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FirstBank Cardholders Records N1.18trn in Transactions Value during Lockdown

Published

5 years ago

May 13, 2020

Since its establishment in 1894, FirstBank has consistently built relationships with her customers, focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and effective leadership. These, amongst others, are the reasons the Bank has dominated the financial market for over 126 years.

The Bank has led the financing of private investment in infrastructural development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialization schemes, and entrenchment of the cashless policy which gave rise to electronic cards being a veritable entity in the day to day transactions among the bank’s customers. Consequently, the use of its wide range of cards, developed with the ‘man on the move’ in mind, come with far reaching benefits and rewards, connecting the remotest of places even as the world is plagued by the novel Corona virus disease today.

The world as we know it today, is a global village, and its connectivity is at the tip of an individual’s finger. That aside, it also revolves around the use of ‘ordinary’ but highly customised cards and FirstBank is a confirmed Leader in this space. There’s no gainsaying the fact that for 126 years and counting, FirstBank, Nigeria’s premier bank, with accolades and awards trailing its existence, has continued to blaze the trail in certainly every financial innovation. And as the name signifies, has continued to be the first in virtually everything banking and finance. Little wonder that in December 2015 and May 2016, FirstBank was named the first financial institution in the country to achieve sustained alternative channels transaction volumes of 100 million transactions. Subsequently in 2017, the Bank also attained the Milestone of 10million card base, a feat that is first of its kind in West Africa and Second in Africa.

There is hardly any banking innovation, which is not traced to the company that has overtime woven itself into the very fabric of the society. Commenting on FirstBank’s strides, the Chief Executive Officer, Dr. Adesola Adeduntan, disclosed that the bank’s 53, 000 agents across the country processed about N512 billion worth of transactions with differing values while the lockdown lasted. He noted that the bank was “able to actively support her customers, their families and businesses through these challenging times.” This is nothing short of the FirstBank advantage.

Adeduntan reiterated the faith Nigerians have in the use of FirstBank cards, saying that during the period of the lockdown, Nigerians with FirstBank cards used them 105 million times to make payments or withdrawals worth about N1.18 Trillion as they relied on the Bank to settle their banking needs. In addition, the Bank’s CEO noted that approximately 12.6 million withdrawals to the tune of N156 billion were carried out across FirstBank’s ATMs nationwide.

“Our customers made transfers over 106 million times with a total value of about N8.18 Trillion across our digital channels. We have also recorded over 275,000 new sign-ups to alternative channels covering our Firstmobile, USSD and First-Online platforms,” the CEO informed.

While calling on lovers of stress-free banking to get on board, the FirstBank CEO further assured existing customers of the bank’s relentless efforts to ensure that banking transactions continue seamlessly, adding that COVID-19 will not slow down her activities and efforts at staying true to her brand promise to her customers.

FirstBank cards come in a wide range of categories, each fulfilling tasks that are better imagined, but nevertheless are flexible and offer comfort, stress-free banking and wholesome peace of mind. It is therefore not a coincidence, that FirstBank is and remains Nigeria’s highest card transacting bank; a product of carefully thought out process, hard work and the quest to keep its customers first in all things. This is especially important at a time when movement and business activities were largely hampered by the lockdown, with the maintenance of social distance and the potential increase in the use of the Bank’s alternative channels – which is facilitated by its cards – for various transactions and business activities, thus staying safe to win the fight against the COVID-19 pandemic.

The range of cards available to customers of FirstBank are categorised into three broad groups, viz; DEBIT, CREDIT and PREPAID Cards. The grouping covers outstanding cards offerings such as Naira MasterCard, Verve Card and the pioneering Visa Multi-Currency Card. Others are Expressions MasterCard, Platinum MasterCard, Visa Infinite Credit Card, Visa Gold Credit Card, Naira Credit Cards (Visa Classic and Platinum), Visa Prepaid Card and Verve Prepaid Card.

FirstBank’s Naira MasterCard & Verve Card are Secured by Chip & PIN technology with local POS/Web limit increase available upon request. The Naira denominated MasterCard comes with various benefits such as online purchases, bills payments and cash withdrawals at ATMs world-wide. The various transaction limit(s) on Naira MasterCard issued by the Bank are N150,000 for ATM transactions, N2,500,000 for POS and N1,000,000 for Web transactions.

