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 firstname.lastname@example.org, or call your Relationship Manager/Private Banker for whatever card options you require.
Financial Inclusion: FirstBank Promotes Virtual Bank Account Opening
First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced that it has reinforced its technology infrastructure to enable anyone in the country open a FirstBank account through their mobile phones, without visiting any of its branches nationwide.
The investment in the Bank’s mobile banking infrastructure is in furtherance of the need to deepen financial inclusion in the country, enabling account opening to be carried out on its *894# USSD banking, FirstMobile (self-service telephone banking), its website – www.firstbanknigeria.com – as well as the Bank’s staff, through the Direct Sales Executive (DSE) application installed on their mobile phone, ATMs and the bank’s over 55,000 FirstMonie Agents spread across the country. Opening an account with FirstBank through any of these means is seamless, convenient, fast, and user-friendly.
The DSE App is an end to end encrypted mobile application installed on the phone(s) of FirstBank staff which enables them to open an account for to-be customers. Upon the completion of the account opening process via the DSE App, the customer is notified of his or her account number through a text message on the mobile phone used to register the account.
With FirstBank’s *894# USSD banking, various banking activities are carried out on a mobile phone – across the four major GSM network operators in the country – without the use of the internet. To open an account via this means, dial *894# then select ‘open an account’ to provide the information required or by simply dialling *894*0#. The Bank currently has over 9.5 million of its nearly 20 million customers on its USSD banking platform.
The FirstMonie Agent Banking is an agent banking initiative from the bank that is designed to take banking closer to people, thereby bridging the gap between the banked and unbanked. FirstMonie is a channel through which various banking activities like FirstBank account opening, funds transfer, bill payments, data and call credit recharge services, amongst others are carried out. The Agent Banking initiative has also contributed to reducing poverty, being responsible for the indirect employment of over 150,000 people across the country.
According to Chuma Ezirim, Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited, “beyond opening an account in any of our over 700 branches, we are delighted with the investments at reinventing our business processes over the years, especially with the use of technology. This has been critical to staying relevant in the industry for over 126 years and being the financial partner of the first choice to all our customers and Nigerians, irrespective of where they are.”
Creating these virtual ways of opening a bank account with us – thus; the staff DSE App, ATMs, FirstMonie Agents, *894# USSD banking, FirstMobile and our website – reinforces our resolve to ensure that more Nigerians and residents have access to banking, especially through our state of the art financial services and we remain resolute to being the key to banking, enabling business and financial activities that would continue to propel the country’s economic growth and development.
Just In: FG Reduces Petrol Pump Price to N121.50
The Petroleum Products Pricing Regulatory Agency has announced a new pump price band of N121.50 to N123.50 per litre for Premium Motor Spirit, also known as petrol.
The PPPRA, which is an agency of the Federal Government, disclosed this in a circular to fuel marketers dated May 31, 2020, which was obtained by our correspondent on Monday.
The sharp drop in crude oil prices on the back of the spread of coronavirus saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product.
The pump price of petrol, which is still being regulated by the Federal Government, was reduced to N125 per litre from N145 per litre on March 18, 2020, effective March 19.
The PPPRA further announced on March 31 a price band of N123.50 to N125 per litre, effective April 1.
Buhari Writes Reps for Another $5.513bn Loan
President Muhammadu Buhari has written to the House of Representatives to request for the approval of fresh external borrowings totaling $5.513bn.
Buhari, in the letter read by Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary on Thursday, said the funds were for 2020 budget deficit, financing of critical projects, and some states of the federation.
The President also presented a revised 2020 Appropriation Bill and 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The National Assembly had recently approved a loan of N850bn for the Federal Government, while another of $22.79bn, which the Senate has already approved, is pending before the House.