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FIRSTBANK, DRIVING DOLLAR REMITTANCES, ECONOMIC GROWTH VIA IMTOS

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3 years ago

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firstbank

 

 

By Chinwendu Obienyi 

 

For centuries, there have been heated debates over the sources of economic growth in developing economies and why some countries reflect strong economic growth compared to others. The hypotheses have often centred around crude oil, agriculture, revenues, private capital, bubbling stock market, stable security, low unemployment rate, high standard of living amongst others. But in recent times, one factor that has been added to this list is diaspora remittances as it is one of the major international financial resources, which sometimes exceed the flows of foreign direct investment (FDI).

 

Remittances promote economic growth by increasing household income and increasing income creates the opportunity to boost consumer spending, accumulation of assets, promotion of self-employment, and investment in small business.

 

Data from the World Bank in 2014 indicates that global remittances stood at $430 billion dollar in 2011 and was 0.31 per cent of global GDP in 2009. The impact of remittances on any economy is more profound in developing countries because they receive $307.1 billion of the total N416 billion inward remittances, amounting to about 74 percent.

 

Remittances also account for about 27 percent of the GDP of developing countries. According to the World Bank, remittances flows to the developing world have reached $414 billion in 2013 (up 6.3 per cent over 2012), and are now, behind the foreign direct investment, the second-largest source of external financial flows to developing countries.

 

Daily Sun investigations reveal that the enormous upward movement in remittances payments may be attributed largely to two factors, namely; immigration between developing and developed countries which increased dramatically in the past 20 years and declined in transaction costs as technological improvements have allowed for faster, lower cost mechanisms for the international transfer of payments between individuals.

 

This means that it is different from other external capital inflows like foreign direct investment, foreign loans and aids due to its stable nature. Little wonder why the Central Bank of Nigeria (CBN) unveiled a new policy in 2020 that granted unfettered access to forex from the diaspora and other money transfer remittances like Western Union and MoneyGram.

 

The bank also clarified transactions that are eligible under the policy in line with global best practices. The policy allows beneficiaries of diaspora remittances through International Money Transfer Operators (IMTOs) to henceforth receive such inflows in the original foreign currency through designated bank of their choice. It explained that the new regulation was part of efforts to liberalise, simplify and improve receipt and administration of diaspora remittances into Nigeria.

 

Under the new policy, recipients of remittances may have the option of receiving such funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.

 

“These changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria,” the apex bank stated.

 

It explained that the changes would help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that the recipients of remittances would receive a market- reflective exchange rate for their inflows.

 

Backed by these words, several commercial banks swung into action to tap into this virgin zone by introducing a variety of offers that yield fruits as more remittances started coming in.

 

However, the CBN in March 2021, in a bid to encourage more inflows, introduced a new incentive tagged “Naira 4 Dollar Scheme”. In a circular signed by Saleh Jibrin, CBN ‘s Director, Trade and Exchange Department, said, the scheme would allow all recipients of diaspora remittances to be paid N5 for everyone dollar received.

 

This explains why First Bank of Nigeria Limited chose to expand diaspora remittances inflow into the country by increasing its network of International Money Transfer Operators (IMTOs) targeted at easing accessibility of its customers to receive money from close to 100 countries across the world in a safe and secured manner.

 

Before then, it was on record that FirstBank has maintained a long-standing partnership with Western Union, MoneyGram, Ria, Transfast, and WorldRemit. The Bank is also in partnership with other IMTOs including Wari, Smallworld, Sendwave, Flutherwave, Funtech, Thunes and Venture Garden Group to promote remittance inflows into the country, thus putting Nigerians and residents at an advantage in receiving money from their families, friends and loved ones across the bank’s 750 branches especially in this Yuletide season.

 

For potential customers without an existing domiciliary account, they can have their dollar account automatically created for their remittances and can also receive inflow directly into their account through Western Union.  In addition, FirstBank has launched its wholly owned remittance platform named First Global Transfer product to promote the international transfer of funds across its subsidiaries in sub-Saharan Africa. These subsidiaries include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, and FBNBank Senegal.

 

Reiterating the bank’s resolve in promoting diaspora remittances, regardless of where one is across the globe, the Deputy Managing Director, Mr Gbenga Shobo said, “At First Bank, expanding our network of International Money Transfer Operators is in recognition of the significant roles diaspora remittances play in driving economic growth such as helping recipients meet basic needs, fund cash and non-cash investments, finance education, foster new businesses and debt servicing.

 

We are excited about these partnerships, as it is essential to ensure our customers are at an advantage to receive money from their loved ones and business associates, anywhere they are across the world.”

