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
A member of the All Progressives Congress (APC), Joe Igbokwe, has called for the dismissal of the soldier who resisted the Minister of the Federal Capital Territory, Nyesom Wike.
The soldier had blocked Wike and officials of the FCTA from accessing a portion of land in the FCT.
The officer, claiming he was acting on instructions, told Wike that he would not be allowed into the property. Wike, however, questioned his authority, leading to a heated confrontation and name calling.
Reacting on Facebook, Igbokwe questioned who was behind the military officer in challenging the FCT Minister.
He wrote, “Who is this man in uniform? Of what meat is he fed? Who is beating the drum for him? This is unacceptable? His uniform has to be removed.”
The Lagos State Police Command has vehemently denied reports making the rounds that it was involved in the attempted release of a Lebanese national, who is in custody for the defilement of eight children.
The Police made the rebuttal via a statement signed by the Command’s Public Relations Officer, SP Abimbola Adebisi, on behalf of the Commissioner of Lagos, and made available to the National Association of Online Security News Publishers (NAOSNP).
In the statement titled, RE: OUTRAGE AS LAGOS POLICE ALLEGEDLY ATTEMPT TO RELEASE LEBANESE ACCUSED OF DEFILING EIGHT CHILDREN, the Police noted as follows:
“The Lagos State Police Command is not involved in any alleged attempt to release a Lebanese accused of defiling eight children.“
The story is therefore inaccurate and misleading.
The above case is being handled discreetly by the Gender Unit of the Command with the highest level of professionalism, diligence, and in line with international best practices, by specially trained gender case specialists.
Furthermore, the investigation strictly follows the standard operating procedures for cases involving children and young persons. The Gender Unit of the Command remains firmly committed to child protection and upholding due process in the pursuit of justice, without fear, favour, or sentiment toward anyone involved, whether a foreign national or Nigerian.
The case in question, which is under thorough investigation, does not involve any Lebanese, but rather a national of one of the Southern African countries. Every necessary step has been taken to ensure that justice is served in the matter. It is important to inform the public that both the biological mother of the child and the child herself made statements to the Police affirming that the child was neither molested nor defiled by the accused person.
However, the complaint by the child’s father, who has custody of the child, on his allegations against the accused person, is being carefully investigated to ensure justice in the matter and prevent any miscarriage of justice. The outcome of the investigation will definitely be made public.
The Commissioner of Police, CP Olohundare Jimoh, has directed a discreet investigation into the allegations highlighted by the reporter in the report to ensure that no stone is left unturned in getting to the root of the matter . The writer of the story has also been contacted and briefed on the steps being taken by the Police to ensure that justice is achieved.
The Commissioner of Police furthermore wishes to reiterate his full confidence in the impartiality, competence, and high level of professionalism in the Officer-in-Charge of the Gender Unit, Lagos Police Command,Assistant Commissioner of Police (ACP) Toyin Kazeem, who was officially out of the country on IACP in the United States when the matter was reported to the Gender Unit. Her exemplary track record, both locally and internationally, exemplifies her integrity, dedication, and commitment to handling gender-related and other sensitive cases. Under her leadership, the Gender Unit has brought pride to the Command and provided justice to numerous vulnerable persons, including women and children.
The Lagos State Police Command therefore urges the public and the media to continue to repose trust and confidence in the ability of the Command to deliver justice in all cases, particularly those involving children and other vulnerable groups. The outcome of this case will be made known to the public on completion of the investigation.
The family of former President Shehu Shagari has announced the death of his last surviving widow, Hajiya Saratu Shehu Shagari.
She passed away on Monday at the age of 89, after a prolonged illness.
A statement signed by the eldest son of the former president, Captain Mohammed Bala Shagari, confirmed that Saratu died at about 3 pm.
He described the late Hajiya Saratu as an embodiment of grace, humility, and quiet strength, who lived a life of dignity and service.
The family also said details of the funeral arrangements would be announced in due course.
