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CBN Introduces Charges on Deposits, Withdrawals Above N500, 000

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The Central Bank of Nigeria on Tuesday said that the nationwide implementation of the cashless policy will begin by March 2020.

The apex bank said this in a circular to all Deposit Money Banks in the country.

It said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges, which take effect from Wednesday (today) will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500, 000 for individual accounts.

For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3, 000, 000.

The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

It added that the implementation of the cashless policy would take effect from March 31, 2020.

To further promote the cashless policy and enhance the collection of applicable government revenues, the CBN also announced a review of the process for merchant settlement.

It added that with effect from Tuesday, September 17, the CBN had given approval for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.

A statement signed by the Director, Payments System Management Department, CBN, Sam Okojere, said a downward review of the Merchant Service Charge had been approved.

It said henceforth, the charges had been reduced from 0.75 per cent capped at N1, 200 to 0.50 per cent capped at N1, 000.

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FirstBank’s Adeduntan, Global Finance Practitioners Brainstorm at Ethical Finance Conference in Edinburgh

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As part of the Bank’s financial inclusion and global thought leadership drive, the Chief Executive Officer, First Bank of Nigeria Limited, Dr. Adesola Adeduntan participated in the 2019 Global Leaders Interactive panel session of the 2019 Ethical Finance Conference held from 8 – 9 October 2019 at RBS Conference Centre, 175 Glasgow Road, Gogarburn, Edinburgh. The event had in attendance over 500 leading finance practitioners from all over the world.

The Bank’s CEO, Dr. Adesola Adeduntan, with other thought leaders, policy influencers and leading finance practitioners across the world deliberated on various topical issues that would help define and shape the transition of the global financial climate to a sustainable financial system where finance delivers positive change.

Dr. Adeduntan, along with Sarah Breeden, Bank of England; Dame Susan Rice, Banking Standards Board; Gary Gillespie, Chief Economist, Scottish Government spoke on the topic “Financing Sustainability: Designing for A Future on Earth” in the first panel session held on 8 October 2019.

Speaking on his participation at the event, Dr. Adeduntan said; “FirstBank is committed to exploring innovative opportunities that drive financial inclusion in Nigeria whilst harnessing widespread mobile-phone coverage to create low-price banking offerings across groundbreaking distribution channels, especially for the unbanked.”

“Our participation in the 2019 Ethical Finance Conference is a platform we are honoured to be in as shared knowledge with other global thought leaders and policy influencers is pivotal to promote inclusive growth in the global financial ecosystem, whilst contributing to economic growth, development and importantly, reducing poverty,” he concluded.

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Customer Service Week 2019: FirstBank Celebrates, Lauds Impact of Customer Service

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Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited has joined the rest of the world to celebrate the 2019 Customer Service Week themed “The Magic of Service’. The weeklong event is to be celebrated from 7 – 11 October 2019 across the Bank’s over 700 branch networks in Nigeria and its FBNBank subsidiaries in over half a dozen countries across 3 continents.

The Customer Service Week is an international celebration which highlights the importance of customer service and staff who serve and support customers daily to deliver exceptional service to customers.

With its robust customer service network over the years, cutting across diverse cultures, tribes and races, transcending to its digital channels; FirstBank has since the last 125 years supported its customers’ – beyond the shores of Nigeria – at meeting their individual and business needs, thereby contributing to national growth and development.  This, the bank achieves through its innovative, interactive, self-service banking platforms like WhatsApp banking, *894# Quick Banking mobile solution, Firstmobile banking application, internet banking and ATM amongst many others. These electronic banking channels are constantly updated with new and exciting features to put the customers experience and service at an edge in the industry.

According to Taiwo Shonekan, the Bank’s Head, Customer Experience & Value Management “with our dynamic and vibrant customer services operations at FirstBank, we remain committed to rendering the gold standard of services to our customers and stakeholders alike regardless of where they may be across the globe. Efficient customer services forms part and parcel of our DNA, our responsibility at putting our customers first and indeed the centerpiece of our impact since we were founded in 1894.”

“Our robust customer service puts our stakeholders and the public alike at an advantage in meeting their personal and business needs as it underscores the magic of our services through a hundred and a quarter of a century,” she concluded.

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FirstBank Partners NESG, Hosts 25th Nigerian Economic Summit

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As part of its continued commitment to create an enabling environment and opportunities for the promotion of sustainable growth and development of the Nigerian economy, First Bank of Nigeria Limited has partnered with The Nigerian Economic Summit Group (NESG) to host the 25th Nigerian Economic Summit (NES#25), its annual flagship event. The Silver Jubilee edition of the Nigerian Economic Summit is themed “Nigeria 2050: Shifting Gears” and scheduled to hold on 7 – 8 October 2019 at Transcorp Hilton, Abuja. Mrs. Ibukun Awosika, Chairman, First Bank of Nigeria Limited, would speak on “Gender Empowerment” at the plenary.

The Nigerian Economic Summit is the foremost credible platform for public-private dialogue which enables policy makers and influencers to deliberate on issues, proffer policy options with a view to a better understanding of our national economic policy direction and growth strategies. National leaders and policy influencers billed to attend the event include His Excellency Muhammadu Buhari, GCFR, President of the Federal Republic of Nigeria; His Excellency Prof. Yemi Osinbajo, GCON, Vice President of the Federal Republic of Nigeria; Mrs. Zainab Ahmed, Hon. Minister for Finance, Budget & National Planning, Nigeria.

Other dignitaries are Senator Dr Ahmad Ibrahim Lawan PhD, CON, President of the Senate; Right Honourable Femi Gbajabiamila, Speaker of the House of Representatives and Mrs. Amina J. Mohammed, Deputy Secretary General of the United Nations. The Chief Host of the event is Mr Asue Ighodalo, Chairman of the Nigerian Economic Summit Group.

Panelists at the event include Alhaji Aliko Dangote President/CEO Dangote Group; Mr Godwin Emefiele Governor, Central Bank of Nigeria; Bishop Matthew Kukah, Founder, The Kukah Centre; His Excellency Dr Kayode Fayemi, Chairman, Nigeria Governors Forum; HRH Muhammadu Sanusi II, The Emir of Kano; Hon. Adebo Ogundoyin, Speaker, Oyo State House of Assembly; Ibukun Awosika, Chairman, First Bank of Nigeria Limited; Hon. Mrs Hannatu Mohammed, Board Member, ICPC; Mr. Chidi Ajaere, CEO, GIG Group; Mrs Juliet Anammah, CEO, Jumia Nigeria and Mr Mauricio Alarcon, MD/CEO, Nestle Nigeria Plc .

The event is billed to comprise plenary sessions, exhibitions, design workshops, dinner and the anniversary lecture as well as the presentation of awards and prizes to winners of the NES #25 essay competition and start-up pitching event.

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