The FirstBank Verve Debit Card works with Chip and PIN technology to secure transactions. It allows the cardholder to conveniently pay for goods and services and is accepted by all ATMs, POS, Web, Mobile, Kiosk, and Bank Branch connected to the Interswitch network in Nigeria. It is available to all account holders and enables daily transaction limits of N150,000, and N500,000 on ATM and POS channels respectively. Customers can transact up to N1 million on the Web in a single transaction.

FirstBank cards also offer the Card Protection Transactions feature, which allows the cardholder to activate or deactivate it for all types of transactions, channels and locations, through the Card-in-Control Service on the Firstmobile app. The steps are few and simple: On the Firstmobile app, go to Self Service > Card Services and choose card type (Debit, Credit, or Prepaid) to be activated or deactivated.

Another card innovation service by FirstBank is the Visa Gold Card, which offers higher daily spending capacity and limit on ATM, POS and Web. With the Visa Gold Card, the customer is assured of $1,000 daily ATM withdrawal, $10,000 POS transaction and $5,000 on the Web at any location around the world. It is a dollar denominated international Premium Credit Card issued in partnership with Visa International.

Moreso, it guarantees access to international emergency services such as Emergency Card Replacement & Emergency Cash Advance in situations where the card gets lost or damaged. The Visa Gold card comes handy when making airline bookings with its smooth seamless purchase options.

Yet another, among the FirstBank’s super cards, is VISA Debit Multi-Currency Card. It is by all intent and purpose, the first of its kind to be offered by any financial institution in Nigeria. It is an enhancement to the existing Visa Debit Dual Currency card and can be linked to any or all NAIRA, USD, EURO and GBP accounts. It is an international card with Chip and PIN technology which can be used to make payment anywhere in the world and across all channels – ATMs, POS & Web. With the Visa Debit Multi-Currency card, cardholders can make daily withdrawals to the tune of N150,000 (local) and $1,000 (international) from the ATM. However, on the Web, a total of N1,000,000 is permitted locally while $6,250 is allowed on the international corridor daily. POS transaction limit is N2,500,000 (local) and $2,500 (international).

The Platinum Debit MasterCard is a premium Debit Card denominated in Naira. It is linked directly to a customer’s Naira denominated Current and/or Savings account. It offers a convenient alternative to the use of cash, and cheques by giving direct access to funds in cardholders’ accounts across all channels like ATM, POS, and WEB etc.

Like other card types, its transactions are easily monitored via the FirstBank FirstMobile App or FirstBank Internet Banking service and offers 24-hour access support for all card-related complaints through First Contact. It is a card linked to a Naira denominated account, and it is valid for three years.

It is designed to suit the lifestyle of senior and management executives of multinational companies and leaders across various industries and sector of the global economy. Its daily limits include; ATM: N300,000; POS: N3million; Web: N2,000,000 as well as Cross-border TXN limit: $500 monthly.

For a brand that has consistently remained on top of its game, FirstBank Cards have received global recognition, as well as multiple honour for its reliable and trusted services.

Speaking further, Adeduntan highlighted that the contactless capability of the bank’s Visa and MasterCards support less human-to-human contact in executing transactions, in the same way that the Debit Cards have remained the base channel for self-onboarding to any digital channel such as USSD, Firstmobile, FirstOnline etc. It is therefore, imperative that customers get a Debit Card because of its peculiar nature to get enrolled on FirstBank’s digital channel for the best of services.

FirstBank’s benevolence did not end with making cards available to customers, but has initiated value added services attached to the cards including ‘discount at Merchants location such as Jumia Friday, Health Plus, among others. These are, without an iota of doubt, exclusive to FirstBank cardholders. This is why you must get your card(s) if you are yet to. Email us at [email protected], or call your Relationship Manager/Private Banker for whatever card options you require.

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Fidelity Bank Named “Nigeria’s Best Private Bank” at Euromoney Awards

Published

4 days ago

April 17, 2025

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Tier one bank, Fidelity Bank PLC, has been named “Nigeria’s Best Private Bank” at the prestigious Euromoney Awards 2025. The recognition was formally unveiled at the awards ceremony held recently at The Savoy in London.

