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Saturday 1st April, 2023

BANKING

First Bank Unveils Enhanced Palliative Measures, Promotes e-Learning For Nigerians

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FirstBank, Nigeria’s leading financial inclusion services provider, has unveiled enhanced palliative measures to help its customers and Nigerians through this period of the extended COVID 19 lockdown in some states.

The bank said that amongst these measures are; the introduction of special waivers on repayment fees on the Bank’s credit cards as well as up to 90-days moratorium on SME loans.

The aim of these is to cushion the impact of the toll on employment and livelihoods.

Recall that it was announced in the week that the Lagos State Government & Roducate e-learning initiative sponsored by FirstBank had kicked off.

The initiative includes the government accredited curriculum for primary, secondary and tertiary schools designed to ensure children are adequately guided and engaged through their learning experience.

The bank had announced upon the lockdown in March that it was to move One Million children to e-learning which is implemented with some renowned organisations that have come on board from within and outside the continent.

These partners include IBM, which is providing opportunities for the acquisition of digital skills including Coding, Artificial Intelligence and Data Science & Analytics which would promote opportunities to learn skills of the future.

These measures are taken in identifying with the roles of children at securing the future of any country.

Reflecting on the words by Benjamin Franklin that “An investment in knowledge pays the best interest,” Dr Adesola Adeduntan, CEO, FirstBank said “in keeping with who we are at FirstBank, our commitment to self-development and continuous improvement is never far from our thinking.

“As such, we are encouraging all to consider and register for any of the excellent programmes being offered free by Ivy League schools and have curated a list of them covering topics such as management, personal development, and entrepreneurship which can be found on our website.”

Dr Adeduntan further stated that “with these measures, we are delighted to support our customers because you all have empowered us to do so by choosing to Bank with us. This is indeed a time to double down efforts and explore opportunities to ease the impact of the extension on you.

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“Once again, we appreciate our customers for the giant strides achieved on our alternative channels, as we assure you of our commitment to continue to work tirelessly to provide essential banking services across these channels.

First Bank Plc Headoffice….Photo credit: nairametrics

“The transaction volume is a positive testimony to the resilience of our staff and your Bank to keep things going as COVID 19 will neither defeat nor slow us down. We remain fully persuaded that together we will overcome this too.”

“Our experience over 126 years tells us the solutions lie within us, more than ever as we uphold our promise to you to be here for you and put You First always,” he concluded.

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 125 years.

With over 750 business locations and 44,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 15 million customers.

The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

The Bank has been nimble at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country.

FirstBank’s cashless transaction drive extends to having more than 8.5million people on its USSD banking service through the nationally renowned *894# banking service and over 3 million people on Firstmobile platform.

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BANKING

Breaking: FirstBank Announces Name Change Of Its Subsidiaries

-Reiterates Its Commitment To Boosting Cross-Border Business Opportunities In Africa And The World

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First Bank of Nigeria Limited, Nigeria’s premier financial services institution, has announced a phased corporate name change for its subsidiaries in the United Kingdom and Sub-Saharan Africa.

FBNBank UK, FBNBank Sierra Leone, FBNBank Gambia, and FBNBank DRC are the first set of subsidiaries effecting the name alignment.

They are now known and addressed as FirstBank UK, FirstBank Sierra Leone, FirstBank Gambia, and FirstBank DRC.

The Ghana, Senegal, and Guinea subsidiaries will be next in the phased name change implementation.

The Bank said in a statement on Friday that the name change is being implemented to align the subsidiaries with the parent brand and to enjoy the strong heritage and brand equity built by FirstBank Nigeria in its 129 years of banking leadership.

This will further enhance the quality-of-service delivery resulting in better brand clarity, uniformity and consistency across all the markets where the Bank operates.

“A leading financial inclusion services provider, FirstBank Group is committed to its nation-building goal. It has taken giant performance strides on its unique growth trajectory as it continues to build distinctive capabilities through partnerships and the constant drive to reinvent itself. This performance is evidenced in the numerous awards and recognitions bestowed on the institution,” the Bank said in the statement.

These awards include Best Private Bank for Sustainable Investing in Africa 2023 by Global Finance Awards; Best Corporate Bank in Western Africa 2022 by Global Banking & Finance; Best CSR Bank Africa by International Business Magazine in 2022; and ranked as number one in Nigeria in terms of Overall Performance; Profitability; Efficiency and Return on Risk by the Top 100 African Bank Rankings 2022 released by The Banker Magazine from the stables of Financial Times.

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In addition, in Euromoney Market Leaders, an independent global assessment of the leading financial service providers conducted by Euromoney Institutional Investor Plc., the Bank was crowned: Market Leader in Corporate and Social Responsibility (CSR); Market Leader in Environmental, Social, and Governance (ESG); Highly Regarded in Corporate Banking and Digital Solutions and Notable: in SME Banking.

Speaking on the name change, Dr. Adesola Adeduntan, CEO of FirstBank Group, said “the name change which coincides with FirstBank’s 129th founding anniversary (March 31st, 2023) is indeed a milestone reflective of our resolve to continuously provide the gold standard of excellence and value as we put our customers first.

