SPECTACLE AS ZENITH BANK LIGHTS UP AJOSE ADEOGUN STREET FOR THE YULETIDE SEASON
It was a great spectacle to behold as the Christmas and Yuletide season came to life at the 2022 Zenith Bank Christmas Light-Up Ceremony, which was held at the Ajose Adeogun Street Roundabout, Victoria Island, Lagos, on Saturday, November 19, 2022. The official lighting ceremony, which was performed by the Group Managing Director/CEO of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, supported by Executive Management, was witnessed by many of the bank’s staff and customers, with others joining virtually.
With the theme “Let There Be Light”, this year marks the 16th edition of the Light-up Ceremony at the Ajose Adeogun Roundabout. The Light-Up event is an annual Corporate Social Responsibility (CSR) initiative by the bank to herald the yuletide season through the beautification of Ajose Adeogun Street – home to Zenith Bank’s Corporate Headquarters – which has come to be recognised as an iconic place, attracting people from all walks of life who visit with their families and friends to take pictures and make videos of the wonderful spectacle, especially at night and enjoy the ambience of the street and season.
Speaking during the ceremony, Onyeagwu expressed his delight in heralding the yuletide season of 2022 through the iconic Ajose Adeogun Street lighting up. In his words, “today is a unique day. It is unique in the sense that we are going to turn on the Christmas light and activate the spirit of Christmas, which we usually have annually. It is also unique in the sense that we are honoured and delighted to have in our midst the wife of our Founder and Chairman, Mrs. Kay Ovia”.
He praised Quantum Markets, the company responsible for the annual decorations, for the outstanding, very creative and extremely beautiful work that they have done. According to him, “when you look at the Christmas set-up we have every year, it looks completely different, and there is no repetition of themes. And when we think we have seen it all, by the time a new one comes, it is something completely different and massively so. The one for this year, as I entered here, I was wondering if this is a theme park”.
Whilst urging everyone to imbibe the message and spirit of Christmas, which is about peace, love, forgiveness and above all, respect for humanity, Onyeagwu prayed for peace in every home, business and in the country and that this year’s celebration would be like no other that we have seen.
Zenith Bank has clearly distinguished itself in the Nigerian financial services industry as an institution committed to building a more sustainable and inclusive economy and promoting responsible business practices in Nigeria through integrating sustainability principles in its business operations.
The bank’s sustainability and CSR initiatives are hinged on the belief that today’s business performance is not all about the financial numbers – the bank believes that an institution’s social investments, contributions to inclusive economic growth and development as well as improvements in the condition of the physical environment, all constitute a balanced scorecard.
Through its CSR initiatives, Zenith Bank has embodied the overarching objective of the 17 Sustainable Development Goals (SDGs), which provide a framework for addressing the major challenges confronting society. Its social investments are targeted at health, education, women and youth empowerment, sports development and public infrastructure enhancement. Overall, Zenith Bank’s total CSR investment in 2021 was NGN4.37 billion, representing 1.79% of its Profit After Tax (PAT) and 33.1% increase from 2020.
The bank remains committed to furthering the economic, cultural and social development of host communities, particularly through community-based initiatives and philanthropy. As a good corporate citizen, it continues to deliver projects that have long-term social and economic benefits for the communities because it believes that its business is only as strong as the communities in which it operates.
To demonstrate its commitment to creating and expanding opportunities, the bank regularly makes donations towards setting up ultramodern ICT centres in several educational institutions and cities across the country. It also supports various developmental projects, and healthcare delivery causes in Nigeria and contributes to the development of sports in Nigeria through its sponsorship of the Zenith Women Basketball League and the Zenith Bank Delta State Principal’s and Headmaster’s Football Competitions, amongst others.
In recognition of its contributions and social investments to its host communities and the society at large, the bank was recognised at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021 as the “Most Responsible Organisation in Africa”.
FBNBANK UK STANDS TALL AT 40, APPRECIATES ITS CUSTOMERS AND REGULATORS
FBNBank UK, a subsidiary of FirstBank Group had London, the United Kingdom painted blue as it celebrated its 40th anniversary, themed Partnership Beyond Borders, on Friday, 11 November 2022.
