Empowering Financial Freedom With First-Class Products, Services

By Segun Otulana

In its 131 years of operations, FirstBank now has presence in ten countries, with nine subsidiaries, seven international, two national, and over 43 million customer accounts, 25 million digital banking users, over 280,000 Firstmonie Agents spread across 772 of the 774 local government areas of the 36 states of the Nigerian federation; over 13 million digital cards issued, 6 Digital Xperience Centres in Victoria Island, Ibadan, Abuja and Banana Island, and over 820 business locations. Moreover the bank has processed over N33.3 trillion value of electronic transactions processed as at 30 November 2023; it had N25.5 trillion total assets as at FY2024, N17.2 trillion total deposit as at FY2024, N3.1 trillion gross earnings as at FY2024, and N2.6 trillion total equity as at FY2024. Indeed, FirstBank is undeniably in a first class of its own.

As Nigeria’s premier banking institution with unbeatable giant reach, FirstBank has developed a comprehensive array of financial products and services designed to meet the diverse needs of its customers to attain financial freedom. From individuals to small-to-medium scale businesses and large corporations, FirstBank offers tailored solutions that embody its commitment to excellence, innovation, and customer-centricity. Let us explore the wide range of financial tools and services that have made FirstBank a trusted partner in empowering financial freedom and building prosperous futures for its countless customers.

Personal Banking Solutions

FirstBank’s personal banking services are designed to cater for the financial needs of individuals. The Bank provides various kind of accounts savings, currents, fixed deposits specialised offerings like the FirstGem accounts, aimed at women and the Diaspora account for Nigerians in the diaspora. Customers can access loans for personal needs, such as home, automobile, and salary loans, alongside credit and debit cards that facilitate everyday transactions. The bank emphasises digital banking, offering services through mobile apps, online platforms, and USSD codes, ensuring that customers can manage their finances conveniently from anywhere. Some of the Bank’s personal banking services and products include the following:

Savings Account: A great savings account for individuals saving towards a project or just setting money aside for rainy day expenses.

Business Banking Offerings

For businesses, FirstBank provides a robust range of services that support growth and operational efficiency. Its offerings include financing solutions, trade services, and payment processing systems tailored for small and medium- sized enterprises (SMEs). The Bank recognises the critical role SMEs play in Nigeria’s economy and has developed products like overdrafts, equipment financing, and invoice discounting to foster their growth. Additionally, FirstBank’s dedicated relationship managers work closely with business clients to deliver bespoke solutions that align with their specific industry needs. Some of FirstBank’s business-focused offerings comprise the following:

Financing: Financial Advisory, Working Capital, Public-Private Partnerships, Commercialisation, Privatisation, and Project Finance.

FirstSME: Tailor-made current account aimed at harnessing the huge opportunities available in the SME sector in Nigeria.

First Trade Platform: Enabling customers to initiate international trade transactions in real-time and efficiently.

Commercial Agriculture Credit Scheme: A special credit intervention fund to fast- track the development of the agricultural sector economy, providing credit to commercial agricultural enterprises at a single digit interest rate.

Real Sector Support Facility: Financing needs of start-ups and expansion projects of large enterprises of N500 million up to a maximum of N10.0 billion.

Letter of Credit (LC): A mode of payment used for the importation of visible goods.

Bills for Collection: Also a mode of payment used for the importation of visible goods to Nigeria.

Export Finance: Provides exporters with pre and post shipment financing for non-oil export commodities.

Bonds and Guarantees: Instruments guaranteeing a Principal against the default or insolvency of a contractor up to the limit of the bond/guarantee.

Payments: Solutions such as Cheque Clearing and FX, Tax, Digital Collections, Liquidity and Supply Chain Management, and Cash Management.

Treasury: Efficient treasury management solutions such as Treasury Bills, FCY Rate Guidance, Currency Swaps and Forwards, FGN Bonds and Liability Management.

Trustee: FirstBank offers professional escrow and nominee services intended to protect parties to a transaction under pre- agreed conditions.

Multilateral and Intervention Funds: Partnership with several organisations to support your business with needed funds.

Collections: Primed to help businesses, religious bodies and government parastatals, manage cashflow processes.