“The new identity of the subsidiaries contributes to an enhanced brand presence. It helps our customers and stakeholders better appreciate the value of the diversified products suites, competitive pricing and extensive business networks the FirstBank Group offers.”

“These include our commitment to boosting cross-border businesses including trade and investment opportunities essential to enhancing trade relations amongst countries, thereby strengthening the economies of host communities and reducing poverty,” he concluded.

 

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BANKING

Access Bank, AfriGOPay Partner To Boost Nigeria’s Payment Ecosystem

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Access Bank has partnered with AfriGOpay, a financial services business affiliated with the Nigeria Inter-Bank Settlement System (NIBSS), to launch the first national domestic card designed to meet the needs of the payment industry.

Championed by the Central Bank of Nigeria (CBN) and the NIBSS, the scheme will provide innovative solutions to users of financial services in Nigeria, Africa, and across the global markets, according to a report by the News Agency of Nigeria (NAN).

Victor Etuokwu, Deputy Managing Director, Retail Banking, said: “It is with excitement that we announce that Access Bank, Nigeria’s largest retail bank with over 60million customers is the first financial institution to successfully issue the first live card of Nigeria’s National card scheme, AfriGO.

“The launch of AfriGO is another milestone in the development of a vibrant and rapidly expanding payments industry. Consumers demand value in real-time, not just transactions. With AfriGO, we can provide valuable card benefits, robust loyalty rewards, and a compelling incentive to utilize electronic payments rather than cash.”

“The AfriGO Card has additional benefits because it is designed to facilitate the growth of Nigeria’s payment ecosystem, thereby supporting more tailored payment services. It will strengthen payment security, expand financial participation, guarantee data sovereignty, eliminate FX dependency, and provide Nigerians with several other benefits. Cardholders will enjoy increased affordability and more flexible payment options,” Etuokwu added.

Robert Giles, Senior Retail Advisor, Access Bank, while speaking on the product launch, said the national card scheme operates locally and is tailored to the specific needs of the country.

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“We have also recorded successful purchases on POS and ATMs which began on March 14, 2023. Domestic ownership of a local card scheme eliminates demand on foreign exchange and reduces the cost of transacting. It will also help us partner with local fintech and payment companies to build solutions on the AfriGO scheme that solve customers’ pain points.

“This comes at a crucial time for the national payments’ infrastructure where demand for convenient cash alternatives is at a peak. We believe that the AfriGO scheme is a new building block that will support continued progress in the payments system, building on Nigeria’s position as the 6th most developed real-time payments market in the world.”

Premier Oiwoh, the MD/CEO of NIBSS noted that the payments landscape in Nigeria has continued to evolve via seamless and convenient real-time electronic payment solutions driven by innovation and advancement in technology.

“The launch of our national domestic card scheme is very timely. AfriGO will drive our financial inclusion goals amongst many benefits, and we are thrilled that Access Bank is the first bank in Nigeria to issue AfriGO cards to its customers.

“Access Bank has demonstrated the much-needed commitment to enhancing financial inclusion, and we urge other financial institutions to commence issuing AfriGO for more accessible and convenient payments for all Nigerians, regardless of their location or financial status.”

Aminu Maida, Executive Director, NIBSS, said, “With technological advancements, there are more options for payments. The recently launched national domestic card scheme, AfriGO gives us assured comfort on all financial transactions. We are excited that Access Bank is the first to key into our belief of AfriGO’s immense value to the Nigerian financial ecosystem.”

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BANKING

Allegations Against Our MD, Spurious, FirstBank Claims

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Dr. Adesola Adeduntan, Managing Director/Chief Executive Officer, FirstBank Nigeria

FirstBank Nigeria has described as spurious, allegations bordering on forgery brought against its managing director and three others as was reported by some online publications.

The Bank said in a statement on Thursday evening that “the basis of the charge is a spurious allegation made by a delinquent debtor to embarrass the Bank and taint its loan recovery efforts and legal enforcement of its security collateral interest in accordance with the terms thereof.”

The Bank assured its numerous customers, stakeholders, and the general public that “FirstBank operates by the highest standards of ethical conduct and will under no circumstances involve itself in any act of illegality just as it will take necessary legal steps to check any attempt by recalcitrant debtors to fritter away depositors’ funds under its custody.”

The statement further quoted the Bank as saying that it remains focused on its mission of providing the best financial services to its numerous customers.

Recall that The Punch reported on Thursday that the Federal Government had filed charges against First Bank of Nigeria Limited, its managing director, and three others over allegations bordering on forgery.

The charge sheet marked CR/266/2023 before the High Court of the Federal Capital Territory, Abuja, also includes two lawyers, Muftau Ande, and Dibiaezue Chuks, as well as the Utako Branch Manager of First Bank, Abuja.

In the charge sheet filed by the Federal Ministry of Justice, the five defendants were accused, among other things, of forging a “tripartite legal mortgage without the consent of the proprietor of Whiteplain British School, Mr. Francis Chukwumah Nwufor, with intent to commit fraud.”

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The defendants were also accused of dishonestly dispossessing Nwufor of his property using the forged tripartite legal mortgage.

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