The event which had customers, members of government functionaries and the diplomatic community, regulators, captains of industries in attendance, was convened to appreciate the patronage and support the Bank had received since it opened its doors in the United Kingdom 40 years ago. As key stakeholders, they were instrumental to establishing the Bank as an important gateway to connect international markets in Africa, Europe and the rest of the world to the finest financial services solutions that the UK has to offer.
Guests at the event include Hon. Justice Olukayode Ariwoola GCON, Chief Justice of Nigeria; Oba Sen. Dr. Moshood Olalekan Ishola Balogun, Alliiwo II, Olubadan of Ibadan land; Ambassador Sarafa Tunji Isola, High Commissioner, Nigerian High Commission, UK; His Highness, Muhammadu Sanusi II, former Governor, Central Bank of Nigeria.
Other dignitaries that graced the occasion include Alhaji Umaru Abdul Mutallab, Nigerian businessman and former Chairman of FirstBank; Mohammed Indimi OFR, Chairman, Oriental Energy Resources.
Delivering his welcome address to the dignitaries and guests present, Sam Aiyere, Chief Executive Officer, FBN Bank UK Ltd said “since its establishment, our Bank has demonstrated an unmatched dexterity, serving as a gateway connecting international markets in Africa, Europe and the rest of the world to the finest financial services solution that the UK has to offer. Through its office in the UK and the Paris Branch, our Bank has continued to facilitate international trade between Africa and Europe while offering top-notch, world-class corporate, institutional, and private banking solutions to our esteemed customers.
We have recorded laudable achievement only because you stand solidly with us. Therefore, I dedicate the success of the past 40 years to all our stakeholders. Thank you for being the lever beneath our thrust”, he also added.
Appreciating the patronage and support extended to FBNBank UK, Dr. Adesola Adeduntan, CEO, FirstBank said “today we celebrate 40 years of unbroken business operations in the United Kingdom; 40 years of supporting and enabling dreams; 40 years of resilience and relevance; 40 years of trust, safety and security; 40 years of long-term value to all stakeholders; and 40 years of partnerships beyond borders. I believe the future is bright for FBN Bank UK. With our beautiful outing tonight, our Group stands out, once again, as one big and happy family of many parts.
In his speech, Godwin Emefiele, Governor, Central Bank of Nigeria highlighted that “FBNBank UK’s established presence in a leading global financial centre such as London ensures that FirstBank Group is well positioned to play an active role in the promotion of Africa as an investment destination, attract much needed capital to the continent and facilitate trade with other parts of the world. The presence of FirstBank in other countries outside Nigeria shows that the span of its impact is continent-wide. As you are headquartered in the largest economy on the continent, you have a unique role in also facilitating capital flows into other African countries and assisting their economic growth and development.
In addition, in his goodwill message, President Muhammedu Buhari, GCFR, President and Commander-in-chief, Federal Republic of Nigeria said “FirstBank has profoundly demonstrated a high level of nationalism by keeping the Nigerian dream at the heart of its business through constant evolution to birth agile financial services solution to suit the demands of its customers both home and abroad. Also, perhaps more than any other institution in its class, FirstBank has supported the Government by providing human resources at various times to booster much required professional expertise in various sectors of our economy.”
Established in the United Kingdom in 1982 as the London Branch of the First Bank of Nigeria Limited., FBNBank UK was initially established to service the UK banking requirements of Nigerian companies and FirstBank.
Later in November 2002, the Bank was incorporated in the UK as a registered and a wholly-owned subsidiary of First Bank of Nigeria Limited with offices in the City of London and has then developed into a much broader business in the gateway to Europe and beyond for African banks, companies and high net worth individuals.
Polaris Bank rewards first set of winners in its ongoing ‘Save & Win’ promo
The first set of 62 winners have emerged in the ongoing Polaris Bank Save & Win promo.