The Euromoney Awards for Excellence are prestigious annual honors and a benchmark for excellence in the global banking and finance industry. Established by Euromoney magazine, the awards highlight outstanding performance, innovation, leadership, and service excellence across various financial sectors and regions.

Commenting on the award, Managing Director and Chief Executive Officer of Fidelity Bank PLC, Dr. Nneka Onyeali-Ikpe said, “We are truly honored to be recognized by Euromoney as Nigeria’s Best Private Bank. This award is a testament to the hard work and dedication of our staff as well as our strong commitment to delivering premium wealth management solutions, personalized financial advisory, and superior client service to high-net-worth individuals in Nigeria and beyond.”

The Euromoney Awards are among the most highly respected in the global financial industry. Winning such an award for its private banking business further builds on Fidelity Bank’s growing reputation as one of Nigeria’s most trusted and customer-centric financial institutions.

According to a statement on Euromoney’s website, “The bank’s commitment to providing specialised credit solutions also sets it apart. Clients benefit from tailored lending options, including asset-backed lending, real estate financing, and customised credit facilities. These solutions are structured to support complex financial needs while ensuring flexibility and ease.”

Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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Access Holdings Records 88% Growth in Gross Earnings to N4.878 Trillion

Published

5 days ago

April 16, 2025

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Access Holdings PLC (“the Group”) (Bloomberg: ACCESSCO), a leading African financial services group, today, announced its audited financial results for the full year ended December 31, 2024. The Group delivered 88% year-on-year growth in gross earnings, rising from N2.594 trillion in 2023 to N4.878 trillion in 2024. The strong performance was driven by diversified income streams, with interest income growing by 110% to N3.480 trillion and non-interest income increasing by 47.8% to N1.397 trillion, supported by robust retail banking activities, digital expansion, and a dynamic trading strategy.Profit before tax (PBT) increased by 19% to N867.0 billion, while profit after tax (PAT) rose to N642.2 billion, despite inflationary and macroeconomic challenges. Total assets grew by 55.5% to N41.498 trillion, and customer deposits rose by 47% to N22.525 trillion. Shareholders’ funds also increased by 72%, reaching N3.760 trillion.In 2024, the Group made significant social and environmental impact across the continent, touching millions of lives and earning multiple industry accolades. Through various corporate social investment initiatives in education, entrepreneurship, health, and the environment, the Group reached over 21 million individuals across Africa. Its employee wellness programmes also covered 28,000 staff across operating entities. Access Bank, the flagship subsidiary, through its W-Initiative, disbursed loans to over a million women-led SMEs, advancing financial inclusion and gender empowerment.The Group’s efforts attracted prestigious recognition and awards, including three Euromoney Awards for Excellence (notably ‘Best Bank for ESG’); International Finance Award for ‘Most Innovative Bank for Community Development and Community Engagement’; and World Economic Magazine Award for ‘Most Sustainable Bank’.In terms of economic sustainability, Access Bank recorded strong strides through its Economic, Social and Governance (ESG) programmes. It facilitated $437.42 million in DFI inflows to support MSMEs across Africa, disbursed 1.6 million digital loans to low-income individuals, and booked its first N1.4 billion diaspora mortgage loan.The Group also achieved a 13.4% reduction in operational emissions, planted 57,302 trees, and enabled solar power adoption for 226 homes and businesses. Its headquarters was awarded the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for sustainable design and construction
standards.In addition, Access employees contributed 228,500 volunteer hours to various community development programmes, reinforcing the Group’s commitment to inclusive and purpose-driven impact.The Group is focused on delivering sustainable returns to shareholders, while reinvesting in innovation, infrastructure, and cross-border expansion. Its banking subsidiary launched operations in Hong Kong, received regulatory approval in Malta, and successfully integrated its operations in Zambia and Tanzania, expanding its global footprint.Access Bank posted significant gains across all performance metrics, with interest income growing by 110% and fees and commissions rising by 81%. International subsidiaries contributed 48.5% to the banking segment’s PBT, demonstrating strong execution across key markets.In 2024, Access Holdings also became the first institution to meet the Central Bank of Nigeria’s recapitalisation directive, raising 351 billion through a rights issue. The₦ proceeds are being strategically deployed to strengthen digital infrastructure, enhance liquidity, and fuel long-term growth.Looking ahead, Access Holdings remains committed to building a more inclusive, sustainable, and profitable future, delivering delivering value not just to shareholders, but to society and the environment at large.

