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FIRSTBANK: UNLOCKING WEALTH IN SALARY ACCOUNT

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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 refinance 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 fulfil 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.

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

 

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FIRSTBANK REWARDS CUSTOMERS IN TRANSACT AND WIN PROMO

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Getting rewarded for spending money is a dream that is probably going to remain exciting for many people, but not for the Firstmonie Wallet users. In a two-month Transact and Win campaign that started on November 22, 2021, First Bank of Nigeria Limited is rewarding several customers for carrying out transactions on its Firstmonie Wallet application. 

The e-wallet is useful for conveniently paying utility bills, purchasing airtime and data, transferring and receiving money, and many other digital transactions. Just for using the mobile-friendly wallet app, Customers got rewarded with mouth-watering prizes both in cash and kind. The number of transactions done on the app determines the price a user could win.

100 customers who had done 1-15 transactions through Firstmonie Wallet within the month won N10,000 cash price; 53 25kg bags of rice and 50 units of standing fans were also won by customers who carried out 16 – 30 transactions with the Firstmonie Wallet; 2 units of power generating sets, 1 unit of Air Conditioning systems and 1 unit LED Televisions went to customers who carried 31 – 50 transactions; while 2 units of iPhone 12 were won by customers who had carried out over 50 transactions on the app within the month.

Victor Nnanna Onyedikachi, a student of the University of Abuja was one of the winners of the iPhone 12, and while receiving his gift, he admitted that he did not expect to win the prize.  “I used the Firstmonie Wallet App, and just like that, I was told that I had qualified. I did not believe it until I saw it myself. I am truly grateful to FirstBank” he said.

Other winners also expressed their pleasure at being rewarded for using a completely user-friendly app. “There is no issue of service error when using it for any transaction. The service is seamless and the app is easy to use” one of them said.

The Group Executive, e-Business & Retail products, Mr Chuma Ezirim had noted that the promo was targeted at appreciating customers for their patronage; and in line with the Bank’s December-is-a-Vybe campaign. “This promo is hinged on the need to appreciate our customers for their patronage, especially as we have had an increased engagement and usages of the various services offered by our mobile-friendly wallet product,” Ezirim said when the promo was being launched.

Interestingly, the promo also includes new customers and users of the app. By simply downloading the mobile app from the play store, or using the *894# USSD string to sign up, anyone can qualify for the promo. The promo runs till January 22, 2022, so what are you waiting for as you could be the next winner of any of these fantastic prizes.

As the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 127 years, First Bank of Nigeria Limited has remained at the forefront of promoting digital payment in the country, and the Firstmonie Wallet is one of the channels for digital transactions.

Little wonder FirstBank was named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” and “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International.  FirstBank also bagged the Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years.

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Business

PRUDENTIAL ANNOUNCES AFRICA CUP OF NATIONS 2021 SPONSORSHIP

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…Sponsorship underscores the life insurer’s commitment to grow and to invest in Africa

Prudential Africa has signed a sponsorship agreement with the Confederation of African Football (CAF) to become the official insurance partner of the ongoing 33rd edition of Africa Cup of Nations (AFCON) 2021.

At a press conference to announce the sponsorship, Eric Mboma, Chief Representative Officer, Prudential Northern Africa Region noted that the sponsorship underscores Prudential’s commitment to the African continent.

“As we grow our business in Africa, we also want to support the passion and talent of its people. Africans share a common love for football and we are honored to be part of a tournament that unites the continent and brings together the brightest talents of African football”, he said.

Mr. Mboma added, “Through sports, Prudential wants to encourage people to stay active and lead more healthy lifestyles. As a life insurer, we believe that health and wellness are important for people to live fulfilling lives.”

Commenting on the partnership, Confederation of African Football (CAF) General Secretary Mr. Véron Mosengo-Omba said, “We are excited and pleased to have on board Prudential as a partner. We share a common purpose in our commitment to developing local talent as well as driving prosperity for the people of Africa.”

AFCON 2022 started on January 9 and will run till February 6, 2022 with Cameroon as the host nation.

Prudential is a global financial services group providing life insurance, pensions and asset management products and services to approximately 20 million customers in Asia and Africa.
Prudential has life insurance operations in eight countries across Africa: Cameroon, Cote d’Ivoire, Ghana, Kenya, Togo, Uganda, Zambia and Nigeria. For nearly a decade, the life insurer has been providing affordable insurance and health solutions. Today, it serves more than 1.7 million customers through a distribution network of more than 13,000 agents and 600 branches.

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Entertainment

‘WHY CLUB INVOGUE REMAIN THE BEST IN TOWN’: CHRIS ERONDU SPEAKS

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In the last couple of years, the adverse effect of the Coronavirus pandemic has indeed eaten deeply into the economy around the world. In Nigeria, particularly in Lagos State, the entertainment industries like Lounge and Night Clubs have been one of the most strangulated, due to the restriction placed on re-opening of Clubs by the government to curb the spread of the deadly virus.

Most entertainment places like Night Clubs only started skeletal operations some months back. Club In-vogue and Lounge owned by one of the best entertainment sensations in town, Chris Erondu is one of those affected in this regard. The entertainment hub has adhered strictly with Lagos State government rules and protocol against the spread of Covid-19.

Regardless of the situation, the Club formerly known has Page-Night Club, tucked inside the serene downward of Opebi, Ikeja, has continued to experience huge patronage and turn-up regularly by nightcrawlers who seek the best atmosphere to unwind, especially on the mainland. Club In-Vogue which boast of the best environment, exquisite three different dance floor, classy big bar and a mini eatery has carve a niche needed to relax & have fun.

According to the quiet dude around behind the effervescent haven, Chris Erondu who has maintained the longest reign as a Club owner in Nigeria, “ by God grace, Club In-Vogue has continued to wax stronger because we don’t only plan for today, we always planned ahead years to come. Bringing newness to your brand at every point is what can edge you ahead of your competitors and this is what we have been doing even before the name was changed from Page to In-Vogue”

 

Speaking on the toll taken on the industry by the spread of Covid-19, Erondu says “ we practically shutdown like a year, we are law abiding company that obeys the rules of where we operate, hence, we followed Lagos State Government dictates, even now, we observed all covid-19 protocols and tried as much as possible to control influx of crowd to the club, especially on weekends”

Mr Erondu also disclosed that, “ things were slowed down at some point here because the brand was in Owerri, Imo-State to situate a branch of our Club there, when the time comes we shall give you more details about that. We shall also be re-launching Club In-vogue soon, where we shall invite our friends in the music and entertainment industry to grace the day. It will serves as part of our rebranding”

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