Business
FirstBank: unlocking wealth in salary account
FirstBank: unlocking wealth in salary account
Kayode Tokede examines ways monthly salary earners with FirstBank accounts benefit from the lender’s numerous loans initiatives amid harsh economy
In time past, monthly income earners – especially bank customers – were unable to have quick access to personal loans to meet their immediate financial needs due to the stringent conditions.
The Central Bank of Nigeria (CBN) had introduced the Know-Your-Customer (KYC), among other policies, to enhance financial inclusion and reduce the incidence of related identity fraud in the banking sector. These have enhanced the capabilities of banks to grant soft loans to customers.
With these, monthly income earners have access to loans every month with an attractive interest rate, below the stipulated limit, which has eased customers with the opportunity to access soft loans (Personal loans) and meet urgent needs.
Amid double-digit inflation rate, among other operating headwinds, meeting demands of owning a dream car, house, and travel for vacation become challenges as daily expenses inflate.
Personal loans are borrowed money that can be used for large purchases, debt consolidation, emergency expenses, and much more.
These loans are paid back within the period advised in the terms and conditions of the facility. The payback period can be within a month, a couple of months or a few years.
Salary accounts can do more than just receive monthly pay; they have inherent wealth that can be unlocked to help customers achieve dreams as they advance in their careers and be on top of ‘money demanding’ situations at home and work.
Over the years, First Bank of Nigeria Limited has adopted the strategy of creating opportunities for salary accounts holders to unlock the wealth in their accounts with numerous initiatives introduced to bridge the gap in the access of quick loans.
The bank’s salary accounts offer zero opening balance, zero minimum daily operating balance, zero account maintenance charge, First Free Verve or Master Card Issuance and access to consumer loans.
The bank also introduced Personal Loan Against Salary (PLAS), First Advance, and FirstCredit Salary Account designed to meet personal loans demands.
With FirstBank’s PLAS, the salary account holder can access personal loans up to N30 million to pursue capital projects, carry out renovation works on their properties, acquire assets, give their children the best education, and other fulfilling accomplishments. PLAS offers flexible options to top-up and refinance existing loans at competitive rates.
The product is designed to also help customers meet immediate personal financial obligations such as rent renewals, vacation trips to choice destinations and pay for professional examinations to take their career to the next level. With PLAS, Nigerian salary earners need to be assured of a funding partner in FirstBank to fulfil their dreams. PLAS is available to employees whose salary accounts are domiciled with FirstBank.
FirstAdvance is a digital lending solution designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries.
The product is meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last six months or more.
The maximum amount accessible is N500,000.00, subject to 50 percent of the net average three months salary, whichever is lower.
The eligible amount is calculated after deducting all other loan obligations to the Bank. This product can be accessed via the Bank’s leading digital channels: FirstMobile and USSD.
The features of FirstAdvance include: Salary account must be domiciled with FirstBank, loan amount of up to 50 per cent of net monthly income, the tenor is 30 days or next payday [whichever comes first]. Repayment is taken immediately salary is received, while a lien is placed on the unfunded account, among others
The bank also has FirstCredit, a product designed to provide customers with a quick and simple loan to fund their immediate needs.
FirstCredit loans can be accessed from anywhere without visiting the Bank. It involved no documentation or collateral required and all the customer need is a mobile phone or tablet.
FirstCredit is easy and convenient as it promotes immediate access to loans to meet needs. It facilitates quick loan requests and disbursal with no physical documentation required nor collateral required. Neither are there hidden charges nor fees.
Its features include: the customer’s account must have been operational in FirstBank for at least six months; linkage of the account to a valid BVN is a requirement; primarily details of the account, including phone number and residential address, must be correctly updated and the customer must have a positive credit history and score with Credit Bureaus. The maximum loan amount is N300,000
Others are loan tenor: of 30 days, an interest rate of 10 per cent flat and insurance fee is also taken upfront on loan disbursal. To apply for FirstCredit, customers are to Dial *894#, select Loans, and follow the instructions.
Culled from ThisDay
*Oceangate Engineering Oil & Gas LTD to appeal Federal High ruling over forfeiture assets*
Oceangate Engineering Oil & Gas Limited has said it will appeal to the recent ruling of the Federal High Court ordering the forfeiture of certain assets.
Barr. Nnenna Onyeaso, the Company Secretary said in a statement on Thursday insisting that neither the company nor its leadership was found guilty of any wrongdoing.
Onyeaso said that the firm has described the court’s decision as a civil asset forfeiture order based on suspicion rather than proof, stressing that the judgment did not establish any criminal liability against the organisation.
According to her, the company maintain that it has already directed its legal team to file an appeal, expressing confidence in the judicial process and the outcome of a thorough review of the case.
“To be clear, this ruling is a civil asset forfeiture order with no finding of wrongdoing against Oceangate or its leadership.
“The court’s decision rested on a legal standard of suspicion, not proof, and it is one we intend to pursue fully through the appeals process,” she said in a statement.