The Bank in a statement said that the 62 lucky winners emerged across the six geo-political zones, winning N100,000 each during the draw which held on Friday at its headquarters in Lagos is in commemoration of Nigeria’s 62nd Independence Anniversary.
The draw was conducted using a hybrid media technology which enabled in-premises event as well as over 400 customers through the Bank’s virtual network and social media handles.
Speaking at the unveiling of the winners, Polaris Bank’s Group Head, Strategic Brand Management, Mr. Nduneche Ezurike, said that the event was significant because it was a testament of the Bank’s unwavering commitment to impact and enrich the lives of Nigerians.
Ezurike noted that the reward is aimed at encouraging more people, existing and prospective customers alike to save and invest their money. “In tough times like this, there is a compelling need to save, not only to win a prize, but also to plan for the rainy day,” he added.
He emphasised that customers can still participate in, or increase their chances of winning by depositing a minimum of N5,000 in their Savings account. He also noted that non-customers of the Bank can participate for a chance to win in the draws by opening a Polaris Savings account with N2,000 and growing same to N5,000 before the next draw date.
Ms. Susie Onwuka of the FCCPC; Doris Itegbe and Bolajoko Odusoga of ARCON attested to the free, fair and transparent draw that threw up the winners.
The representatives of the regulatory bodies commended the Bank for making good its promise to winners of the independence draws.
Below are four (4) ways to participate in the ongoing Polaris Save & Win promo:
Download VULTe on iOS and the App store to open a Polaris Savings Account or dial USSD *833*0# on your phone or log into Polaris Bank savings portal at https://accounts.polarisbanklimited.com/opening/
Grow your account by N5,000 or more for 30 days or 3 months to qualify for monthly & quarterly draws respectively; by N50,000 for 3 months to qualify for special draws.
If your account is dormant, you can reactivate your account without visiting the Bank by simply logging into the portal: https://accounts.polarisbanklimited.com/reactivate/, accept the terms and conditions, and update the required details the Bank may need.
Follow the Bank’s handles @polarisbankltd across all social media platforms or visit the website at www.polarisbanklimited.com to stay updated.
Polaris Bank, adjudged Digital Bank of the Year 2021 and 2022, is a future-determining Bank committed to delivering industry-defining products for individuals and businesses.
Agusto Upgrades EDC Nigeria Money Market Fund Rating To A(F)
Pan- African credit rating agency, Agusto & Co has upgraded the rating of EDC Nigeria Money Market Fund (‘EDC MMF’ or ‘the Fund’) to A(f). Funds rated ‘A(f)’ are deemed to have low to moderate exposure to downside risk, impairment of net asset value in the medium term. EDC MMF unit trust scheme which was launched in February 2017 is being managed by EDC Fund Management Limited, a subsidiary of the Ecobank Group.
Agusto in its latest rating assessment report which covers the review period of August 2021 – August 2022 attributed the impressive performance to the Fund’s improved adherence to established guidelines, particularly in periods of significant asset growth as well as low exposure to credit and interest rate risks, adding that the rating also reflects the adequate internal credit assessments conducted on proposed counterparties and automated pre and post trade checks. The credible rating agency noted that “Overall, we considered EDC MMF’s exposure to credit and interest risk to be low. Its exposure to liquidity risk is also low to moderate the Fund’s investment. Risk management processes are adequate for the Fund’s operational level and it is growing net assets despite uncertainty in the macroeconomic environment .”
The high rating for EDC Nigeria Money Market Fund comes despite the nation’s weakening macroeconomic environment has the potential to heighten risk exposures and pressure investment performance, the report stated. It also identified challenges such as persistent depreciation of the nation’s Naira, and high inflationary trends would make holding investments in local currency unattractive and impact on the positive returns to unitholders.
Commenting, Mrs. Oluwayemisi Ogunmola, Managing Director of EDC Fund Management Limited, expressed excitement over the positive rating after holistic assessment of its operations by the globally recognized credit rating agency. She restated EDC’s commitment to ensure the Fund becomes the most preferred investment channel in the industry.
