Business
FirstBank’s Giant Strides in FinTech Leadership
By Eric Elezuo
It is not by accident that Nigeria’a leading financial institution and financial inclusion services provider, FirstBank of Nigeria Limited, scaled all hurdles to hit the peak among players in Fintech network.
Fintech, a portmanteau or what can easily be referred to as abbreviation of finance and technology, forming the phrase financial technology, is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services.
While to most financial institutions, the process is emerging, to FirstBank, it is an already established and improved variety that has helped customers conduct banking activities without making physical contact with the bank or bank staff, but leveraging on the use of handheld mobile smartphones, and regular phones as in the case of *894# services. By this means, the bank has provided mobile banking, investing, borrowing among many other financial technologies aimed at making financial services more accessible to the general public.
Fintech is an integral part of FirstBank, and both are interrelated and are more like twelve and a dozen. In the words of the Group’s Executive, e-Business and Retail Products, Chuma Ezirim, FirstBank is a technology company offering financial services. Nothing could be farer than this truth!
FirstBank, without a doubt, the foremost player and leader of Fintech via its various electronic and digital offerings, boasts of the following but not limited technological innovations including the ever reliable *894#, highly prolific Firstmobile, FirstOnline, Whatsapp banking which thrives on the simple mobile number, 08124444000, FirstAdvance details among a host of other ‘first’ innovations and services.
Consequently, the bank has picked awards after awards with the FirstMobile App, among which is the Best Mobile Banking App in Nigeria in 2019 by the UK-based Global Business Outlook.
These services, have in no small measure, become the focal point, using alternative channels and electronic banking, especially as the world battles the ‘new normal’ with the principle of safe distance, thus reducing the risk of spreading the coronavirus.
To this end, the Chief Executive Officer, FirstBank Nigeria Limited, Dr. Adesola Adeduntan, during the just concluded edition four of the FinTech Summit, which reiterated activation of vibrant ecosystem, hinted that FirstBank’s involvement in the FinTech revolution is the fastest in the industry, and is mostly run by a sizable number of entrepreneurs. He mentioned that FirstBank has been positioned as the Fintech partner of choice, having established relationships with notable companies such as PiggyVest, Terragon, VoguePay and PatStack.
“FirstBank has become the foremost financial inclusion solutions provider with over 9 million USSD users, processing over 200 million transactions to date. Also, with more than 60,000 Firstmonie Agent Banking locations we have to date processed over 320 million customer transactions worth over NGN6 Trillion on the FirstMonie Agent Network as at July 2020, further cementing our leadership in the Agency Banking space,” Adeduntan said.
He noted that the bank’s rating has soared with its digital payment channels, and has remained in the forefront of providing financial inclusion solutions across board and round the clock with it’s FirstMobile app, USSD (*894#) and FirstMonie, as well as the popular Firstmonie Agent Banking Network.
It is not therefore, out of place to say that the Bank has led other banks in the field of FinTech, having supported Nigerians to meet their needs through these innovative digital platforms. Not only that, families and companies have paid bills through this channel, individuals and corporate bodies have purchased airtime to keep in touch with families, loved ones and staff just as procurement of data to surf the net and stay current with recent trends across the globe have been made absolutely easy through the FirstBank innovative FinTech channels.
While most establishments mourn the outbreak of the COVID-19 pandemic, FirstBank leveraged on the scourge to become innovative in providing services for the benefit of its customers who found a costless outlet to fulfill all their financial inclusion needs. The era in question provided ready canvas for stretching and exploits, and the over 9 million USSD users are the happier for it. This is a bank that processes 90 customer initiated transactions per second on its digital channels, and has not stopped to assiduously re-architect its systems towards innovating newer FinTech channels for its teeming customers for a stress-free banking activity.
With over 9.5 million customers using the FirstBanks Unstructured Supplementary Service Data within a period of five years, the Bank has clearly demonstrated that it is the leader in electronic banking. The USSD banking services it provides have been proved to be easy to use, convenient, fast, user friendly, and as such several and various banking activities have been carried out therein across the four major GSM network operators in Nigeria through mobile phone, and surprisingly, without the use of internet. It therefore means that FirstBank’s (*894#) services can be obtained irrespective of the type of phone a customer uses. Among services available through this channel are data and airtime top-up for self and third party, quick balance enquiry, fund transfers, BVN enquiry and linkage, mini statement, account number enquiry, opening account, merchant and first advance loan service – this a service that enables salary earners take a loan of up 50% of their monthly salary. That is the power of *894#.