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JIM OVIA ADMITTED TO THE FREEDOM OF THE CITY OF LONDON

Published

2 weeks ago

April 10, 2025

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L-R: Chairman, Access Holdings Plc, Aigboje Aig-Imoukhuede, CFR; His Eminence John Cardinal Onaiyekan; President of Dangote Group, Alhaji Aliko Dangote, GCON; Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR; Governor of Lagos State, Mr. Babajide Sanwo-Olu; and Governor of Delta State, Rt.Hon. (Elder) Sherrif Oborevwori, during the admission of Jim Ovia to the Freedom of the City of London in the United Kingdom, on Monday.
The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, has been admitted to the prestigious Freedom of the City of London in a distinguished ceremony which held at the Mansion House, City of London on Monday, April 7, 2025. This prestigious accolade is a testament to Mr. Ovia’s exceptional contributions to the global financial landscape, unwavering commitment to fostering economic development, and dedication to philanthropic endeavours that have positively impacted countless lives.The Freedom of the City of London, a time-honoured tradition dating back to the 13th century, is one of the oldest surviving ceremonies in the United Kingdom. Historically, it granted freemen certain rights and privileges within the city. Today, it stands as a symbolic recognition of individuals who have made outstanding contributions to London or the wider society. This honour places Mr. Ovia among a distinguished group of recipients, which includes notable figures from various fields such as Nelson Mandela, Bill Gates, Sir Winston Churchill, Desmond Tutu, Harry Kane, Morgan Freeman and Ian Wright.Commenting on his new status as a Freeman of the City of London, the distinguished honoree, Jim Ovia, CFR said “It is indeed a great honour to be admitted to the prestigious Freedom of the City of London. This is not just a recognition of my personal achievements, but also a testament to the tireless efforts of the entire Zenith team who have worked diligently to establish our institution as a leading force in global finance. I am proud to be part of a legacy that celebrates innovation, excellence and the spirit of entrepreneurship. I dedicate this to the people of Nigeria and Africa who continue to inspire me with their resilience and determination. I look forward to continuing to play a role in shaping the economic landscape of our great continent and beyond.”Joining the nation in congratulating Mr. Ovia, President Bola Tinubu, through a press statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, commended Mr. Ovia for being a distinguished ambassador of the nation’s private sector. He described the honour as a fitting recognition of his exceptional contributions to business, innovation, and technology, as well as for his role in shaping Nigeria’s financial landscape and strengthening economic ties between Africa and the rest of the world. According to him, “This honour is a testament to your unwavering commitment to excellence, your pioneering role in the growth of the financial services sector in Nigeria, and your visionary leadership that continues to inspire generations. As an accomplished entrepreneur and advocate of innovation-driven development, your recognition in the City of London affirms the global relevance of Nigerian excellence and enterprise”.Dignitaries at the ceremony include Former President of Nigeria, Chief Olusegun Obasanjo, GCFR; Governor of Lagos State, Mr. Babajide Sanwo-olu; Governor of Delta State, Rt.Hon. (Elder) Sherrif Oborevwori; Governor of Enugu State, Dr. Peter Mbah; President of Dangote Group, Alhaji Aliko Dangote, GCON; Minister of State for Finance, Dr. Doris Uzoka-Anite; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, MFR; Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu; Oba of Oniru, Oba Abdulwasiu Lawal; Group Managing Director, TGI Group of Companies, Rahul Savara; Obi of Onitsha, Igwe Nnaemeka Alfred Achebe, CFR, and His Eminence John Cardinal Onaiyekan, who joined Zenith Bank Executives in celebrating this significant milestone.This well-deserved recognition rides on the back of many other prestigious awards that Mr. Ovia has received for his outstanding contributions to banking, education and philanthropy including conferment of Commander of the Federal Republic (CFR) & National Productivity Order of Merit (NPOM) Award in 2022 by the Federal Government of Nigeria. He was also named the Banker of the Year in 2007 and Titan of the year in 2024 by ThisDay Newspaper, and received the African Business Leader Award from the Africa-America Institute. He received honorary degrees from the University of Lagos as well as from the University of Nigeria, Nsukka and was recognized by Forbes Africa as one of the most influential figures in banking.