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FIRSTBANK: REDEFINING THE ‘HERITAGE OF FIRST’ WITH SMART DIGITAL BANKING

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By Ehime Alex, (National Accord)

As information technology evolves rapidly, the disruption or advancement in the banking sector will continue to be digitised. Only the bank that can transform itself into truly effective digital organisation and embrace the changes in digital technologies and consumer behaviour will survive and thrive in both the current and future digital environments.

Leveraging experience spanning over a century of dependable services, Nigeria’s premier financial institution, First Bank of Nigeria Limited, also called FirstBank, has kept pace with the evolving global operating environment, responding to the dynamic needs of its customers, investors, regulators, host communities, employees and other stakeholders. Through a balanced approach to plan execution, this iconic banking Brand has consolidated its industry leadership by maintaining trans-generational appeal and continually boosting its customer-base, which cuts across all segments in terms of size, structure and sectors.

With these unbroken business operations experience, FirstBank has continued to build relationships and alliances with key sectors of the economy that have served as strategic building blocks for the wellbeing, growth and development of the country. Also, with its huge asset base and expansive branch network, as well as continuous re-invention, this Nigeria’s strongest banking franchise has maintained market leadership on all fronts in the nation’s financial services industry.

Minds are still refreshing on the 125 years anniversary of this leading financial services solutions provider in Nigeria. A milestone that will continue to speak volume of FirstBank’s journey through the ages, her footprints traversing the nook and cranny of Nations with indelible landmarks of several firsts in the development of the banking industry in Nigeria, and contributions to banking sectors across Africa, the World at large.

It cannot be forgotten in a hurry, not so soon, how on Friday, March 1, 2019, FirstBank had the world stand still as it held its symbolic flag hoisting ceremony across Nigeria and other countries where it does business – a historic happening which officially flags off the bank’s commemoration of attaining the milestone year of 125th.

The last 125 years has passed, FirstBank says it is now focusing in building for the next 125 years and beyond to purposefully blaze the trail in its industry thereby sustaining leadership position and remaining youthful; an effort, no doubt, that is aimed at redefining the “Heritage of First” into the world of digital banking.

According to the digital banking report for 2018, in the past, providing a seamless customer experience has only ever been secondary to other higher priority items for banking institutions.  This has to change to providing digital solutions for customers in and out of the institutional doors.

Meanwhile, before the transition to digital banking in Nigeria, conventional banking system had held sway which historically started in 1952. As it lasted, the industry witnessed a lot of regulatory and institutional advances, with FirstBank notable as one of the five out of 89 banks then; and all through, when in 2004 the banking industry went through reformation.

It could be observed that, when today’s customers evaluate financial institutions, they don’t compare different banks anymore, they compare experiences that impact everything in their lives as consumers for better than ever, with real-time, smart digital services being delivered through various devices 24/7 at the snap of their fingertips.

To survive the digital environment, FirstBank has continued to put in place the right framework to compete and succeed in the banking industry of the future, with goals set to create more efficient operations, higher profits and happier customers, “You First”.

According to FirstBank’s Chief Executive Officer, Dr Adesola Adeduntan, the digital banking offerings of the Bank have been optimised to ensure ease of banking and convenience via other channels such as FirstMobile app, Firstonline, FirstMonie, USSD banking and WhatsApp banking. Fundamental shifts where staying relevant means becoming an active part of a customer’s digital life!

Explaining about the chat banking on WhatsApp, during one of its occasions, FirstBank’s CEO said, “It is one of the ways First Bank puts You First and enables you to stay connected with your contacts, loved ones, friends and finances all on the go while you chat with them because, at First Bank, we are driven to bolster relationships on all fronts, anywhere and anytime.”

It can also be recalled that, Dr Adeduntan said, “Mobile and digital banking leverages native and responsive digital innovations to deliver aesthetically consistent physical and digital experiences to customers. Thus, we deliver real time event driven information and offer to proactively serve the immediate and long term financial needs of customers.”

As the saying does go, with digital opportunity comes digital risk, FirstBank recognises that as customers continue to gravitate to the ease and speed of digital banking, the associated risks will be on the rise.

Telling it as it were to curb the anticipated risks head-on, FirstBank CEO said, “We have adopted a disciplined approach to deliver unique customer experiences through best in class value and customer service; enabling customers to initiate, pause and restart transactions across various channels at any time. Also, we use advanced analytics to evaluate customer behaviour, determine preferences and deliver personalised customer services.” The FirstBank Boss added that, “The bank is focusing on the feelings and behaviour with the aim to provide real value for the customers so as to have a positive impact with the product and the services provided to its customers.”

With FirstBank’s involvement in every stage of national growth and development, the Bank has recorded laudable feats since the advent of digital banking in Nigeria. Starting from 1991, when the Bank introduced first ATM (automated teller machine) in Marina, Lagos, it now has more than 2,700 ATMs across its 730 business locations, 18,000 Agent Banking spread and has earned itself the 2nd Bank in Africa and 1st in Nigeria to issue 10 million cards.

In 2007, FirstBank introduced the innovative credit administration software called Innovative Finnone credit administration software, being the first bank in Africa to pioneer the service. Other notable corporate transformation projects included the launch of FirstContact, the 24/7 multi-lingual integrated and interactive customer service contact centre, a key component of FirstBank’s service delivery transformation, which revolutionised customer feedback processes.

FirstBank is also the first to launch Biometric ATM in Nigeria, consistent with its tradition of pioneering far-reaching innovation in the financial services industry. In 2010, FirstBank becomes the first organisation to be granted notable international standardization certifications, the prestigious Information Security Management System (ISMS) Certification, which is the world’s highest accreditation for information protection and security; and Business Continuity Management System Certification, both from the International Organisation for Standardisation (ISO), following rigorous certification processes by the British Standards Institution (BSI), a leading organization in the field of auditing management systems and processes.

In 2011, FirstBank launched the first Cash Deposit ATM. The Bank has earned recognition as the “Most Innovative Bank in Africa” by the African Banker, attesting to its forward-thinking approach; and named “Nigeria’s Number One Banking Brand” by Brand Finance Top 500 Banking Brands by The Banker, an international banking magazine published by Financial Times,Ltd.

Acknowledged by Interswitch, Africa-focused integrated digital payments and commerce company, as the first financial institution in Nigeria to achieve 100 million sustained monthly transactions in electronic payment, in December 2015 and again in May 2016. Same year, FirstBank celebrated 20 years of partnership with Western Union Money Transfer.

In 2017, FirstBank total number of Firstmonie (FirstBank money wallet) users hit 4,035,307 and with over 6 million digital banking users (the fastest mobile banking penetration across Africa).

Indeed, FirstBank is the first indigenous organisation in Nigeria to launch Human Resource Solution in the Cloud. As at 2018, it won Best Retail Bank in Nigeria (an award given by the renowned Asian Banker Awards) for the 7th consecutive time. In that same year, processes the highest number of transactions on electronic channels in the industry annually, representing above 1.6 billion (about 33 per cent of the industry volume).

Awarded a second time back-to-back recognition for Digital Bank of Distinction, Nigeria; Firstbank, last year, won the Best Bank in Nigeria award for the 15th time, both by Global Finance Magazine.

By and large, FirstBank continues to seek out better solutions to digitise its offerings whilst optimising its workflow and lowering operational costs for the future ahead in digital banking. 

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

 

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

 

 

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

 

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

 

 

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

 

 

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

 

 

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

 

 

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

 

 

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.
The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.
“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.
The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.
Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.
The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.
This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.
Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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