Business
FirstBank: Redefining the ‘Heritage of First’ with smart digital banking
Published
5 years agoon
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. – National Accord.
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Oil marketers counter Dangote over allegation of substandard product importation
The Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has countered the claim by Dangote Refinery that any oil importers landing petrol at a price cheaper than what the refinery is selling are importing substandard products and conniving with international traders to dump low quality products into Nigeria.
The refinery had made the claim on Sunday.
In a statement yesterday, DAPPMAN’s Executive Secretary, Olufemi Adewole, said none of its members was engaging in activities that could shortchange Nigerian fuel users by conniving with anyone to bring in low quality product into the country.
“We’ve said this for the umpteenth time, and it bears repeating, those in the downstream sector business of petroleum products trade are patriotic Nigerians who will not shortchange Nigerian citizens for filthy lucre. Our members are in this business to add value to the businesses of their fellow Nigerians and not to defraud them.
“Prices of products in the international market are dynamic as they’re dictated by prevailing circumstances at every given situation. We calculate our landing costs based on the dynamics of market forces, and the templates are always in the public domain. To claim that if the landing cost of imported product happens to be lower than that of the refinery indicates importation of low quality product is not only preposterous, but also fallacious. In any case, the management of the refinery has, until now, kept its cost and prices close to its chest and put it away from public scrutiny. “
“This type of submission, targeted at projecting our members negatively before the public, cannot help the management’s desire to have oil marketers patronise its products. What will ensure such patronage is transparency, fair play, and readiness to compete with others, including foreign refineries, on an even keel and on a level playing field.”
Adewole said the disclosure by the refinery’s management that the facility has a huge stock of 500 million litres fuel reserve came to its members as news.
“We were surprised because we believe that if the refinery has such huge stock, it’s the marketers that should be put in the know first.
‘Secondly, it was even more surprising given that the news came about the time the refinery was working on rationing what each marketer could pick from the refinery. If they had such huge stock, how is it then that they’re rationing what marketers could buy?
“On all these developments in the industry, the position of our members is very clear: we’ve always played by the rules, and we’ll continue to play by the rules. We’ll not be tired of advocating for a level playing field and a highly competitive and transparent sector that’s devoid of arm twisting and devoid of any form of dominant tendencies,” he said.
Similarly, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said it had concluded plans to import the best quality petroleum product and sell at far cheaper prices.
The association said it was awaiting the NMDPRA to grant it import licence, saying it “has successfully incorporated a strategic business unit called PETROL.”
Its spokesman, Joseph Obele, said PETROAN had concluded plans with her foreign refinery counterparts and financial partners to import the best quality of PMS and “then sell far less than the present selling rate of PMS in Nigeria.”
He said the allegations that PETROAN would import inferior products and that an international company was trying to establish a PMS blending plant in Lagos “are all strategies for Dangote Refinery to push others out of the market…”
Also, Pinnacle Oil and Gas Limited, in a statement by its Chief Executive Officer, Bob Dickerman, denied blending substandard petroleum products.
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Why Protesters demanded Kyari’s resignation
Scores of youths stormed the headquarters of the Nigerian National Petroleum Company Limited on Monday, demanding the immediate resignation of the Group Chief Executive Officer of the company, Mele Kyari.
The protesters, led by some Civil Society Organisations, described Kyari’s leadership as incompetent, citing skyrocketing fuel prices, endless fuel queues, and economic hardship in Nigeria.
The protesters carrying placards with different inscriptions such as “we demand the immediate resignation of Kyari”, among others, said the leadership of the NNPCL boss has failed.
The aggrieved youths led by Abdullahi Bilal of the (Two Million Man March Against Oil Scam Cabal) and Barrister Napoleon Otache and Olayemi Isaac from Citizens and Economic Freedom Rights Activists in Nigeria demanded immediate action to address what they described as failed leadership in managing the country’s oil sector.
Central to the protests were grievances over skyrocketing fuel prices and the never-ending queues, which they argued have driven inflation and plunged millions of Nigerians into poverty.