Ezirim sums up this leadership roles as follows:
“At FirstBank, we are excited about the impact our innovative solutions are making in the Nigerian payment landscape. Our *894# USSD banking has been a viable platform through which we take our banking services to the doorstep of our customers, right on the palm of their hands, without the limitation of an internet connection. We remain committed to creating various avenues to enable Nigerians carry out various financial activities conveniently, safely and securely anytime, anywhere in Nigeria.”
In addition, and following through the standard of excellence, FirstBank has also upgraded its mobile banking application, FirstMobile, with new and improved features to promote safe and convenient mobile banking experience for customers.
The award winning application, which has been termed dynamic, has been redesigned with improved security and self-service features to ease the navigation capability and proficiency of customers. In addition to the improvement of the services, which offers unified and streamlined banking experience, the aesthetics are not left out as it comes with a unique cool blue coloured appealing background.
Among features that speak of the uniqueness of FirstMobile app are card protection service for customers to enable and disable cards on channels, account switch off as well as second-factor authentication and device registration. Customers can remotely initiate the request for a new debit card as well as the replacement of a lost or damaged one, whilst managing activities on their card and account, thus balance enquiry and statement, amongst others.
Again, the app is embedded with biometrics, which allow customers to use their fingerprints to consummate all transactions. This is strictly to validate transactions. There are others such as frequent transaction, which enables users to access their frequently completed transactions like airtime, transfers and bill payments; dashboard flexibility and personalisation, smoother transaction experience and improved beneficiary management.
The FirstBank accessibility galore has also improved airtime top-up and data purchase as customers are able to select phone numbers directly from their phone contacts.
In addition, with a smoother experience on funds transfer, bill payments and airtime transactions, customers can add and delete beneficiaries without having to repeatedly enter the recipients’ details over and over again. Users can also take a photo or select from the Avatar (available icons) to personalize their dashboard and beneficiaries for Transfers, Bills Payment & Airtime Transactions by uploading a picture to associate with their beneficiary, especially the more frequent ones.
Furthermore, the dashboard has been designed to reflect the lifestyle and social pattern of the user as it can be customized by adding any profile picture of choice. The dashboard also enables users to monitor their spending patterns over a period. It shows the inflow and outflow of funds on their account.
There are endless possibilities with FirstMobile. It covers and puts the customer at an advantage with the FirstAdvance and Nano Loan features. So accessing loans is quicker than the touch of a button. Not only that, FirstMobile also guarantees access to movie ticket(s) ahead of time and flights at the earliest convenience.
Hear Chuma Ezirim again:
“The upgraded FirstMobile is built to reflect FirstBank’s resolve at reinforcing the digitisation of our payment systems, whilst putting our customers at an edge to conveniently meet their everyday needs at any time, irrespective of where they are. Indeed, this upgrade makes the application new, as it is designed to suit the social pattern and lifestyle of our customers.
“With over 3.7million active users on FirstMobile across android and ios devices, we remain steadfast at regularly reinventing our services on the App with dynamic and innovative capabilities to resonate our focus to deliver state of the art digital solutions to all our customers at all times, irrespective of where they are.”
It would be recalled that halfway into the COVID-19 pandemic 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. That explains the height of faith customers have in FirstBank.
“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,” Adeduntan informed.
From every indication, FirstBank has, and will continue to embrace emerging FinTech opportunity for the sole benefit of its numerous customers. To this end, it has held four editions of FinTech Summit. It is therefore, necessary that as many that are yet to get on board do so now for a hitch-free banking services from anywhere in the country.
Dangote Petroleum Refinery has distanced itself from allegations of arbitrarily increasing petrol pump prices.
The refinery attributed the recent adjustment in the ex-depot price of Premium Motor Spirit to fluctuations in global crude oil prices.
This was contained in a press release titled “Increase in Pump Price Not From Us”, issued on Sunday by Anthony Chiejina, Group Chief Branding and Communication Officer.
The statement read: “The recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices.
“As crude oil remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.”
The refinery clarified that while its ex-depot price increased by 5%, from N899.50 to N950 per litre, the adjustment remains significantly lower than the 15% rise in global crude oil prices.
“Brent Crude rose from $70 to $82 in a matter of days, alongside the premium for Nigerian crude (approximately $3 per barrel). Despite this, we have kept our Single-Point Mooring (SPM) ex-vessel price steady at N895 per litre,” the statement added.
In a bid to shield consumers from the full impact of rising costs, Dangote Refinery disclosed it has absorbed approximately 50% of the cost increases caused by surging global crude oil prices.
The refinery’s partners, including Ardova, Heyden, and MRS Holdings, will retail petrol at a uniform price of N970 per litre across Nigeria.