The firm secretary also said that Oceangate has reiterated its belief in the rule of law, noting that the appellate system exists to address such outcomes.
She added that the company remained confident that the facts of the case will ultimately affirm its integrity and business practices.
Onyeaso said that the firm also emphasised that its operations remained unaffected, stating that it continues to provide employment for many Nigerians while contributing to the country’s energy sector and broader economy.
“We have always believed in the ability of the judicial process, and that belief has not wavered,” she added.
She noted that Oceangate further expressed appreciation to its employees, partners, and clients for their continued support amid the development, assuring stakeholders of its commitment to transparency and accountability.
The Secretary said that the company reaffirmed its confidence in Nigeria as a viable destination for investment, describing the country as a land of equity, growth, and opportunity.
“We remain committed to the continued growth of our business and the communities we serve as we are optimistic that justice will prevail at the end of the legal process.
FirstBank Empowers SMEs with AI-Driven Growth Strategies, Hosts SMEConnect Webinar
Lagos, 20 March 2026 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, is pleased to announce the upcoming edition of the SMEConnect Webinar scheduled to hold on Tuesday, 31 March 2026. The event will equip small and medium-sized enterprises (SMEs) with the knowledge and tools to harness the power of Artificial Intelligence (AI) for business growth.
This edition is strategically curated to inform and educate SMEs on how AI can be applied to scale their businesses in today’s rapidly evolving digital economy. The chosen theme, “AI for Business Growth: From Adoption to Integration and Scalable Impact,” reflects the growing importance and timeliness of AI as one of the most influential trends shaping the SME business landscape. The session will provide SMEs with actionable insights on how to leverage AI to enhance productivity, streamline operations, strengthen customer engagement, and make smarter, data-driven decisions.
The SMEConnect webinar will feature experts, including Temitope Odude, Senior AI Solutions Architect at Microsoft as a guest speaker. Odude will provide credible and globally relevant perspectives on how SMEs can successfully adopt and integrate AI into their everyday business operations. Other speakers include Abednego Ugwueke, Head of Digital Channels and Ibidun Adedewe, Head of SME Acquisition & Partnerships at FirstBank.
Speaking ahead of the event, Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, said “SMEs are the backbone of the Nigerian economy, and at FirstBank, we recognise that the economy cannot thrive without them. As a committed growth partner to SMEs, this session reinforces our strong focus on innovation, demonstrated through initiatives such as the use of AI‑enabled credit scoring to deliver fast, instant loans to micro‑SMEs, with over ₦1 trillion disbursed to support customers’ financial needs. Building on this foundation, we are equipping business owners with the right knowledge and practical insights on Artificial Intelligence to help them scale in the short term and drive sustainable growth. I encourage every business owner to participate in this session to gain hands‑on guidance on integrating AI into everyday business operations.”
SME owners and entrepreneurs can register for the webinar at https://firstbanknigeria.zoom.us/webinar/register/WN_cUr1LhWFQXymTqWtONOOVg
SMEConnect Webinar series is one of FirstBank’s signature platforms for supporting SMEs with practical knowledge and strategic insights. The Bank has consistently won awards for impacting businesses and for providing innovative solutions for customers and other stakeholders, including SMEs.
The Bank was named Best SME Bank in Nigeria and Best SME Bank in Africa by TAB Global Excellence in Retail Finance Awards for 2 years as at 2025. The Bank also won the SME Financier of the Year- Nigeria awarded by The Digital Banker.
EvaluatePR to Explore “PR After the Algorithm: Trust, Truth & Intelligence in 2026
P+ Measurement Services, Nigeria’s leading independent media intelligence and PR measurement agency, will host the 31st edition of its flagship thought-leadership platform, EvaluatePR, on Friday, March 27, 2026, at 12:00 p.m. (WAT).
Themed “PR After the Algorithm: Trust, Truth & Intelligence in 2026,” this virtual session will convene professionals across public relations, communications, and media measurement to explore how algorithms, artificial intelligence, and digital ecosystems are reshaping reputation management, media influence, and audience trust.
With the increasing role of automation in communications, the event will challenge professionals to rethink how credibility is built and sustained in a fast-evolving digital landscape, while emphasizing the need for transparency, ethical measurement, and strategic intelligence.
The session will feature a distinguished lineup of speakers representing diverse expertise across global communications, media intelligence, and analytics: Felicia Nugroho – Director, Analytics & Insights, Maverick Indonesia / Chair, Asia Pacific & International Board Director, AMEC; Cyrille Djami – Founder & Publisher, CommsOfAfrica; Strategic Communications, Editorial and Influence Consultant; Amrita Sidhu – Managing Director, Medianet / Director & Board Representative, AsiaNet / Board Member, AMEC; and Satira Osemudiamen Oreweme – Principal Consultant, Satira Media & Public Relations Limited.
Together, they will lead insightful discussions on how communicators can navigate the intersection of technology and trust, maintain authenticity in automated environments, and leverage data-driven intelligence to deliver meaningful communication outcomes.
Participation in the session is free, with access available via the official registration link:
https://bit.ly/4stWjUh
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