Metro
FirstBank: Unlocking Wealth in Salary Account
Kayode Tokede examines ways monthly salary earners with FirstBank accounts can benefit from the lender’s numerous loans initiatives amid harsh economy
In time past, monthly income earners – especially bank customers – were unable to have quick access to personal loans to meet their immediate financial needs due to the stringent conditions.
The Central Bank of Nigeria (CBN) had introduced the Know-Your-Customer (KYC), among other policies, to enhance financial inclusion and reduce the incidence of related identity fraud in the banking sector. These have enhanced the capabilities of banks to grant soft loans to customers.
With these, monthly income earners have access to loans every month with an attractive interest rate, below the stipulated limit, which has eased customers with the opportunity to access soft loans (Personal loans) and meet urgent needs.
Amid double-digit inflation rate, among other operating headwinds, meeting demands of owning a dream car, house, and travel for vacation become challenges as daily expenses inflate. Personal loans are borrowed money that can be used for large purchases, debt consolidation, emergency expenses, and much more.
These loans are paid back within the period advised in the terms and conditions of the facility. The payback period can be within a month, a couple of months or a few years.
Salary accounts can do more than just receive monthly pay; they have inherent wealth that can be unlocked to help customers achieve dreams as they advance in their careers and be on top of ‘money demanding’ situations at home and work.
Over the years, First Bank of Nigeria Limited has adopted the strategy of creating opportunities for salary accounts holders to unlock the wealth in their accounts with numerous initiatives introduced to bridge the gap in the access of quick loans.
The bank’s salary accounts offer zero opening balance, zero minimum daily operating balance, zero account maintenance charge, First Free Verve or Master Card Issuance and access to consumer loans.
The bank also introduced Personal Loan Against Salary (PLAS), First Advance, and FirstCredit Salary Account designed to meet personal loans demands.
With FirstBank’s PLAS, the salary account holder can access personal loans up to N30 million to pursue capital projects, carry out renovation works on their properties, acquire assets, give their children the best education, and other fulfilling accomplishments. PLAS offers flexible options to top-up and refinance existing loans at competitive rates.
The product is designed to also help customers meet immediate personal financial obligations such as rent renewals, vacation trips to choice destinations and pay for professional examinations to take their career to the next level. With PLAS, Nigerian salary earners need to be assured of a funding partner in FirstBank to fulfil their dreams. PLAS is available to employees whose salary accounts are domiciled with FirstBank.
FirstAdvance is a digital lending solution designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries.
The product is meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last six months or more. The maximum amount accessible is N500,000.00, subject to 50 percent of the net average three months salary, whichever is lower.
The eligible amount is calculated after deducting all other loan obligations to the Bank. This product can be accessed via the Bank’s leading digital channels: FirstMobile and USSD.
The features of FirstAdvance include: Salary account must be domiciled with FirstBank, loan amount of up to 50 per cent of net monthly income, the tenor is 30 days or next payday [whichever comes first]. Repayment is taken immediately salary is received, while a lien is placed on the unfunded account, among others The bank also has FirstCredit, a product designed to provide customers with a quick and simple loan to fund their immediate needs.
FirstCredit loans can be accessed from anywhere without visiting the Bank. It involved no documentation or collateral required and all the customer need is a mobile phone or tablet.
FirstCredit is easy and convenient as it promotes immediate access to loans to meet needs. It facilitates quick loan requests and disbursal with no physical documentation required nor collateral required. Neither are there hidden charges nor fees.
Its features include: the customer’s account must have been operational in FirstBank for at least six months; linkage of the account to a valid BVN is a requirement; primarily details of the account, including phone number and residential address, must be correctly updated and the customer must have a positive credit history and score with Credit Bureaus. The maximum loan amount is N300,000.
Others are loan tenor: of 30 days, an interest rate of 10 per cent flat and insurance fee is also taken upfront on loan disbursal. To apply for FirstCredit, customers are to Dial *894#, select Loans, and follow the instructions.
Culled from ThisDay
In a move to enhance the mental resilience and professional effectiveness of personnel of the Federal Road Safety Corps (FRSC), the Indian Ministry of Home Affairs, through Rashtriya Raksha University, the pioneering National Security and Police University in India, has concluded discussions to commence strategic partnership that will lead to result oriented capacity building for Officers and Men of the Corps.
Through the first-of-its-kind collaboration, according to a statement made available to the National Association of Online Security News Publishers (NAOSNP), 1000 FRSC personnel will undergo intensive training in stress management and emotional wellbeing in August, 2025. An initiative that underscores Corps Marshal Shehu Mohammed’s determination to safeguarding not only the lives of road users, but also the health and wellbeing of the Management and Staff of the Corps.
