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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 prominent Lagos hotelier, Otunba Kunle Akinyele, tragically passed away on Saturday after collapsing during a church thanksgiving service held in honour of his wife’s 60th birthday.
The incident occurred at Christ Apostolic Church, Oke-Iyanu, Odemuyiwa District Headquarters, Egbeda, Lagos State, leaving family, friends, and well-wishers in deep shock.
In a now-viral video shared on Facebook by Ayoade Ojeniyi on Sunday, the late businessman appeared visibly distressed, gesturing frantically—apparently requesting water or an inhaler—moments before slumping while delivering his testimony.
The thanksgiving service had been organised to celebrate his wife, Deaconess Catherine Adejoke Akinyele, with a grand reception scheduled to follow immediately after at Noble Castle Events Centre, Igando.
However, those plans were abruptly halted when news broke that Akinyele had collapsed in church. Despite frantic efforts to revive him, he was pronounced dead shortly afterwards.
One of the event vendors, who shared their experience via Facebook, said they had arrived at the reception venue as early as 10 am for the party, which was set to commence by 2pm.
The vendor wrote: “The celebrant, her husband, their children, and guests had all gone to church for the thanksgiving, intending to proceed to the reception afterwards. Varieties of foods were ready, decoration set, cocktails, emu oguro, and more. The live band had already mounted about 25 speakers. This is how people die? I can’t even think of asking for my balance for the job.”
The distinguished Senator representing Ogun East Senatorial District and Chairman of the Senate Committee on Navy, His Excellency, Otunba Engr. Gbenga Daniel, has extended warm congratulations to Aare Adetola EmmanuelKing, Chairman/CEO of Adron Group, on the occasion of his 50th birthday.
In a heartfelt message, Senator Daniel praised Aare Adetola EmmanuelKing for his outstanding dedication and immense contributions to the Nigerian housing sector. He described the celebrant as a shining example in the business community, whose passion and commitment have left an indelible mark on the real estate industry across Nigeria.
“You are indeed a source of inspiration to your generation and a shining example within the business environment. There is no doubt that you had written your name in an indelible ink across Nigeria and most especially among the real estate developers,” he wrote.
Senator Daniel also acknowledged Aare Adetola EmmanuelKing’s conferment as the ‘Otun-Asiwaju of Remo Christians’ by the Ogun State branch of the Christian Association of Nigeria (CAN), as a reflection of his God-fearing nature, philanthropic spirit, and commitment to humanity.
The senator offered prayers for good health, greater accomplishments, and many more remarkable years ahead for the business mogul.
He concluded by affirming his highest regards and admiration for the celebrant.
The Corps Marshal, Federal Road Safety Corps ( FRSC), Shehu Mohammed, has directed Commanding Officers to ensure full deployment of staff for maximum visibility, prompt removal of obstructions and ease of movement on all highways across the country. This is in line with the operational guidelines of this year’s Easter special patrol scheduled to commence from 16th to 23 April, 2024.
According to the Operation Order, obtained by the National Association of Online Security News Publishers (NAOSNP), the objectives of the special operations are reduction in road traffic crashes, road traffic fatalities and road traffic Injuries; prompt response to road traffic crash victims; unhindered in purposeful public education and speedy removal of obstructions from the highways, amongst others.
Corps Marshal Shehu Mohammed assured members of the public that in achieving the objectives of the special operations, the Corps will combine the engagement of the motoring public through purposeful and impactful public education programmes, strengthening of surveillance activities to regulate unprofessional excesses, sustained effective patrol operations as well as adequate monitoring on the highways.
To this end, the Corps would carryout aggressive enforcement including conducting over 200 Mobile Courts operations, with the aim of checking the following offences:
Speeding and Dangerous Driving/Overtaking,
b. Lane indiscipline/Route violation,
c. Road Obstructions,
d. Use of Phone while Driving,
e. Overloading,
f. Seatbelt/Child restraint Use Violations,
g. Passenger’s Manifest Violation,
h. Operation of mechanical deficient and rickety vehicles,
i. Latching and Twist-Locks Violation,
To achieve the aforementioned, over 743 patrol vehicles, 184 administrative vehicles, 92 ambulances, 23 tow trucks and 144 motorbikes are being deployed as part of the patrol logistics.
Furthermore, reflective jackets, traffic cones, tyre pressure gauges, a number of extricating machines and digital breathalyzers are part of the tools set aside for the special operations.
Added to the above is, a total of 23 Help Areas mobilised to ensure prompt removal of obstructions, and rescue operations during the period. This, he said, is in addition to the 15 traffic control camps which would be dedicated solely to identifying traffic gridlock areas to be manned by our personnel on 24/7 basis.
For effective monitoring and prompt response, the Corps has put in place a Situation Room at the National Headquarters to monitor the activities across the country, collate and process information for dissemination to relevant commands and stakeholders as the case may be.
This is in addition to 28 Road Traffic Crash Clinics and 53 Zebra points located along the major routes. This would be covered by 92 ambulances to be fully utilized for prompt response to crashes and rescue of injured victims to hospitals for more professional attention.
He also directed the Commanding Officers to liaise with other strategic stakeholders within their operational areas to secure the needed moral and logistics as well as security support. The Corps Marshal identified some of the stakeholders as Military formations (enroute or resident); the Nigeria Police (enroute or resident); DSS (enroute or resident); the Nigeria Immigration Service; the NSCDC (enroute or resident).
Others are Federal Ministry of Works and Housing; National Emergency Management Agency (NEMA); State Traffic Management Agencies; State owned NGO’s ambulance Services providers; National Network on Emergency Rescue Services (NNES);
Federal Road Maintenance Agencies and
Federal Fire Service.
On the overall preparedness of the Corps for the special operations, he expressed optimism that Nigerians would as usual, cooperate with members of the Corps and other security agencies as well as volunteers who would come out to assist the Corps in traffic management.
Expectedly, with the massive deployment of personnel and logistics and the envisaged public support, the Corps Marshal is confident that the celebration would be a huge success.
While reassuring the motoring public of FRSC’s renewed vigour towards entrenching sanity on the roads, the Corps Marshal also wishes all Nigerians safe and peaceful Easter celebrations.
