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FirstBank: Redefining the ‘Heritage of First’ with smart digital banking

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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.

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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.

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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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10 COSTLY MISTAKES TO AVOID WHEN BUYING A LAND IN NIGERIA BY Dennis Isong

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10 COSTLY MISTAKES TO AVOID WHEN BUYING A LAND IN NIGERIA BY Dennis Isong

 

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Purchasing land in Nigeria is one of the most major real estate investments, requiring careful thought and extensive research. While purchasing land has enormous potential for growth and financial gains in the future, there are a number of obstacles that potential buyers must avoid to guarantee a safe and successful transaction. This article examines ten expensive blunders that people should stay away from while investing in Nigerian real estate.

 

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10 COSTLY MISTAKES TO AVOID WHEN BUYING A LAND IN NIGERIA BY Dennis Isong

These mistakes have the ability to compromise the integrity of the investment, ranging from ignoring zoning laws and physical inspections to missing important paperwork and falling for enticing offers. Aspiring landowners may protect their investments and make wise choices in the dynamic and ever-changing Nigerian real estate market by being aware of these typical blunders and actively avoiding them.

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THE MISTAKES TO AVOID

1. Failure to Conduct Proper Due Diligence:

Conducting due diligence involves researching the property’s history, including any legal disputes, outstanding taxes, or encumbrances. Consult with legal professionals to ensure that the property has a clear title and is free from legal complications.

2. Ignoring Land Documentation:

Land documentation, such as the Certificate of Occupancy (C of O), survey plan, and deed of assignment, are critical. Ensure that these documents are authentic, up-to-date, and legally binding. A legal expert can assist in verifying the legitimacy of these documents.

3. Bypassing a Professional Survey:

A professional survey helps to accurately determine the land boundaries and prevent boundary disputes. Engaging a licensed surveyor ensures that the land’s dimensions are accurate, and potential issues like encroachments are identified and addressed. Charts the coordinates of the property and verify at Surveyor’s General office.

4. Disregarding Zoning Regulations:

Understanding local zoning laws is crucial to ensure that the land is suitable for your intended use. Zoning regulations dictate what type of development is allowed in a specific area. Non-compliance can lead to legal issues and the inability to use the land as planned.

5. Skipping Physical Inspection:

Physically inspecting the land allows you to assess its current state, the neighborhood, and its proximity to essential services. It also helps in identifying any potential environmental concerns or risks that may not be evident through online information.

6. Neglecting Community and Environmental Factors:

Examining community dynamics involves understanding the local community’s acceptance of the proposed development. Additionally, assessing potential environmental risks, such as flooding or contamination, is vital for the long-term viability and safety of the investment.

7. Incomplete Title Transfer:

Ensuring a complete and legal title transfer is crucial. Confirm that the seller has the legal right to sell the property, and all necessary paperwork, including the change of ownership, is completed. Failure to do so might lead to legal disputes in the future.

8. Ignoring Infrastructure Development Plans:

Being aware of government plans for infrastructure development in the area can significantly impact the land’s value. Upcoming projects like roads, schools, or commercial centers can positively influence property prices, making it a more attractive investment.

9. Not Confirming Land Ownership:

Verifying the seller’s ownership through land registry records is essential. This ensures that there are no competing claims to the property and helps prevent potential legal issues arising from disputes over ownership. This usually happens when you buy land from Omo onile. If at all you are convinced of their authenticity, ensure that you begin its development immediately.
It’s advisable to buy from only those you trust and that have adequate knowledge of Real Estate.

10. Falling for Unrealistic Deals:

If a deal seems too good to be true, it’s crucial to investigate thoroughly. Unrealistically low prices may indicate hidden issues, such as title disputes, undisclosed liabilities, or fraudulent activities. Seek professional advice and proceed cautiously to avoid falling victim to scams or financial losses.

Dennis Isong is a TOP REALTOR IN LAGOS. He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

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NASRE Review: Lagos’ Discount Food Initiative Propels National Call for Economic Resilience

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SANWO-OLU CONGRATULATES LAGOS HOS, MURI-OKUNOLA AT 50

NASRE Review: Lagos’ Discount Food Initiative Propels National Call for Economic Resilience