“Without our intervention, the retail price of PMS could have risen to N1,150 or even N1,200 per litre in some locations. This demonstrates our unwavering commitment to affordability and quality, even in challenging times,” the statement explained.
To address concerns over price transparency, the company announced plans to publish its ex-depot, ex-vessel, and pump prices on a weekly basis.
“In the interest of transparency and good governance, consumers will now have access to accurate information to ensure they are not exploited,” the statement assured.
Additionally, the company expressed gratitude to President Bola Tinubu for introducing the Naira for Crude Initiative, describing it as “visionary.” Dangote Refinery noted that the initiative ensures consistent access to high-quality PMS for Nigerians while mitigating the effects of global oil market volatility.
The statement concluded with a reaffirmation of the company’s dedication to serving Nigerians.
“We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations,” it said.
The Punch
Leading financial institution, FirstBank of Nigeria Limited, has debunked reports making the rounds as regards its transaction with General Hydrocarbons Limited, which has become a subject of litigation.
In a statement by the management, and made available to Pointblank.ng, the bank insisted that it has been on the right side of the law while assuring customers, stakeholders and friends of the bank of its unflinching stand in the provision of first class services. It also expressed its appreciation to subscribers for holding faith with the parent body, FirstHoldco in the first round of its capital raise.
The full statement is represented below:
Our attention has been drawn to recent media reports regarding a commercial transaction between First Bank of Nigeria Limited (FirstBank) and General Hydrocarbons Limited (GHL) that is currently a subject of litigation.
As a responsible and law-abiding corporate citizen of Nigeria with utmost respect for the courts, FirstBank will not be able to offer comments on issues which are pending for determination by the courts, as such issues are sub-judice.
However, we are constrained to issue the following clarifications to correct the sponsored but false narratives on the matter presented in some of the media publications.
There is a subsisting commercial transaction between FirstBank as lender, and GHL as borrower, where FirstBank extended several credit facilities to GHL for the development of some Oil Mining Lease assets.
These facilities are backed by very robust loan agreements executed by the parties in which the obligations of the parties are clearly defined and the security arrangement clearly spelt out.
While FirstBank has diligently performed its obligations under the loan agreements, at the root of the present dispute is FirstBank’s demand for good governance and transparency in the transaction, which GHL rejected.
Upon FirstBank’s realization of breaches on the part of GHL including diversion of proceeds, FirstBank requested that an independent operator mutually acceptable to both parties be appointed in line with the terms of the agreement, to operate the financed asset in a transparent manner that will bring greater visibility to the project, protect the interest of, and bring value to all stakeholders. Not only did GHL roundly reject this reasonable and fair request, rather GHL insisted that FirstBank avails it with more funding. GHL refused to execute the terms of offer stipulated by the Bank for the availment of additional funding but rather proceeded to commence needless Arbitral proceedings.
GHL issued a notice to initiate arbitration and has no substantive claim pending at the Federal High Court. GHL approached the Federal High Court solely to seek preservative orders pending arbitration. Some of the preservative orders sought by GHL were granted while others were denied.
FirstBank is the only party that filed a substantive claim against GHL at the Federal High Court and the subject matter of FirstBank ‘s claim is not identical with the dispute GHL submitted to arbitration because FirstBank’s claim is in respect of subsequent credit facilities granted to GHL and the offer letters and finance documents pertaining to the subsequent transactions clearly state that the disputes arising from the subsequent facilities are to be resolved by a court of competent jurisdiction in Nigeria and not by arbitration.
Consequently, it is incorrect to assert that FirstBank abused the process of the court.
GHL off-took crude from the Floating Production Storage and Offloading (FPSO) vessel and diverted the proceeds. The Bank had no choice as a secured lender, under these circumstances of continued breaches, non-payment of due obligations and attempts to shield the Bank away from agreed security and repayment sources, than to approach the court for legal remedies, to preserve assets, recover the diverted proceeds, prevent reoccurrences and safeguard FirstBank’s interest. It is clear to us that the courts do not support or protect illegalities and breaches of contracts.
FirstBank has a long and very rich history of supporting and providing for the financial needs of its customers over its more than 130 years of unbroken existence. FirstBank remains committed to ensuring that it continues to support legitimate business aspirations of its teeming customers. At the same time, FirstBank is committed to the building of a strong credit culture where borrowers pay their debts when they borrow and will always take appropriate steps, within the ambit of the law, to resist attempts by borrowers to repudiate their repayment obligations.
We wish to assure FirstBank’s numerous customers, stakeholders and the general public that FirstBank remains solid, calm, steadfast and unflinching in its resolve to continue to provide first-class services to its teeming customers within and outside the country.
