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HOW CUSTOMERS’ INCREASED TRUST IN FIRSTBANK’S *894# USSD BANKING CAN BOOST THE FINANCIAL INCLUSION DRIVE

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HOW CUSTOMERS’ INCREASED TRUST IN FIRSTBANK’S *894# USSD BANKING CAN BOOST THE FINANCIAL INCLUSION DRIVE

HOW CUSTOMERS’ INCREASED TRUST IN FIRSTBANK’S *894# USSD BANKING CAN BOOST THE FINANCIAL INCLUSION DRIVE

 

 

 

 

 

FIRSTBANK-The path to financial inclusion holds different marketplace barriers and opportunities in different countries, but the push continues because of proof that an increase in economic activities among the financially vulnerable can reawaken a comatose economy. For Nigeria, the last three years have seen significant growth of the financial inclusion rate from 56.8% in 2016 to 63.2% in 2018. FirstBank’s *894# USSD banking service is playing a key role in it.

 

 

 

 

FirstBank’s *894# USSD banking initiative is already averaging about 99 million transactions monthly, with a naira worth of (N’m) 370,543 on these transactions. This figure includes the undergraduate doing a mobile airtime recharge; the trader receiving a mobile payment from a customer; the IT person hurriedly buying a data bundle to keep business afloat; the anxious father paying his daughter’s hospital bills for treatment to commence, and the busy worker in Lagos transferring money to his parents in the village since he cannot get to a banking hall.

 

This is just a rough sampling of the financial transactions that amounted to over N3.6 trillion in transaction value on the *894# USSD banking service in 2020. There is practically no financial emergency that the USSD service does not come in.

 

The problems that the *894# USSD service from First Bank of Nigeria Limited is solving is the only justification for the rapid traction it has gained since it was introduced in 2015. It is easy to see Nigerians trust and confidence in the USSD system, with the Bank rapidly growing from 9.5 million customers on the USSD feature to 12.26 million customers within the last year. Over 1.02 million of the figure, are customers who registered in the first 6 months of 2021.

 

The first and perhaps the most attractive feature of USSD banking has got to be that it can be done from any kind of phone and without any form of internet connectivity. Although smartphones are getting more common, there is still a high poverty rate and many financially vulnerable people who cannot access internet banking. The internet penetration in Nigeria is still below the ideal, so users have to deal with poor internet connections in some areas.

 

That is why this kind of banking service that can be accessed without internet connectivity is ideal for the financial inclusion drive. The *894# USSD feature can be used across the four major GSM network operators in the country, meaning there is no added demand on the users.

 

Getting started on the service is as easy as dialling *894*0#, and creating a pin. With that done, you can do airtime and data purchase for yourself and other parties, transfer funds to other accounts, make a BVN enquiry, check your account balance and get a mini statement.

 

For non-customers, this feature allows you to open a bank account in a couple of minutes without having to visit the banking hall. You can open a bank account, receive your account number immediately and start transactions on it right away. The claims of “instant banking, anytime, anywhere” can’t get more real than this.

 

There is even an added security step, requesting a second-factor authentication (2FA) for transfers above N20,000 as a way to secure customers from being ripped off their funds. There is a cumulative maximum daily transfer limit of N100,000 to both FirstBank and other banks accounts.

 

How does FirstBank USSD improve the lives of Nigerians?

For one, the data being generated through this service is sufficient to help the bank understand its current and prospective customers and develop products that suit them.

 

Traders and small businesses can also get a Merchant ID which customers can use to make payments for products and services. This of course is better than having to send one’s account details to countless customers, even without knowing whether or not they are ready to make their purchase.

 

To ensure customers can meet emergency needs before month-end, the Bank’s FirstAdvance service is at their fingertips. FirstAdvance is a digital lending solution designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries.

 

Offered through the Bank’s USSD Banking service and leading banking app product, FirstMobile, customers are exposed to a range of loan offerings which put them at an edge in meeting immediate financial needs. To initiate the service through the USSD banking service, the customer is to dial – USSD CODE-*894*11# or *894#. The service is open to customers with a salary account domiciled with the Bank and have received salaries for the last 6 months at the least.

 

There are much more about FirstBank’s *894# USSD banking that puts customers at a distinct advantage in carrying out their daily personal, financial and business activities; meeting unforeseen emergencies, and carrying out a wide range of transactions – with so much fun and convenience – irrespective of where they are in the country.

 

Culled from NairaMetrics

 

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GTCO Rated Nigeria’s Strongest Brand and Best Banking Brand in Nigeria

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GTCO Notice Of Proposed Offering

GTCO Rated Nigeria’s Strongest Brand and Best Banking Brand in Nigeria

Africa’s leading financial services institution, Guaranty Trust Holding Company Plc (“GTCO” or “the Group”), has added to its impressive haul of accolades as it was recently named Nigeria’s strongest brand and Best Banking Brand in Nigeria by Brand Finance and Global Brands Magazine, respectively. These awards not only reaffirm GTCO’s position as a leading financial services group but also spotlights the Group’s enduring reputation as a customer-focused brand.

