinctive feature stands the product out, as it saves time and is very easy to obtain. Also, the card, which is accepted nationwide, aside withdrawing of cash, can be used to access value added services including bills payment, airtime recharge, flight and hotel booking among others.

    She assured that the card is Chip & PIN secured for greater protection of customers’ funds, provides extra protection for web based transactions with “Safetoken”, is Naira denominated, and personalized, bearing the customer’s name. It is accepted wherever the Interswitch or Verve logo is displayed and can also be used to perform transactions via the Quickteller services menu on FirstBank ATMs.

    The bank also has a Naira denominated international Debit card issued in partnership with MasterCard Worldwide, a card which enables transactions all over the world wherever the MasterCard logo is displayed. The card is accepted worldwide at over 29.4 million merchant locations and can be used for cash withdrawals at over 1.8 million ATMs, in over 210 countries. The card is also secured by Chip & PIN technology and is issued in 15 minutes at FirstBank branches, she said

  • FirstBank, Jumia partner on Buy Now, Pay Later

    The days of saving up all you had only to buy one single product are over. Jumia Nigeria in partnership with FirstBank again brings more convenience to shoppers with a first of its kind partnership in the history of e-commerce in Nigeria. Shopping online just got easier and faster with the new FirstBank Naira Credit Card which enables customers to simply buy their products of choice and pay later in instalments.

    Customers need not go through the hassle of visiting the banking hall for a FirstBank Naira Card. Applying directly on the Jumia website while they place their order does the trick. Talk about convenience at its very peak!  Once the order is placed, the card is processed and the customers’ order confirmed within 72 hours. Shoppers can now enjoy longer payments lead times gaining up to 45 interest-free days with delivery between10 and 12 days.

    Jumia and First Bank  understand that e-commerce has become a strong factor for economic growth with persistent initiatives to empower Nigerians.

    Recognising the shift in the way customers think and what they want, the institutions have continually positioned to provide excellent services regardless of the situation.

    FirstBank’s partnership with Jumia Nigeria is in consonance with the bank’s culture to put customers first and support leading business innovations which would provide convenience for the customer.

    Head, E-Business, FirstBank, Mr. Chuma Ezirim, said: “At FirstBank, we are positioned to create value for our customers through strategic and innovative partnerships. This unique partnership with Jumia Nigeria will take customer experience to another level like we have never seen before in e-commerce. “Apart from having a wide assortment of products and excellent services available to customers, the FirstBank Naira Credit Card also empowers them to purchase the items conveniently.”

  • FirstBank, firm partner on cardiovascular treatment

    FirstBank, firm partner on cardiovascular treatment

    First Bank of Nigeria Limited has partnered Tristate Cardiovascular Institute to provide financial assistance to cardiac patients of the institute. The beneficiaries, the lender said,  are unable to afford the cost of Cardio Vascular heart surgery they need to stay alive.

    The Tristate Cardiovascular Institute consists of a team of world class cardiologists, cardiothoracic surgeons and other professional staff who have a mission to bring cutting edge cardiovascular disease diagnosis and treatment to Nigeria. Staff of the institute have been trained in the best cardiovascular centers in the world and have extensive experience in the diagnosis and treatment of cardiac conditions.

    In a statement by the Head, Marketing & Corporate Communications, FirstBank, Mrs. Folake Ani-Mumuney, the lender explained that it’s partnership with the institute is implemented on the platform of FirstBank’s “Hope Rising” initiatives aimed at providing health and welfare support for indigent persons and persons living with disabilities. According to her, the lender would continue to support its communities and impact the lives of the society at large.

    In a letter to the Bank, the Consultant Cardiothoracic Surgeon at the Tristate Cardiovascular Institute, Dr. Michael Sanusi, said the bank is the first institution to donate to the newly formed Tri State Heart Foundation.

    He praised the bank for its recent support towards the surgery of two children with holes in the heart.

  • Buy Now, Pay Later; First of its kind partnership with Jumia and FirstBank

    Those days of saving up all you had only to buy one single product are over. Jumia Nigeria in partnership with Nigeria’s best banking brand, First Bank of Nigeria Limited again brings more convenience to Nigerian shoppers with a first of its kind partnership in the history of e-commerce in Nigeria. Shopping online just got easier and faster with the new FirstBank Naira Credit Card which enables customers to simply buy their products of choice and pay later in installments.

    Customers need not go through the hassle of visiting the banking hall for a FirstBank Naira Card. Applying directly on the Jumia website while they place their order does the trick. Talk about convenience at its very peak! Once the order is placed, the Naira Credit Card is processed and the customers’ order confirmed within 72 hours. Shoppers can now enjoy longer payments lead times gaining up to 45 interest-free days with delivery between10-12 days.

    The leading online shop, Jumia Nigeria and the biggest player in the financial sector, First Bank of Nigeria Limited understand that e-commerce has become a strong factor for economic growth with persistent initiatives to empower Nigerians and Nigeria. Recognising the shift in the way customers think and what they want per time, the institutions have continually positioned to provide excellent services regardless of the situation.

    FirstBank’s partnership with Jumia Nigeria is in consonance with the Bank’s culture to put customers first and support leading business innovations which would provide convenience for the customer. According to Head, E-Business, FirstBank, Mr. Chuma Ezirim “At FirstBank, we are positioned to create value for our customers through strategic and innovative partnerships. This unique partnership with Jumia Nigeria will take customer experience to another level like we have never seen before in e-commerce. Apart from having a wide assortment of products and excellent services available to customers, the FirstBank Naira Credit Card also empowers them to purchase the items conveniently”.

    Jumia Nigeria, the online shop you can trust will continue to go the extra mile ahead of other online stores with careful attention to the needs of its customers ensuring they have the best shopping experience at all times. To get all those products of your dreams now, simply click http://www.jumia.com.ng/first-bank

  • Etisalat, FirstBank partner on mobile money

    Etisalat, FirstBank partner on mobile money

    Etisalat Nigeria and FirstBank have partnered to provide Firstmonie on the Etisalat Easywallet subscriber identity module (SIM) application solution.

    The partnership between the telco and leading banking institution will promote the use of Firstmonie on the mobile technology driven easywallet SIM application.

    Director, Business Segment at Etisalat Nigeria, Lucas Dada, said the partnership between Etisalat Nigeria and FirstBank will provide added value to all customers and stakeholders in the mobile money industry.

    “Etisalat Easywallet, is one of the most secure and convenient platforms for mobile money services. With the Easywallet, Etisalat subscribers can make financial transactions such as Peer-to-Peer transfers, Bills Payment and Airtime top-up, directly from their mobile device,” he said.

    He added that Small and Medium-Scale Enterprises (SMEs) in Africa collectively contribute a lot to the nation’s economy and this necessitates the need to support this segment of the economy by making financial transactions easier, safer, more efficient and innovative. He described Easywallet as one of Etisalat’s strategies of facilitating financial integration of the SMEs.

    Etisalat Easywallet is the first to partner with prominent Nigerian banks and independent Mobile Money Operators including FirstBank, GTBank, Stanbic IBTC Bank, Zenith Bank and Pagatech. It is convenient and helps our corporate clients (SMEs) to also enjoy benefits of cost reduction, inventory management, streamlining intermediaries, ensuring price transparency and competitiveness, the telco said.