“This positive rating attest to the structures we have in place. Our remarkable performance in all the key rating indices shows that we are on the right path. We will continue to adhere to stipulated guidelines and regulatory requirements, settle redemption requests within 24-48 hours and make positive returns to unitholders despite the current harsh operating environment.” She stated.
EDC Fund Management Limited (‘EDC FML’ or ‘the Manager’) is the investment management subsidiary of Ecobank Development Corporation. The Manager was established in 2012 and licensed by the Securities & Exchange Commission (SEC) to carry out fund and portfolio management activities in Nigeria. EDC FML provides a broad range of advisory services including privatisation, mergers and acquisitions, structured trade financing, underwriting and syndication to sectors such as telecommunications, mining, transportation, power, oil and gas, construction and manufacturing
Polaris Bank’s VULTe Pulls Ahead, Wins Double as Nigeria’s Best Digital Bank
…wins MSME Bank of the Year Award too
Polaris Bank shone brightest over the weekend as its bespoke home-grown digital bank, VULTe capped its string of wins with two more prestigious awards as the Best Digital Bank at both BusinessDAY’s Banks And Other Financial Institutions (BAFI) Awards and The Nigerian Fintech Awards 2022 respectively.
VULTe, is a digital bank solution designed to enable customers consummate every banking transaction, from account opening, through requesting for certain categories of loans, to generating bank statements. It also connects the customer to discover lifestyle trends and social events. It is an all-in-one solution that is created to offer the most convenience for customers and built to understand the needs of the customer and provide solutions to everyday challenges of accessing financial service solutions.
In the last 12 months, VULTe which hitherto caters more to individual customers, now has enhanced capabilities to render seamless self-services to SMEs, High Net worth, and retail customers. The over 40million MSME operators in Nigeria could now access collateral-free loans for personal and business purposes; where eligible entrepreneurs and SME operators could apply and get up to N20million in a space of 5 minutes without visiting the Bank in person.
Symbolically, VULTe has made another significant history in the Nigerian banking and financial services sector by emerging the winner of the prestigious BAFI Awards back-to-back having won the same award last year. BusinessDAY is Nigeria and Africa’s leading and most respected business media group and organisers of numerous respected awards in the financial sector, as well as in other key sectors of the economy.
The Nigerian Fintech Awards on other hand is Nigeria’s biggest and most recognised Fintech award. The awards presentation ceremonies took place on Friday and Saturday in Lagos.
In the citation of Polaris Bank’s VULTe read by the organisers of The Fintech Awards 2022 shortly before the presentation of the award of Best Digital Bank, VULTe was preferred ahead of others in its competitive set on certain key parameters.
These include convenience, intuitiveness, trust and efficacious management system.
“For a digital bank that provides convenient account opening in minutes, intuitive loan application, scheduled payments, personal digital card management, trustworthy security, and personal finance management, VULTe by Polaris Bank is hereby declared the winner of the Best Digital Bank category,” the organisers announced.
Similarly, while presenting the Best Digital Bank award to the Bank, BAFI Awards organisers disclosed that the awards selection/review committee voted Polaris Bank’s VULTe the winner having outperformed its industry peers, like ALAT and OneBank across eight metrics for consideration.
The metrics include strength of strategy for attracting and gaining digital customers, accelerated user engagement, success in getting clients to use digital offerings, growth of digital customers, and platform security.
Other metrics are the breadth of product offerings for retail and corporate clients, evidence of tangible benefits gained from digital initiatives and web/mobile site design, intuitiveness and functionality.
At the same BAFI Awards Polaris Bank was declared ‘MSME Bank of the Year’ ahead of FCMB and Fidelity Bank in what the organisers described as the Bank’s expansive impact on MSME operators across Nigeria.
Polaris Bank in May this year launched a N1billion fund for MSMEs in partnership with Lagos State Employment Trust Fund (LSETF) in what the Bank explained was aimed at providing the much-needed funding to create wealth and empower entrepreneurs and players within the MSME space in Nigeria, starting with Lagos.
Prior to the launch of the N1billion MSME Fund, Polaris Bank had committed, and indeed, provided multibillion financing to MSME operators across sectors, health inclusive among other incentives, like moratorium on facilities granted to cushion the impact of the COVID-19 pandemic on businesses.
