Business
FirstBank Cardholders Record N1.18trn in Transactions Value During Lockdown
Since its establishment in 1894, FirstBank has consistently built relationships with her customers, focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and effective leadership. These, amongst others, are the reasons the Bank has dominated the financial market for over 126 years.
The Bank has led the financing of private investment in infrastructural development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialization schemes, and entrenchment of the cashless policy which gave rise to electronic cards being a veritable entity in the day to day transactions among the bank’s customers. Consequently, the use of its wide range of cards, developed with the ‘man on the move’ in mind, come with far reaching benefits and rewards, connecting the remotest of places even as the world is plagued by the novel Corona virus disease today.
The world as we know it today, is a global village, and its connectivity is at the tip of an individual’s finger. That aside, it also revolves around the use of ‘ordinary’ but highly customised cards and FirstBank is a confirmed Leader in this space. There’s no gainsaying the fact that for 126 years and counting, FirstBank, Nigeria’s premier bank, with accolades and awards trailing its existence, has continued to blaze the trail in certainly every financial innovation. And as the name signifies, has continued to be the first in virtually everything banking and finance. Little wonder that in December 2015 and May 2016, FirstBank was named the first financial institution in the country to achieve sustained alternative channels transaction volumes of 100 million transactions. Subsequently in 2017, the Bank also attained the Milestone of 10million card base, a feat that is first of its kind in West Africa and Second in Africa.
There is hardly any banking innovation, which is not traced to the company that has overtime woven itself into the very fabric of the society. Commenting on FirstBank’s strides, the Chief Executive Officer, Dr. Adesola Adeduntan, disclosed that the bank’s 53, 000 agents across the country processed about N512 billion worth of transactions with differing values while the lockdown lasted. He noted that the bank was “able to actively support her customers, their families and businesses through these challenging times.” This is nothing short of the FirstBank advantage.
Adeduntan reiterated the faith Nigerians have in the use of FirstBank cards, saying that during the period of the lockdown, Nigerians with FirstBank cards used them 105 million times to make payments or withdrawals worth about N1.18 Trillion as they relied on the Bank to settle their banking needs. In addition, the Bank’s CEO noted that approximately 12.6 million withdrawals to the tune of N156 billion were carried out across FirstBank’s ATMs nationwide.
“Our customers made transfers over 106 million times with a total value of about N8.18 Trillion across our digital channels. We have also recorded over 275,000 new sign-ups to alternative channels covering our Firstmobile, USSD and First-Online platforms,” the CEO informed.
While calling on lovers of stress-free banking to get on board, the FirstBank CEO further assured existing customers of the bank’s relentless efforts to ensure that banking transactions continue seamlessly, adding that COVID-19 will not slow down her activities and efforts at staying true to her brand, and promise to her customers.
FirstBank cards come in a wide range of categories, each fulfilling tasks that are better imagined, but nevertheless are flexible and offer comfort, stress-free banking and wholesome peace of mind. It is therefore not a coincidence, that FirstBank is and remains Nigeria’s highest card transacting bank; a product of carefully thought out process, hard work and the quest to keep its customers first in all things. This is especially important at a time when movement and business activities were largely hampered by the lockdown, with the maintenance of social distance and the potential increase in the use of the Bank’s alternative channels – which is facilitated by its cards – for various transactions and business activities, thus staying safe to win the fight against the COVID-19 pandemic.
The range of cards available to customers of FirstBank are categorised into three broad groups, viz; DEBIT, CREDIT and PREPAID Cards. The grouping covers outstanding cards offerings such as Naira MasterCard, Verve Card and the pioneering Visa Multi-Currency Card. Others are Expressions MasterCard, Platinum MasterCard, Visa Infinite Credit Card, Visa Gold Credit Card, Naira Credit Cards (Visa Classic and Platinum), Visa Prepaid Card and Verve Prepaid Card.
FirstBank’s Naira MasterCard & Verve Card are Secured by Chip & PIN technology with local POS/Web limit increase available upon request. The Naira denominated MasterCard comes with various benefits such as online purchases, bills payments and cash withdrawals at ATMs world-wide. The various transaction limit(s) on Naira MasterCard issued by the Bank are N150,000 for ATM transactions, N2,500,000 for POS and N1,000,000 for Web transactions.
The FirstBank Verve Debit Card works with Chip and PIN technology to secure transactions. It allows the cardholder to conveniently pay for goods and services and is accepted by all ATMs, POS, Web, Mobile, Kiosk, and Bank Branch connected to the Interswitch network in Nigeria. It is available to all account holders and enables daily transaction limits of N150,000, and N500,000 on ATM and POS channels respectively. Customers can transact up to N1 million on the Web in a single transaction.