 

Having been at the forefront of pioneering international funds transfer and remittances over 25 years ago, it is safe to say the bank’s wealth of experience and operation in over 750 locations nationwide gives it the edge in the market.

 

With its total principal standing at N100 billion and over one million customers to service in 2020, FirstBank is providing prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand, a credible financial partner, thus promoting economic growth and development.

 

Culled from The Sun 

 

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ZENITH BANK HOLDS FOURTH EDITION OF ANNUAL TECH FAIR IN LAGOS

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2 months ago

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November 19, 2024

By

Zenith Bank

The Fourth Edition of the Zenith Bank Tech Fair, tagged “Future Forward 4.0: Embedded Finance, Cybersecurity & Growth Imperatives – The Impact of AI”, is set to hold on Thursday, November 21, 2024, at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos, from 8.00 a.m. to 6.00 p.m.

The fair will showcase leading technologicalinnovations that cut across Artificial Intelligence, Cybersecurity, Risk Management, Compliance, Financial Intelligence, Cloud Computing, and Communication Technologies, among others. The event will also feature a Start-up Pitch Competition – Zecathon – to identify innovative startups, panel discussions, masterclasses and exhibitions.

Among the rich lineup of activities, the event will feature opening remarks by Jim Ovia, CFR, Founder and Chairman of Zenith Bank and a welcome address by Dame (Dr.) Adaora Umeoji, OON, Group Managing Director of Zenith Bank Plc. There will also be a goodwill message to be delivered by the Vice President of Nigeria, His Excellency, Sen. Kashim Shettima and the Governor of Lagos State, His Excellency, Mr. Babajide Sanwo-olu. The keynote address, “Banking Transformation in a Digital World “, will be delivered by Robin Speculand, a renowned Strategy & Digital Implementation Specialist. Other prominent IT practitioners who represent top global brands will make presentations. These include; Danillo McGarry, Global Expert in Digital Transformation & AI; JaniaOkwechime, Partner, Africa, AI & Data, Deloitte and Rupert Nicolay, Director, Microsoft Worldwide Financial Services, amongst others.

The panel discussion which has Wole Odeyele, Client Technology Lead for Microsoft Inc. as its host, will feature six discussants including Ada Jabaru, Founder & Director, Nistad Limited; Funke Opeke, Founder & Chief Executive Officer, MainOne; Guy Futi, Chief Executive Officer, Orda; Dr Auwal Adam Sa’ad, Founder, ZamzamPay; Kashifu Inuwa Abdullahi, Director General, National Information Technology Development Agency (NITDA), and Engr. BisoyeCoker-Odusote, Director General/Chief Executive Officer, National Identity Management Commission (NIMC).

The masterclass will be divided into seven (7) different classes, and facilitated by key industry players that cut across renowned tech giants such as: Microsoft, Oracle, CyberSoc, IBM, Google, Huawei & Amazon Web Services.

To register and participate, visit www.zenithbank.com/techfair. The fair will be live on Zoom and streamed on the bank’s social media pages.

 

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Moniepoint scoops outstanding MFB and Fintech awards at 2023 Brandcom Awards

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1 year ago

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November 8, 2023

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An exceptional affirmation to Moniepoint’s unparalleled contributions to Nigeria’s financial services sector came in the form of two distinguished accolades, at the prestigious 2023 Brandcom Awards. Moniepoint Inc. received critical acclaim as it earned the “Award for the Most Outstanding Fintech Company in Financial Inclusion,” while Moniepoint Microfinance Bank secured the “Award for the Most Outstanding Microfinance Bank in Consumer Engagement.” These accolades signpost the company’s remarkable commitment to enhancing financial inclusion and delivering outstanding services to its customers.

Now in its fifth year, the 2023 Brandcom Awards ceremony, held in a glitzy event at the Civic Centre, Lagos, brought together the crème de la crème of the marketing and communications industry. Brands, agencies, and notable players that have pushed the boundaries of creativity and innovation were recognized for their remarkable achievements with Moniepoint’s double win, a firm and unvarnished testament to the brand’s unwavering dedication to powering dreams for businesses and individuals while creating a society where everyone experiences financial happiness.

As the “Most Outstanding Fintech Company in Financial Inclusion,” Moniepoint Inc. continues to lead the way in making financial services accessible to all, particularly those in underserved and remote areas of Nigeria. It operates the largest distribution network for financial services in Nigeria through its subsidiaries, and has been awarded by the CBN in 2022 as the most inclusive payment platform in the country even as over 33 million people use their cards on Moniepoint’s POS terminals monthly across every local government in Nigeria.