Polaris Bank is a digitally enabled Bank focused on providing superior financial solutions and products to its customers across sectors with industry-specific and individual needs.
FIRSTBANK SPONSORS FIFTH CHUKKER AFRICAN PATRONS CUP POLO TOURNAMENT
Kaduna is agog with excitement as preparation for this year’s FirstBank of Nigeria Limited sponsored Emir of Zazzau African Patrons Cup and Breast Cancer Awareness Campaign gathers momentum. The African Patrons cup is an annual polo tournament which features Low, Medium and High goal teams from all around the world. The 2022 grand edition will be holding between November 1st – 6th, at the highbrow Fifth Chukker Polo Resort in Kaduna.
The weeklong mini polo tournament will feature notable teams like Mohammed Babangida’s Kaduna El-Amin, Y.Y Kangimi, Abuja Rubicon, Lagos MRS, while star players like Sayyu Dantata; Patron of Lagos MRS, Hadi Sirika; Patron of Abuja Rubicon, Adamu Attah; Patron of Fifth Chukker Polo team, Dawule Baba of DEEBEE Farms Polo Team, Bello Buba; Nigeria highest ranked polo player, Suleiman Abubakar; Kashim Bukar Shettima; Babangida Hassan are the notable polo players expected in Kaduna competition.
The players and their teams will compete for glamorous Patrons Cup. Apart from the star tournament, there is also the Hassan Katsina Cup that would feature medium-goal teams drawn from major polo centres across the country.
In addition to the activities, the annual Breast Cancer Awareness campaign will create awareness and promote education on breast cancer. The event will provide essential screening services to many women who cannot afford it, as well as enlighten women on the early detection signs.
Commenting on the Bank’s contribution to sports development in Nigeria, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank said “we are proud to have been associated with the African Patrons Cup Polo Tournament for many years, an event that truly captures the spirit of Sport which plays a crucial role to the socio-economic development of the society. We commend Fifth Chukker Polo and Country Club for the Breast Cancer Awareness campaign as it underscores our commitment to the wellbeing of women, particularly with the indelible role they play to the growth of any nation”.
The First@Sport initiative remains part of the Bank’s influence in the development of sports in Nigeria. Added to the Bank’s sponsorship of the African Patrons Cup Polo Tournament which has been for 5 years, other tourneys sponsored by FirstBank include the Georgian Cup of Kaduna Polo Club, for over 100 years; the Dala Tennis Hard Court in Kano Club for over 30 years; the FirstBank Lagos Amateur Open Golf Championship in Ikoyi Club for over 60 years; and the Obasanjo Pro-Amateur tournament of Abeokuta Club now in its 6th year.
FirstBank: A triumphant Return to the Nigerian Banking Frontline
The story of Corporate Nigeria in 2022, cannot be complete without a chapter on the incredible performance of First Bank of Nigeria Limited, which saw the hitherto encumbered bank now returning to the top of the ladder of the Nigerian banking industry, amid a harvest of international laurels, writes Festus Akanbi
By December this year, Nigerian quoted companies will begin to upload their full year 2022 results in compliance with the dictates of the principle of disclosures to regulators, investors and customers as enshrined in the act of Corporate Governance.
While the waiting game for the release of the more detailed full-year results continues, analysts said that bookmakers can only assess the current level of profitability, efficiency and recovery of these companies based on their half-year reports which began to hit the various media platforms from July this year.
For FirstBank, a subsidiary of the behemoth FBN Holdings Plc, the 2022 operation year has been characterised by a superlative performance which analysts believed signposts the confirmation of the bank’s return to the frontline of the Nigerian banking industry following its 2021 equally stellar performance.
From its half-year 2022 reports, which show a remarkable turnaround, and the ability of the management of the bank not only to resolve old corporate governance issues but to also return the bank to the path of profitability, it has been proven beyond any reasonable doubt that FirstBank has freed itself from old encumbrances and it is back to its old trajectory of breaking boundaries and being a pacesetter in the Nigerian banking industry.