FirstBank cards also offer the Card Protection Transactions feature, which allows the cardholder to activate or deactivate it for all types of transactions, channels and locations, through the Card-in-Control Service on the Firstmobile app. The steps are few and simple: On the Firstmobile app, go to Self Service > Card Services and choose card type (Debit, Credit, or Prepaid) to be activated or deactivated.
Another card innovation service by FirstBank is the Visa Gold Card, which offers higher daily spending capacity and limit on ATM, POS and Web. With the Visa Gold Card, the customer is assured of $1,000 daily ATM withdrawal, $10,000 POS transaction and $5,000 on the Web at any location around the world. It is a dollar denominated international Premium Credit Card issued in partnership with Visa International.
Moreso, it guarantees access to international emergency services such as Emergency Card Replacement & Emergency Cash Advance in situations where the card gets lost or damaged. The Visa Gold card comes handy when making airline bookings with its smooth seamless purchase options.
Yet another, among the FirstBank’s super cards, is VISA Debit Multi-Currency Card. It is by all intent and purpose, the first of its kind to be offered by any financial institution in Nigeria. It is an enhancement to the existing Visa Debit Dual Currency card and can be linked to any or all NAIRA, USD, EURO and GBP accounts. It is an international card with Chip and PIN technology which can be used to make payment anywhere in the world and across all channels – ATMs, POS & Web. With the Visa Debit Multi-Currency card, cardholders can make daily withdrawals to the tune of N150,000 (local) and $1,000 (international) from the ATM. However, on the Web, a total of N1,000,000 is permitted locally while $6,250 is allowed on the international corridor daily. POS transaction limit is N2,500,000 (local) and $2,500 (international).
The Platinum Debit MasterCard is a premium Debit Card denominated in Naira. It is linked directly to a customer’s Naira denominated Current and/or Savings account. It offers a convenient alternative to the use of cash, and cheques by giving direct access to funds in cardholders’ accounts across all channels like ATM, POS, and WEB etc.
Like other card types, its transactions are easily monitored via the FirstBank FirstMobile App or FirstBank Internet Banking service and offers 24-hour access support for all card-related complaints through First Contact. It is a card linked to a Naira denominated account, and it is valid for three years.
It is designed to suit the lifestyle of senior and management executives of multinational companies and leaders across various industries and sector of the global economy. Its daily limits include; ATM: N300,000; POS: N3million; Web: N2,000,000 as well as Cross-border TXN limit: $500 monthly.
For a brand that has consistently remained on top of its game, FirstBank Cards have received global recognition, as well as multiple honour for its reliable and trusted services.
Speaking further, Adeduntan highlighted that the contactless capability of the bank’s Visa and MasterCards support less human-to-human contact in executing transactions, in the same way that the Debit Cards have remained the base channel for self-onboarding to any digital channel such as USSD, Firstmobile, FirstOnline etc. It is therefore, imperative that customers get a Debit Card because of its peculiar nature to get enrolled on FirstBank’s digital channel for the best of services.
FirstBank’s benevolence did not end with making cards available to customers, but has initiated value added services attached to the cards including ‘discount at Merchants location such as Jumia Friday, Health Plus, among others. These are, without an iota of doubt, exclusive to FirstBank cardholders. This is why you must get your card(s) if you are yet to. Email us at firstcontact@firstbanknigeria.com, or call your Relationship Manager/Private Banker for whatever card options you require.
Business
UBA Expands Operations to Saudi Arabia, France, to Focus on Digital Transformation, Others in 2025
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has outlined its roadmap for the 2025 financial year, with a strong focus on innovation, digital transformation, physical and financial strength as well as its global reach.
On the back of its full-year financial performance for the year 2024, which was released to stakeholders on Tuesday, the bank disclosed plans to accelerate growth through strategic investments in technology, enhanced risk management frameworks, and capital efficiency.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who was speaking to its global investors during the Full year 2024 Investors Conference Call, which held at the UBA Head Office on Thursday, explained that the performance reflected broad-based growth across its core businesses, surpassing previous records and reinforcing its status as a leading global financial institution.
At the end of the 2024 full-year, the bank delivered an exceptional financial performance as the results showed an impressive rise in the bank’s profit after tax which went up by 26.14 percent to close the year at N766.6 billion up from N607.7 billion recorded at the end of the 2023 fiscal year.
Its Gross earnings also grew significantly from N2.07tn recorded at the end of the 2023 financial year to N3.187tn in the period under consideration, representing a 53 percent growth.
Despite the highly challenging global economic and business environment, UBA recorded a profit before tax of N803.72 billion representing a 6 percent increase from N757.68 billion recorded at the end of the 2023 financial year.
Consequently, UBA Group Shareholders’ Funds rose from N2.030 trillion as at December 2023 to close the 2024 financial year at N3.419 trillion, achieving an impressive growth of 68.39 percent.