The capacity development program aims to increase awareness of occupational stress/personal stress and its impact on physical and mental health of FRSC personnel; equip staff with practical tools for stress management, promote psychological resilience, emotional regulation, as well as foster peer support and a culture of mental health awareness.
Speaking on the partnership, the Corps Marshal stated thus:
“Our personnel operate under immense pressure every day to keep Nigerian roads safe. By investing in their mental and emotional health, we are strengthening our capacity to serve the nation with professionalism, empathy, and excellence.”
“The training program will leverage the world-renowned expertise of Indian professionals in stress reduction, mindfulness, and emotional intelligence, combining modern scientific approaches with time-tested wellness practices. Participants will gain practical tools to manage stress, improve decision-making in critical situations, and promote a culture of mental health awareness within the Corps,” he added.
The programme facilitators will comprise mental health professionals including clinical psychologist,
research officers and administrative officer from the University.
It is expected that at the end of the training, both Management and Staff will exhibit an increased self-awareness of personal stress triggers, improved skills in emotion regulation and peer support, Strengthened sense of community and psychological safety
and improved capabilities to address crisis situation efficiently.
This landmark collaboration reflects the shared vision of Nigeria and India to build resilient institutions that prioritize the wellbeing of public service officers, ensuring safer roads and healthier communities across Africa’s most populous nation.
The training is set to commence later this year and will run in phases, in 4 specific locations including the FRSC Academy Udi, Enugu State, FRSC Marshal Inspectorate Training School, Owo-Alero with both physical and virtual learning sessions to maximize participation and impact.
Recall that the partnership between the University and FRSC commenced sometimes in March with the training of some of the Corps personnel in Gujarat State of India.
As continuation of that partnership, 10 personnel are already finalizing arrangements for Masters Programme sometimes in August this year to study different courses among which include; information technology, cyber security, data management and traffic enforcement.
The Nigerian Electricity Regulatory Commission (NERC) has commenced the process of transferring the regulatory oversight of electricity market in Abia State to the Abia State Electricity Regulatory Agency (ASERA) via Order – NERC/2025/058 in line with Electricity Act 2023, as amended, with effect from June 25, 2025.
The NERC said that Abia State has fully complied to the provisions of section 230 (2) of the Electricity Act 2023 and had dully notified the Commission and requested the transfer of the regulatory oversight of the State electricity market to Abia State.
By this transfer order, the successor DisCo in the State, Enugu Electricity Distribution Company (EEDC) is expected to incorporate a subsidiary to assume the responsibilities of Intra State Supply and distribution of Electricity in Abia State.
Confirming the development, the Commissioner for Power and Public Utilities, Ikechukwu Monday, said the transfer of regulatory oversight of intrastate electricity markets from NERC to ASERA is in line with the promise of Governor Alex Otti to provide reliable electricity access to unserved and underserved industries and communities in Abia State.
He further stated that it will bring several benefits to the people of Abia state such as localised State-tailored tariff structures, which will set end-user tariffs that reflect local economic conditions, encouraging fairer pricing and better cost recovery.
Also, the commissioner said that ASERA can rapidly adjust rules and incentives to suit local goals such as supporting mini-grids or renewable energy projects.
He further said that Abia State Electricity Regulatory Agency located in Umuahia will be able to provide a faster local and closer oversight which reduces delays in licensing, complaints handling, and issue resolutions to bolster local service quality among other functions.
According to him, the deadline for the transfer of the regulatory obligations is December 24, 2025.
Following a video in circulation condemning the Police community over neglect regarding welfare and retirement benefits of retired police officers by a retired retired Superintendent of Police, the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has ordered a thorough investigation into the allegations.
The IGP, according to a statement by the Force Public Relations Officer, ACP Muyiwa Adejobi, has tasked the NPF Pensions Limited to urgently examine the claims, identify any possible lapses, and ensure that appropriate action is taken to address the concerns raised.
The Nigeria Police Force is not insensitive to the plight of its pensioners, many of whom dedicated their lives to the service and safety of our nation. The IGP views the welfare of both serving and retired officers as a priority and recognizes that timely and adequate pension administration is crucial to sustaining morale and institutional integrity. While efforts have consistently been made to improve the pension system, the IGP acknowledges the importance of constructive feedback in prompting necessary reforms.
The IGP therefore reassures all officers, both serving and retired, and their families of the Force’s commitment to improved welfare, and to building a system that honours their sacrifices. He urges stakeholders to remain calm and patient as the NPF Pensions carries out its investigations and engages relevant agencies to ensure lasting solutions.