FirstBank also wishes to respectfully thank our shareholders for the indicatively oversubscribed Rights Issue of its parent Company, First Holdco Plc (“FirstHoldco”), in the first round of its capital raise and looks forward to an equally successful final leg of the recapitalization exercise when it is announced by FirstHoldco.
Africa’s Global Bank, United Bank for Africa (UBA) Plc has distributed over N41.8m in prizes to over 100 lucky customers in its just concluded UBA Legacy Promo series.
The promo which began last year, was specially designed by the bank to celebrate UBA’s rich legacy spanning over 75 years, as well as its long-standing commitment towards rewarding its loyal customers in a grand style.
The campaign, which was opened to several categories of Account holders including Bumper Account holders, Savings account, Kiddies & Teens Account holders as well as Nextgen account holders, also saw lucky customers winning other consolidation prizes including educational grants.
The winners were announced during the Grand Finale draw of the promo which held at the UBA Head-office, Marina, Lagos last Thursday and was witnessed by members journalists and representatives of relevant regulatory bodies including the National Lottery Regulatory Commission (NLRC), among other stakeholders.
In the Savings Account category, ten loyal customers walked away with N1,000,000 each. The lucky winners are: Olonade Funmilayo, Abdullahi Yunusa, Anibueze Augustine Chidozie, Ibironke Adedayo, Gilbert Godswill Pepple, Ekonmene Daniel Leghemo, Oligbo Francis Azuka, Liafeez Adebowale, Abiodun Bolanle Felicia, and Adamu Bappayo.
When contacted over the phone, one of the winners, Mr. Oligbo Francis Azuka, who won N1,000,000 in the savings account category expressed his surprise and excitement, stating that it was totally unexpected. He was however grateful to the bank for the gesture, adding: “I am deeply grateful and surprised by this reward from UBA. I honestly, didn’t expect this. I really appreciate the fact that UBA recognizes me. I am very grateful,” he stated.
The Bumper Category saw 10 people who emerged winners of N1,000,000 each. They are: Emem Christian Thompson, Lateefat Omotayo Waheed, Victoria Oluwaferanmi Adebusoye, Nkechinyere Agnes Okolo, Ibrahim Rabiu, Hammed Akande Idowu, Modester Chiadikobi Nwoke, Ajisafe Folashade Success, Thelma Ndubisi Enajiyerin, and Sunday Obaje.
20 lucky customers also received N500,000 each. They are: Ojo Goroye Banjo, Sandra Christopher Effiong, Femi Henry Idehen, Rashida Oiza Momohjimoh, Umar Usman, Joshua Chidera Nweke, Racheal Erhieyovwe, and Fatima Muhammed. Others include Ogbonna Edward, Eziuche Goodluck Chinyere, Lydia Bawa, Obiajulu Augustine Agwazia, Sale Barde, and Sikiru Morakinyo; Tajudeen Kareem Opeloyeru, Regina Queen Abeekaa, Isaac M. Ponfa, Mary Amos, Emmanuel Isa, and Amaechi Okoro.
Also in the bumper category another twenty customers got N250,000 each, while 10 lucky customers each won N100,000 each during the live draws.
In the NextGen category, Emmanuel Olakotan Oke, Sharon Oluwafunmilayo Ibitoye, Fortunate Izegboya Ijewemen, Anozie Janerose Chinelo, Maryam Zaharaddeen, Oluwakamikun Faidat Taiwo, Daniel Ayomikun Olawale, Ayomide Goodness Olowodara, Dennis Ogina Gbele, and Ofeoritse Jessica Waya each received N180,000 pocket money for a year.
The Kiddies and Teens category, also saw 20 young customers receiving N200,000 each in educational grants.
UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, who spoke at the event, emphasized the significance of the promotion in strengthening the relationship between the bank and its community.
He said, “UBA Legacy Promo is our way of saying thank you to our loyal customers who have trusted us over the years. As we celebrate 75 years of impact, we remain committed to deepening financial inclusion and providing innovative and customer-focused products and services. Our goal is to make banking more rewarding and life-changing, improving lives and building stronger communities.”
Over the past six months, from July till December 2024, UBA has through a series of draws; cluster, monthly, and quarterly draws, rewarded over 600 customers with prizes totaling more than ₦200 million. This remarkable initiative has created over 60 millionaires, highlighting the bank’s commitment to enriching the lives of its customers and promoting savings culture, as UBA continues to reaffirm its dedication to launching more impactful initiatives, ensuring customer satisfaction and financial well-being remain at the forefront of its operations.
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.