Over the years, GTCO has demonstrated remarkable commitment to shaping the future of financial services in Africa and is renowned for its innovative approach to customer service and stakeholder engagement. The Group’s brand strength is underpinned by a strong commitment to delivering cutting-edge financial solutions, fostering meaningful customer relationships, and Promoting Enterprise using its proprietary free business platforms. Commenting on the two awards, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said: “These achievements are a reflection of our unwavering commitment to excellence, innovation, and customer satisfaction, as well as to building a truly international brand from our proudly African roots. We are delighted to receive these recognitions and inspired to continue delivering our promise of enriching lives with every opportunity.”

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. The Group’s flagship banking franchise, Guaranty Trust Bank, was named Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

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Nigerian Barrister Orbby Vanessa Agwuncha aka BossLadyLaw Honored at Visionary African Women Summit in Kigali*

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**Nigerian Barrister Orbby Vanessa Agwuncha aka BossLadyLaw Honored at Visionary African Women Summit in Kigali*

 

 

KIGALI, RWANDA – Barrister Obiageli (Orbby) Vanessa Agwuncha, popularly known as BossladyLaw, a distinguished Nigerian lawyer, was recently recognized and awarded at the Visionary African Women Summit, held from June 12th to June 16th, 2024, in Kigali, Rwanda.

The summit gathered influential women from across Sub-Saharan Africa who have significantly impacted their communities through their careers, philanthropy, and community development efforts. The event focused on ensuring women are seen as positive contributors to society, moving beyond traditional objectification and specialization roles often depicted in the media.

This summit marked a departure from the typical portrayal of African women, emphasizing their positive and contributory roles in various sectors. Barr Orbby, in her address, highlighted women’s rights and the legal protections available to them, using Nigeria as a case study. She discussed the existing legal loopholes and suggested improvements to better protect women’s rights.

In her speech, BossladyLaw expressed her gratitude to the organizers for inviting her as a guest speaker and recognizing her achievements in Nigeria’s legal profession.

She also severed the rights to women empowerment. where women can have financial stability.

“It imperative that Every women should attain a source of income no matter how small”

During the summit, Prof Ogechi Adeola the Deputy Vice Chancellor, University of Kigali Rwanda presented an award to Barr Orbby Vanessa Agwuncha, (BossladyLaw), she was elated.

The Visionary African Women Summit aims to create a thriving community of African women from various fields to inspire, empower, and equip them as nation builders. The event featured insightful keynote presentations, interactive panel discussions, networking sessions, award presentations, exhibitions, entertainment, and a tour of Kigali.

 

Nigerian Barrister Orbby Vanessa Agwuncha aka BossLadyLaw Honored at Visionary African Women Summit in Kigali*

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Detained Binance executive Gambaryan has access to quality medical care, Nigerian govt Reveals

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Detained Binance executive, Gambaryan has access to quality medical care, Nigerian govt Reveals

Detained Binance executive Gambaryan has access to quality medical care, Nigerian govt Reveals

 

 

The Nigerian Government has denied keeping Binance Executive, Tigran Gambaryan in unsavory prison conditions.

The government said Gambaryan is being lawfully detained and has access to quality healthcare facility.

Mohammed Idris, the Minister of Information and National Orientation, said Gambaryan also has access to consular services from his country.

 

Detained Binance executive, Gambaryan has access to quality medical care, Nigerian govt Reveals

 

A statement by Idris reads: “It has become necessary for the Federal Government of Nigeria to address claims that Binance Executive, Tigran Gambaryan is being held in unsavory prison conditions in Nigeria, or that his health is deteriorating.

 

 

“We would like to state that these allegations are false and should be ignored.

“Gambaryan is being held in lawful detention and has access to quality medical care whenever required.

“He also has full access to consular services from his home government.

 

 

“The Federal Government will not do anything to jeopardize his fundamental rights to lawful trial, and to quality care, including healthcare, even as he undergoes trial by the laws of the Federal Republic of Nigeria.

 

 

“It is worth reiterating that his detention is a court-ordered one, and only the court can alter the terms or direct his release.

 

 

“The Federal Government of Nigeria will continue to follow due process in its quest to bring Binance to justice — a legitimate sovereign quest that is similarly being pursued in several other countries around the world.

 

 

“This adherence to legal and diplomatic standards underscores Nigeria’s dedication to upholding justice and maintaining the integrity of its judicial processes.

 

 

“The executive is being treated with the utmost fairness, and his legal and human rights are being protected throughout the judicial proceedings.”

 

 

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