Moniepoint Microfinance Bank’s recognition as the “Most Outstanding Microfinance Bank in Consumer Engagement” underscores the bank’s commitment to delivering exceptional services and ensuring that its customer obsessive culture remains at the core of its operations. By prioritizing consumer engagement and satisfaction, Moniepoint Microfinance Bank has been able to build trust and long-lasting relationships with customers while driving enhanced due diligence and innovative security solutions to engender compliance in the financial services value chain.

Commenting on the awards, Didi Uwemakpan, Vice President, Brands and Communications, Moniepoint Inc., expressed her gratitude and shared her vision for the future. “We are honored to receive these awards, which provide validation for the work that we do every day in providing innovative financial services, fostering inclusion and powering the dreams of millions. This is only the beginning as we will double down on delivering exceptional value to our customers via innovative products and services, leverage technology in more exciting ways to create engaging touchpoints in ways that redefine the banking experience and generally continue making a significant impact in the global financial services landscape.”

According to the convener of Brandcom Awards and publisher of Brand Communicator, Joshua Ajayi, “This recognition encompasses various aspects of consumer interaction, such as financial education, customer service, digital banking offerings, accessibility, responsiveness to customer needs, and community involvement, among others. Amongst all other nominated Fintech brands, our distinguished panel of assessors made up of experts and seasoned marketing and communications professionals came to the conclusion that Moniepoint stood head above shoulders among others in this category to emerge winner, considering that it has played a pivotal role in advancing financial inclusion by providing innovation and accessible financial solutions to underserved or unbanked individuals and communities in Nigeria. This award reflects Moniepoint’s commitment to addressing the financial needs of marginalized populations, reducing financial inequalities, and fostering economic empowerment. It has been our culture to celebrate and showcase excellence at our awards night each year based on our mantra of Prestige, Integrity, and Credibility”.

Moniepoint MFB, recently received the prestigious Rising Star Family Business Award Pwc/Businessday 2023 Family Business Summit while Moniepoint Inc was listed for the second year running amongst the 100 most promising private fintech companies by CB Insights and the reputable Financial Times named it Africa’s second fastest-growing company.

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FIRSTBANK INTRODUCES THE FIRST HUMANOID ROBOT, REINFORCES ITS COMMITMENT TO PROVIDING INNOVATIVE FINANCIAL SOLUTIONS FOR CUSTOMERS

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2 years ago

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June 30, 2023

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o FirstBank has launched an industry first Humanoid Robot at its Adetokunbo Ademola VI, Lagos Digital Experience Centre (DXC) Branch
o The robot is among the phased configuration of the bank’s state-of-the-art digitally led self-service branch 
o The Humanoid Robot is equipped with Video Banking and Artificial Intelligence (AI), taking on the role of a friendly branch staff.

In furtherance to its leading role in providing innovative financialsolutions in Nigeria, First Bank of Nigeria Limited, Nigeria’s premier financial institution and leading financial inclusion services provider, has announced the launch of a Humanoid Robot, the firstof its kind in the financial services space in Nigeria. The robot is equipped with Video Banking and Artificial Intelligence (AI), taking on the role of a friendly branch staff.

The Humanoid Robot can engage customers in conversations as well as through a touch screen strapped to his chest. The services performed by the robot include responding to customer enquiries on cash deposits, withdrawals and ATM cards. The robot also aids complaint management as customers can log a complaint via QR with feedback generated within the advised time. 

The Humanoid Robot also keeps customers up to date with happenings about the Bank, including products launch and upgrades designed to strengthen the customer experience and satisfaction. The robot is a one-stop point to keep customers informed about the Bank. It also effectively manages customers’ accounts.

Expressing his delight at the initiative, Dr Adesola Adeduntan, the CEO of FirstBank Group noted that “the addition of the Humanoid Robot to our state-of-the-art Digital Experience Centre represents a purposeful stride towards transforming the banking landscape in the country and further showcases the priority we give to innovation within the Bank. With its advanced capabilities, the robot is designed to elevate the quality of our customers’ lives in today’s rapidly evolving digital world. Our unwavering dedication to delivering unparalleled banking services remains steadfast, as we leave no stone unturned in innovating to fulfil our customers’ needs.” he concluded.

The introduction of the Humanoid Robot is among the phased configuration of the Bank’s state-of-the-art digitally led self-service branch called Digital Experience Centre, launched in December 2021.

Another Humanoid Robot will also be deployed in the Bank’s next and second Digital Experience Centre, soon to be announced in the coming months.  

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