They also decried the importation of adulterated fuel, which they said is a corrupt practice that harms citizens by damaging vehicles and businesses.
They demanded an immediate halt to these imports and accountability for those responsible, questioning how substandard fuel continues to enter the country despite quality control assurances.
Additionally, the group criticized the unfulfilled promise of the Dangote refinery to resolve Nigeria’s fuel crisis, expressing frustration over the billions of dollars spent on refinery development and refurbishing existing facilities.
They argued that despite these investments, fuel shortages persist, leaving Nigeria reliant on costly imports even as an oil-producing nation.
They urged President Bola Tinubu to intervene by overhauling leadership in the oil sector, enforcing greater accountability, and putting citizens’ needs first. The protesters vowed to continue mobilizing until their demands for reform and transparency are met.
Speaking to journalists during the mass demonstration, Abdullahi Bilal said, “The Two Million Man March stands as a united voice for every citizen who has been betrayed by a system that continues to enrich a few at the expense of many.
“Today, we call for the immediate resignation of the current leadership in the country’s oil sector. Their management has failed Nigerians.
“Under their watch, we have seen fuel prices skyrocket without consultation or consideration of the devastating impact on the people. We have endured fuel scarcity while substandard, adulterated fuel is imported, causing further hardship.
“We demand the complete removal of the fraudulent fuel subsidy regime that has only served to enrich a select few. Full deregulation is necessary to introduce transparency, competition, and fairness to our oil sector.”
On their part, Otache and Isaac, insisted, “This act of economic sabotage has led to endless fuel queues, skyrocketing fuel prices, and unprecedented disruptions in the daily lives of Nigerians.
“We demand an immediate end to fuel queues, transparency, and accountability from all involved parties. We want to know how substandard fuel continues to enter the country despite assurances of quality control.”
On July 7, 2019, former President Mohammadu Buhari appointed Kyari as the 19th GMD of NNPC, but with the passage of the Petroleum Industry Act, his current portfolio is without recourse to previous employment ranks in the company.
NNPCL reacts
Reacting, the NNPCL spokesperson, Femi Soneye, said the protestors lack understanding of the sector.
He explained that contrary to their agitation, the GCEO ensured Nigerians had access to fuel at N620 per litre for over a year, even when the landing cost was above N1,100.
Responding via a chat, Soneye said, “Unfortunately, they lack understanding of the sector. If they were informed, they would know that the GCEO is not responsible for the fuel price increase; in fact, he ensured Nigerians had access to fuel at N620 per litre for over a year, even when the landing cost was above N1,100.”
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Business
Renewed Hope Agenda and Impacts in Aviation* By Mary Odoma
Published
3 hours agoon
November 5, 2024*Renewed Hope Agenda and Impacts in Aviation*
By Mary Odoma
President Bola Tinubu’s knack for selecting top talent is unparalleled. In his quest to build a prosperous Nigeria, he’s assembled an exceptional team. By leveraging their expertise, experience, and strategic insight, he’s fostering national stability, economic growth, and a sustainable future.
His latest win is in Aviation and Aerospace Development, where he’s appointed a fearless and straightforward leader, Festus Keyamo, SAN. Keyamo’s commitment to excellence makes him an ideal fit. President Tinubu’s vision for Nigeria is taking shape, and his leadership choices are truly commendable.
A dedicated, charismatic and impactful lawyer, the dynamic and astute developer is a terror to mischief makers and enemies of progress. A tough and forceful personality who is determined with an ultimate goal to change Nigeria.
Appointed on 21st August 2023 as the helmsman of the Ministry, Keyamo has been unwavering in his drive for positive transformation, reforming the sector and bringing about enduring positive impact in a transparent manner.
His Ministry has the core mandate of regulating air travel and aviation services in the country. It is also responsible for overseeing air transportation, air development, maintenance, provision of aviation infrastructural services and other needs.
