Business
First Bank gears up to achieve customer growth target
First Bank Nigeria Limited is stepping up efforts to ensure that it meets its growth target of 30million customers over the next three years, the lender has said.
Managing Director/Chief Executive, FirstBank Limited, Dr. Adesola Adedutan, had announced last May that the Tier 1 lender had begun implementing a three year strategy that would result in its increasing its customer base to 30million.
He said: “The strategy is focused on significantly growing our customer base. We plan on having minimum of 30 million customer account over the three years. We are currently at about 14 million customer accounts. Our commitment is that, given the number of branches that we already have, which is slightly below 750, we don’t intend to make additional significant investments in building new branches.
“We are left with aggressive digital marketing initiatives, which means, migrating our existing and new customers to alternative channels, namely First Online, Firstmobile, USSD and ATM cards. That is the way forward for us and we are making significant progress already.”
In a statement made available, the bank disclosed that in line with its strategy to grow its customer base to 30million over the next three years, it launched a “Project Orion”- a, “technology-led transformation programme aimed at fully automating the Finance, Risk Management, Compliance and Human Capital functions, using a proven Enterprise Resource Planning and Enterprise Risk Management (ERP/ERM) system.”
The ERP/ERM solutions, the lender said, would eliminate process redundancies as well as strengthen risk management and controls, support cost optimization, reduce opex and improve efficiencies and profitability.
It also stated that last June, it announced the launch of its refreshed and user-friendly website, adding that besides being built for the digital age, the new website is easy to access and navigate for the average multi-screen user.
According to the statement, the new website is considered a unique evolution for the lender in terms of information and interactive services available for customers, investors, shareholders and the global community.
Commenting on the new website, Group Head, Marketing and Corporate Communications, FirstBank, Mrs. Folake Ani-Mumuney, said: “The launch of refreshed website comes in line with measures that the Bank has taken to execute its digital banking strategy that aims to progress all facets of the its activities in line with global best practices.”
She explained that FirstBank has benefited from modern technology tools to ensure a solid technical foundation for the new site, which would see continuous enhancements in the coming months to enhance the effectiveness of its operations and provide all key information needed by customers, investors and other visitors of the website to make investment decisions and have a better customer experience.
Similarly, the lender disclosed that as part of the strategy, it recently implemented new features on its mobile banking application – FirstMobile- to enhance security and customers’ digital banking experience. The new features, it stated, include, The Card-in-Control functionality, the Quick Response (QR) Code, the Transaction receipt and Save beneficiary functions.
Furthermore, the bank stated that it recently partnered with Visa to launch the Mobile Payments Solution – mVisa, adding that this mobile solution allows customers pay for goods and services by scanning a QR code using a smart phone via the FirstMobile App.
“Payment goes straight from the consumer’s FirstBank account into the merchant’s account and provides real-time notification to both parties,” the bank explained.
Commenting on the innovative platforms that it recently launched, the Group Head, E-Business, First Bank of Nigeria Limited, Chuma Ezirim, said the lender would continue to put customers first by leading the industry in the use of technology to provide convenient and fast banking solutions.
“Partnering with Visa to deliver mVisa is part of the FirstBank’s strategy to deliver reliable, secure and convenient payment options to its esteemed customers.”
It further promotes our digital approach by delivering omni-channel experience to all our customers, while enhancing our existing offerings”, he reiterated.
It will be recalled that First Bank’s CEO, Dr Adedutan, had revealed in May : “Based on the figures of the last quarter of 2016, 47 per cent of the transaction volumes carried out by our customers was done via alternative channels.
“We aim at increasing this figure to 70per cent by 31st of December 2019. This will be very significant because that’s when we plan on achieving the 30million customer account minimum.”
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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