As Nigeria grapples with staggering inflation rates, reaching a distressing 31.7%, Nigerian Association of Social and Resourceful Editors, NASRE, stress that Lagos State emerges as a beacon of hope with its innovative approach to tackle the dire economic situation.
NASRE Review: Lagos' Discount Food Initiative Propels National Call for Economic Resilience
In response to the escalating cost of living, Lagos has pioneered the “Ounje Eko” food markets initiative, offering discounted prices on essential commodities across the state. This groundbreaking initiative, spearheaded by Governor Babajide Sanwo-Olu, not only alleviates the financial burden on its residents but also sets a precedent for nationwide adoption amidst the prevailing economic turmoil.
The latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS) paints a grim picture of Nigeria’s economic woes. Headline inflation has surged to 31.7%, the highest level recorded since April 1996, exacerbating the hardships faced by ordinary Nigerians. Of particular concern is the soaring food inflation, which stands at a staggering 37.9% in February 2024.
This relentless upward trajectory in food prices has triggered protests and heightened the risk of food insecurity, with the International Monetary Fund (IMF) warning that 8.0% of Nigerians are at high risk of food insecurity.
Amidst this economic turmoil, Lagos State has taken proactive measures to cushion the impact of high food prices on its residents through the “Ounje Eko” food markets initiative. Operating exclusively on Sundays across 57 locations in the state, these markets offer a 25% discount on staple food items, including rice, beans, garri, bread, eggs, tomatoes, and pepper.
The initiative incorporates innovative measures to ensure transparency and prevent exploitation, such as the introduction of a voucher system and careful selection of independent payment solution providers and food vendors. Prices of staple food items have been clearly outlined, fostering transparency and accountability.
The success of the Lagos Discount Food Initiative underscores the urgent need for similar interventions across the nation. State governments are urged to emulate Lagos’s proactive approach and establish discounted food markets to ease the burden on their citizens.
Furthermore, the federal government must lend its support by providing financial assistance and logistical support to scale up these initiatives nationwide. Expanding the initiative to all states across Nigeria holds immense potential to alleviate the burden of skyrocketing food prices and mitigate the widespread economic hardships inflicted by inflation. Adopting this model nationwide will help ease financial strain and enhance food accessibility for all socio-economic strata, fostering social cohesion and stability.
Finally, a nationwide rollout of discounted food markets would stimulate consumer spending, boost local economies, and contribute to the overall well-being and resilience of communities nationwide. By embracing this initiative, all states have an opportunity to demonstrate proactive governance, prioritize the welfare of their citizens, and contribute to the collective effort of building a more equitable and prosperous Nigeria.

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At Polaris Bank IWD Webinar, Guest Speakers Advocates Empowering Opportunities for Women

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At Polaris Bank IWD Webinar, Guest Speakers Advocates Empowering Opportunities for Women

 

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At Polaris Bank IWD Webinar, Guest Speakers Advocates Empowering Opportunities for Women

…as CEO, Kayode Lawal highlights the indispensable contributions of women to societal progress, economic development

 

Polaris Bank’s International Women’s Day (IWD) webinar themed: ‘Empowering Voices: Women Leading Change,’ offered a dynamic platform for insightful conversations. The 2024 International Women’s Day (IWD) theme “Inspire Inclusion,” recognizes that despite progress made, women face significant obstacles to achieve equal participation in the economy.

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At Polaris Bank IWD Webinar, Guest Speakers Advocates Empowering Opportunities for Women

 

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Held on March 12, 2024, at the Bank’s Victoria Island, Lagos headquarters, the webinar featured a distinguished panel of experts who discussed various aspects of women’s empowerment and inclusivity. The event witnessed participation from customers and staff alike. The two guest speakers, who focused on inclusion in the workplace and inclusive health, did a phenomenal job.

The two panelists drawn from diverse fields, delved into crucial topics such as; self-esteem, mental wellness, workplace policies, and the importance of inclusive infrastructure. They emphasized the need for collaborative efforts from all segments of society to support women in realizing their aspirations.

Ms. Solape Akinpelu, CEO and co-founder of HerVest, a fintech company, highlighted the significance of inclusivity and called for concerted action to dismantle societal narratives that undermine women’s capabilities.  She stressed that women are not helpless and advocated for proactive measures to counter sub-conscious biases.

On her part, Dr. Ifeyinwa Nwakwesi, CEO of Healthy Living Services Nigeria Ltd., provided valuable health tips for women to balance their professional and family lives; while prioritizing their well-being. Dr. Nwakwesi underscored the pivotal role of women in maintaining family health and urged them to shield themselves from undue pressures.

Earlier in his opening remarks, Polaris Bank’s Managing Director/CEO, Mr. Kayode Lawal emphasized the indispensable contributions of women to societal progress and economic development. He reaffirmed the Bank’s commitment to fostering an inclusive workplace culture that values diversity and empowers women to excel.

Reflecting on the global theme of IWD 2024, “Inspire Inclusion,” Lawal highlighted the importance of creating a culture where everyone feels valued and respected. He reiterated Polaris Bank’s dedication to providing a conducive work environment for its female workforce, free from biases and discrimination.

In her own contribution, Bukola Oluyadi who has oversight on Sustainability in Polaris Bank, emphasized the importance of connecting with women in the workplace. According to her, when women feel appreciated and encouraged to bring their best to the table, it enhances their sense of value and contribution.

The webinar concluded with a call to action for all stakeholders to prioritize inclusivity and collaborate towards creating equitable opportunities for women in all spheres of life.

Polaris Bank, was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

 

-END-

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