Wholesale and Corporate Banking

FirstBank also excels in wholesale and corporate banking, serving large corporations, government institutions, and multilateral agencies. The bank’s Wholesale Banking Group offers specialised services across various sectors, including oil and gas, telecommunications, and manufacturing. This segment focuses on cash management, transaction services, and trade finance, leveraging the bank’s extensive experience and digital platforms to optimise client operations and minimise risks.

Innovative Digital Solutions

In line with its commitment to innovation, FirstBank has pioneered several digital banking initiatives.

The introduction of its first ATM in Nigeria in 1991 marked a significant milestone, and the Bank has continued to enhance its digital offerings with mobile banking solutions such as FirstMobile, LIT App, the *894# USSD banking and a user-friendly online banking platform called FirstOnline. These innovations not only streamline banking processes but also improve customer access to financial services, reflecting FirstBank’s dedication to staying at the forefront of technological advancements in the banking sector. Some of the bank’s innovative digital banking solutions include the following:

Fibani: AI-powered virtual assistant for quick banking inquiries and transactions.

FirstMobile: A comprehensive mobile banking app.

FirstOnline: An internet banking platform that allows customers to perform banking transactions online, such as funds transfers, bills payments, and more.

FirstPayLink: A solution that enables internet payments on merchants/ecommerce websites.

FirstEdu Portal: Takes the stress off educational institutions about logistics and payment challenges.

FirstBank Digital Xperience Centre (DXC): In 2021, FirstBank launched the Digital Xperience Centre (DXC) at its Adetokunbo Ademola Street, Victoria Island, a fully automated branch redefining digital banking through a seamless, world-class self-service experience. Equipped with advanced features like humanoid robots for video banking and AI support, the DXC offers Teller Cash Recyclers for cash handling and non-financial transactions, fast-track contactless ATMs, and interactive smart screens for remote consultations. Additional services include paperless forms for swift complaint resolution, account management, funds transfers, card services, and more, ensuring a comprehensive and innovative banking experience. Today, the Bank has opened more of DXC across the country, proving that it is ahead of the fast-evolving digital transformation of financial services.

FirstMonie Agent Banking

Firstmonie Agent Banking is an official service from FirstBank through which customers in unbanked or underbanked regions can process financial requests or transactions through registered Agents and existing businesses.

Firstmonie has proved to be a game changer as it drives financial inclusion in Nigeria.

Watch also: Why CMOs need to be more than just Chief Marketing Officers – Femi Williams

Private Banking, Investment and Wealth Management

Growing, preserving, and transferring wealth is a personal and sensitive responsibility requiring the right levels of competence to navigate a fast- paced and increasingly complex world. FirstBank of Nigeria plays a pivotal role in facilitating wealth creation for individuals and businesses. Through a range of financial services, the Bank offers tools and opportunities to help its customers achieve their financial goals. The Bank’s key wealth creation services include the following:

Private Banking: Exclusive banking services for ultra-high- net-worth individuals.

Investment Banking: FirstBank provides services like mergers and acquisitions, equity and debt capital raising, and financial advisory, aiding businesses in expanding and growing.

Asset Management: The Bank offers mutual funds and other investment products that allow individuals to diversify their portfolios and potentially generate higher returns.

Wealth Management: For high- net-worth individuals, FirstBank provides personalized financial planning, portfolio management, mobile banking app.

and estate planning services to help them manage their wealth effectively.

Lifestyle: Concierge services and tailored financial solutions.

By providing these services, FirstBank empowers its customers to make informed financial decisions, manage their assets efficiently, and achieve their long- term wealth creation objectives.

FirstBank’s diverse range of products and services reflects its commitment to being a one- stop financial solution provider.

By continually innovating and expanding its offerings, FirstBank ensures that it meets the evolving needs of its vast customer base, from individuals taking their

first steps in personal finance to multinational corporations managing complex financial operations.

The Bank’s focus on digital innovation, coupled with its strong traditional banking foundation, positions it uniquely to serve customers across various segments of the Nigerian and African markets. As FirstBank continues to evolve, its product and service offerings are likely to expand further, always with the goal of putting customers first and maintaining its position as a leader in the African banking sector.