As a result of the impressive performance the bank proposed a final dividend of N3.00 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2024.
Alawuba told the investors at the meeting that the bank is set to further surpass its growth projection through strategic investments in technology, enhanced risk management frameworks, and disciplined capital efficiency.
“We will continue to push the frontiers of innovation and technology adoption to build sustainable value for shareholders by making strategic investments in technology. Our team of committed and motivated workforce will continue to work assiduously to sustain our performance and propel the bank in delivering high-impact, customer-centric product offerings,” Alawuba stated.
He disclosed that the bank is on course to sustain the momentum that it has achieved in the past years, adding that “We shall remain focused on best-in-class risk management strategies in navigating emerging market uncertainties while ensuring financial strength, full regulatory compliance, and long-term sustainability.”
This performance underscores UBA’s ability to generate sustainable revenue growth through core operations, including increased loan book growth, deposit mobilization, and transaction banking.
While disclosing the Bank’s finalisation of its planned expansions to France and Saudi Arabia, he said that the Bank’s ex-Nigeria (Rest of Africa & International) operations have expanded significantly over the past five years, now contributing 51.7% of Group revenue, up from 31% in 2019, “delivering diversification benefits and further boosting long-term shareholder value. This will continue to grow, as we further explore strategic markets that align with our overall vision.”
UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the bank recorded triple digit growth in net interest income, resulting in remarkable improvement in net interest margin from 6.83 percent in 2023 to 9.14 percent, while also recording strong double-digit growth in fee and commission income lines of 91.66 percent.
He explained that as the bank navigates evolving risks, its management remains focused on responsible growth, delivering customer-focused value propositions, whilst ensuring compliance with regulatory requirements in all jurisdictions.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1% growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn for Q1 2024. This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.
According to the statement, Gross Earnings increased by 89.9% yoy to N192.1bn from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7% yoy) and non-interest income (84.0% yoy).
Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, FX-related income, trade, banking services, and remittances, supported by increased customer transactions.
Commenting on the results, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc stated, “We are pleased to report another quarter of strong financial performance driven by our strategic focus on customer-centricity, digital innovation and operational excellence. Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.”
In the period under review, the bank grew Net interest income grew by 89.5% yoy to N99.6bn from N52.6bn in Q1 2023, driven by interest and similar income as the yield on financial instruments improved to 14.7% from 10.1% in Q1 2023 (2023FY: 11.6%). In line with the steady rise in interest rates through the year, average funding cost increased by 80bps ytd to 5.2%. However, NIM came in at 8.8%
compared to 8.1% in 2023FY, as increased yield on earning assets surpassed funding cost to 15.1% from 13.3% in Q1 2023 (2023FY: 13.5%).
Similarly, Total Deposits increased by 17.2% ytd to N4.7tn from N4.0tn in 2023FY, driven by double-digit growth across all deposit types (demand, savings and term). Net Loans and Advances increased by 21.2% to N3.7tn from N3.1tn in 2023FY.
“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” explained Onyeali-Ikpe.
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Guaranty Trust Holding Company Plc (GTCO) has announced its audited financial results for the year ending December 31, 2024, with a remarkable surge in profit before tax (PBT). The results, submitted to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE), reveal a PBT of ₦1.266 trillion—marking a 107.8% increase from the ₦609.3 billion recorded in 2023.
The financial statement highlights GTCO’s strong earnings momentum, supported by a well-balanced revenue mix, solid risk management frameworks, and disciplined capital allocation. The company saw broad-based growth across key financial indicators, maintaining a strong and diversified balance sheet.
Key performance metrics show a 12.3% rise in the Group’s net loan book, from ₦2.48 trillion in December 2023 to ₦2.79 trillion in December 2024. Deposit liabilities also climbed by 37.8%, reaching ₦10.40 trillion from ₦7.55 trillion in the previous year. Additionally, total assets and shareholders’ funds closed at ₦14.8 trillion and ₦2.7 trillion, respectively. The Group sustained robust capital adequacy, closing the year at 39.3%, while asset quality remained stable, with IFRS 9 Stage 3 Loans at 3.5% at the Bank level and 5.2% for the Group, compared to 2.5% and 4.2%, respectively, in 2023.
GTCO’s Group Chief Executive Officer, Segun Agbaje, attributed the outstanding performance to a well-diversified earnings base spanning both banking and non-banking subsidiaries. He emphasized the Group’s ability to generate sustainable, high-quality earnings while maintaining asset quality and operational efficiency.
“Our 2024 results reflect the strength and adaptability of our business model. We have successfully provided for all forbearance loans ahead of the June 2025 deadline and fully accounted for the windfall tax, reinforcing our balance sheet and financial stability,” Agbaje stated.
GTCO continues to position itself for long-term growth, leveraging strategic investments and sound financial management to drive value creation for stakeholders.