A very patriotic Nigerian, Chief Festus has several achievements, in line with the Renewed Hope Aviation Roadmap approved by President Tinubu to his credit.
In a steadfast commitment towards revitalizing the nation’s aviation sector, Mr Keyamo was able to ensure the approval of the concession of the Nnamdi Azikiwe International Airport (NAIA), Abuja and Mallam Aminu Kano International Airport (MAKIA), Kano Airports. This is in line with the initiation of the Nigerian Airport Concession Strategy.
Also, in line with the Federal Ministry of Aviation Roadmap, Chief Keyamo initiated the signing of an MoU with the Nile University for the take-off of African Aviation and Aerospace University (AU). This milestone achievement of the Minister aims to integrate and create an avenue for the training, research and development of ready middle-class manpower for the sector.
Equally, under his watch, the pragmatic leader led the Ministry into partnership with the ICRC and also a collaboration with the IFC on infrastructural development. This partnership is to both develop and implement a comprehensive and durable framework that will meet the infrastructural needs of the sector over a long period.
Through Keyamo’s congruence and dynamism, the BASA arrangement is another revolutionary innovation aimed at ensuring the operationalization of direct flights between Nigeria and Brazil.
Keyamo’s motivation and altruistic devotion to having a functional aviation and aerospace sector also moved him to upgrade the Muhammadu Buhari, Airport, Maiduguri to the standard of an international airport. This airport is ready to commence full operation on January 1, 2025
In the area of staff motivation, retirees of the Ministry now have no cause for alarm as their interest is covered. Recently, the Ministry honoured 24 retirees drawn from the lowest rung to the highest. It is in a bid to acknowledge those who have contributed immensely to the growth and development of the sector as Nation-builders.
His prompt response to issues including distress reveals an empathetic personality and someone who is very much alive to his responsibilities. Recently, while reacting to the accident involving a helicopter on the 24th October 2024, Mr Keyamo, immediately upon receiving the distress call, activated protocols aimed at search and rescue operations, mandating all relevant bodies to do everything humanly possible to ensure the safety of the passengers on board the ill-fated vehicle.
The Minister was also actively involved with all the relevant agencies towards ensuring a coordinated response. His active and physical involvement led to the minimization of casualties.
In a show of collaboration and solidarity, the Hon. Minister travelled to far away Marrakesh, Morrocco, to give support to the 2024 International Transport Workers’ Federation (ITF) congress. His presence was to underpin the importance the federal government attaches to the role of the transport workers in stabilizing the aviation sector.
Festus Keyamo as the Honourable Minister of Aviation and Aerospace Development is certainly the best thing that has happened to the industry. He has exhibited passion, dedication and selfless forthrightness in the discharge of his duties and a total comprehension of what it takes to carry out his roles. He is well-groomed for the job and his background has helped him greatly towards shaping the positive impact he is making on society.
Today, Festus has proved that a faithful, disciplined, and dedicated Nigerian can stand out of the crowd because he symbolizes what governance is all about. These feats can only be achieved by a man with the right comportment and conduct in the service of humanity and the fatherland.
Deserving of note is that Chief Keyamo, through the foresight of President Tinubu has well-prepared team leaders appointed as heads of the agencies of the Ministry.
The supportive and collaborative roles of the Nigeria College of Aviation Technology, Nigeria Metrological Agency, Nigeria Civil Aviation Authority, Nigeria Airspace Management, the Federal Airports Authority of Nigeria, and the Nigeria Safety Investigation Bureau (NSIB), have brought about those tangible and noticeable volte-face experienced today in the Aviation sector.
With Keyamo at the helm, Nigeria’s aviation sector is experiencing a transformative shift, thanks to President Tinubu’s foresight in appointing well-prepared team leaders. The Nigeria College of Aviation Technology, Nigeria Metrological Agency, and others are working together to bring about tangible change. Keyamo’s dedication, discipline, and commitment to service have improved Nigeria’s image and reformed the aviation and aerospace sectors.
Odoma is the President of New Nigeria Network [NNN[ writing from Abuja.
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