Connect with us

Money Market

FirstBank: Unlocking Wealth In Salary Account

Published

on

FIRSTBANK UNVEILS A FULLY AUTOMATED SELF SERVICE BRANCH, STRENGTHENS DIGITAL TRANSFORMATION IN NIGERIA

Kayode Tokede examines ways monthly salary earners with FirstBank accounts can 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 refinances 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 fulfill 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.

HAVING A FIRSTBANK SALARY ACCOUNT CAN EASE YOUR MONEY PROBLEMS, FIND OUT HOW

The features of FirstAdvance include: Salary account must be domiciled with FirstBank, loan amount of up to 50 percent 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 percent flat, and an 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

Money Market

Fidelity Bank Renovates Classroom Blocks, Commissions ATM Gallery In Zaria To Drive Financial Inclusion

Published

on

Fidelity Bank Renovates Classroom Blocks, Commissions ATM Gallery In Zaria To Drive Financial Inclusion

Olushola Okunlade Writes

A leading financial institution, Fidelity Bank Plc recently commissioned the newly renovated  Madrasatul Anwarul Islam school in Zaria,  Kaduna State as part of its Corporate Social Responsibility (CSR) initiatives targeted across Nigeria.

Established over five decades ago by the emir’s father, late Maga in Garin Zazzau, Alhaji Nuhu Bamalli, Madrasatul Anwarul Islam is the alma mater of the current Emir of Zazzau and has produced several notable personalities in the country.

The bank also inaugurated a state-of-the-art Automatic Teller Machine (ATM) gallery to drive financial inclusion within the community.

Speaking at the official project commissioning event held on Saturday, 18 June 2022, Executive Director, North Directorate, Fidelity Bank Plc, Hassan Imam, said the bank’s decision to renovate the school was borne out of its commitment to making learning conducive for both students and teachers across the country.

Fidelity Bank Renovates Classroom Blocks, Commissions ATM Gallery In Zaria To Drive Financial Inclusion
Left-Right: Emir of Zazzau, His Royal Highness, Alhaji Ahmed Nuhu Bamalli; Executive Director, North Directorate, Fidelity Bank Plc, Hassan Imam; and Divisional Head, Brand and Communications, Fidelity Bank Plc, Meksley Nwagboh at the commissioning of classroom blocks renovated by the bank at Madrasatul Anwarul Islam, Kwarbai, Zaria, Kaduna State on Saturday, 18 June 2022. The bank also inaugurated a state-of-the-art Automatic Teller Machine (ATM) gallery at the Emir’s palace at the event.

According to Imam, “Our CSR footprint extends beyond education, healthcare and youth empowerment initiatives across the country as we are driven by the belief that we can only succeed as an organization when the people and community where we do business succeed. That is why we have taken it upon ourselves to help upgrade the facilities here at Madrasatul Anwarul Islam. Our hope is that the teachers and students in the school would put the facility to good use.”

“As part of our commitment to drive financial inclusion across the country and boost commerce in Zaria in particular, we have installed an ATM gallery at the emir’s palace. We hope this would make financial services easier and accessible to members of the Zaria community in line with our mission as a bank and thank the emir, His Royal Highness, Alhaji Ahmed Nuhu Bamalli, for his support in executing this project as well,” explained Imam.

Applauding the bank for its gesture towards promoting education and commerce in Zaria, HRM Ambassador Alhaji Ahmed Nuhu Bamalli encouraged members of the community to put the facilities to good use and protect them against vandalism. He also urged businesses and merchants to patronize the bank as a way of appreciating their efforts in developing the community.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.7 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Continue Reading

Money Market

Fidelity Bank Bags Award For Best SME Bank In Nigeria

Published

on

Fidelity Bank Bags Award For Best SME Bank In Nigeria

Fidelity Bank Bags Award for Best SME Bank in Nigeria

Olushola Okunlade Writes

Fidelity Bank Plc, one of Nigeria’s foremost financial institutions, has added yet another accolade to its burgeoning collection of awards.

This time, the Bank has been recognized as the ‘Best SME Bank in Nigeria’ by the Global Finance Banking & Finance Awards 2022.

According to the organizers of the Global Banking and Finance review, the bank received the award after a comprehensive review and assessment of its intervention and provision of long-term financing support for small businesses across Nigeria.

Dedicating the award to customers and staff of the bank, Managing Director/ Chief Executive officer of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe said, “Our long-running support for the growth and development of small businesses stems from our recognition of SMEs as critical agents of economic transformation in Nigeria. That is why we constantly innovate new ways of helping them meet their objectives. I thank our customers for keeping faith with us and our staff for going the extra mile in delighting our customers”.

Fidelity Bank Bags Award For Best SME Bank In Nigeria
Mrs Nneka Onyeali-Ikpe, Fidelity Bank CEO.

According to Mrs. Onyeali-Ikpe, over the years, Fidelity Bank has developed a strong multifaceted SME banking franchise, driven by tailored products and services. She also noted that the bank has attractive offerings backed by the requisite one-on-one and cluster-focused advisory services and hand-holding support for SME customers.

The Global Finance Banking Awards are recognized globally and justly regarded as the industry standard for premier banking and financial services excellence with key sources of data and intelligence on the global banking and finance industry. The yearly awards recognize deserving financial institutions and corporate organizations, that drive innovation in the global financing community. They reflect on the achievement, strategy, progressive, and inspirational changes taking place within the financial sector.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.5 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Continue Reading

Money Market

FirstBank – Reaping The Benefits Of Solid Legacy

Published

on

FirstBank - Reaping The Benefits Of Solid Legacy

FirstBank – Reaping the Benefits of a Solid Legacy

FirstBank delighted investors with a pleasant surprise when it announced stellar results confirming that its turnaround strategy pinned on the pillars of innovation, resilience, and digging deep is working.

Its profit after tax spiked 108% to N32.4billion on the back of massive loan recoveries and a sharply lower level of non-performing loans (6.1%). Its capital adequacy ratio (CAR) increased to 17.4%, giving it the much-needed buffers required to withstand financial shocks and turbulent headwinds in the coming quarters.

FirstBank, one of a handful of banks that adopted the holding company structure, has been proven right as almost all the other tier-one competitors have emulated the model. As far as competition is concerned, FirstBank is fighting hard to recover lost grounds to the nimble fintech, the highly capitalized and efficient telcos, and their payment savings bank subsidiaries.

Indeed, FirstBank Nigeria is well equipped to fight amongst the sharks in this blood-soaked ocean.

We expect to see FBN stock rise in the months ahead due to its massive undervaluation and its evident potential upside. We recommend the stock as a BUY.

–  Financial Derivative Company

Continue Reading

Trending