For instance, analysts who believed that FirstBank’s current excellent performance is a reaffirmation of the new era of a return to greater and better times ahead are quick to point to the bank’s half-year 2022 results which proved the solidity of the financial institution and confirmed that it is back in form as a formidable industry leader.
Reinforcing Quantum Profitability Leap Agenda
For instance, in its half-year 2022 scorecard, FirstBank recorded a 22.6 per cent year-on-year growth in gross earnings to N338.5 billion while net interest income was up 49.3 per cent year-on-year to N152.9 billion respectively.”
The bank’s Managing Director/Chief Executive, Adesola Adeduntan who gave this figure disclosed that “Amidst a challenging operating and dynamic regulatory environment in the half year 2022, the commercial banking group remained focused on executing key initiatives to position the group for improved profitability in the full year 2022. Our half-year results further reinforced our drive towards our ‘Quantum Profitability Leap’ agenda.”
Adeduntan said, “On the back of the impressive growth recorded in our top line, our profit before tax recorded a strong growth of 40.0 per cent year on year to N60.0 billion, whilst profit after tax also grew by 42.3 per cent year on year to N53.3 billion as the bank continues to reap the dividends of the successful restructuring of our balance sheet and revamping of our risk management architecture.”
“We continue to record progress in driving down our non-performing loan ratio which now stands at 5.4 per cent at the end of H1 and we are on target to bring it within the regulatory limit of 5 percent by end of full-year 2022.”
Awards and Recognitions: FirstBank’s Leading the Pack
In terms of recognition, there is no doubt that the ongoing transformation in FirstBank is globally recognised when one considers the harvests of awards and recognitions that are already pouring in for the bank.
Analysts said the awards and recognitions, which include those from the Fitch Ratings and The Banker awards and Euromoney rankings are testimonials of FirstBank’s consistent performance.
Fitch Rerating
Analysts maintained that the current Fitch rerating of FirstBank aligns with ratings of other global agencies (such as S&P: B- with a stable outlook; Moodys: B2 with stable outlook) – a confirmation of what industry peers already acknowledge – back to leading the pack.
On September 16, 2022, Fitch Ratings announced the upgrade of FBN Holdings Plc’s (FBNH) and First Bank of Nigeria Ltd’s (FBN) Long-Term Issuer Default Ratings (IDRs) to ‘B’ from ‘B-‘, and according to the rating agency, the Outlooks are Stable. Fitch has also upgraded their Viability Ratings (VR) to ‘b’ from ‘b-‘.
It explained that the upgrade of the Long-Term IDRs follows that of the VRs, reflecting that corporate governance irregularities publicly raised by the Central Bank of Nigeria (CBN) in April 2021, including two longstanding related-party exposures, have largely been addressed and therefore risks to capitalisation have receded, helped by strong internal capital generation since the irregularities were raised.
Governance Issues Laid to Rest
Following its monitoring of the Bank’s corporate Banking endeavours within the last year, the rating agency gave FirstBank a clean bill of health saying the bank’s governance irregularities have been addressed and according to the management of the bank, “the two related-party exposures highlighted by the CBN, which included equity and credit exposures to two companies of whom FBNH’s previous chairman was also chairman, have largely been disposed of and repaid. Fitch understands from management that FBNH and FBN have not been subject to penalties about irregularities raised by the CBN in April 2021 and no further irregularities have been raised.”
It also attests to the solidity of the bank, affirming that FBN is the third-largest bank in Nigeria, representing 11% of domestic banking-system assets at the end of 2021.
Another reason for the high rating is the fact that the bank’s improved asset quality since FirstBank’s impaired loans (Stage 3 loans under IFRS 9) ratio has declined significantly.
FirstBank also boasts of a Stable Funding Profile. For instance, FBN’s customer deposit base (76% of total funding at end-1H22) comprises a high share of retail deposits (64% at end-2021) and current and savings accounts (81% at end-1H22), supporting funding stability and a low-cost of funding. Depositor concentration is fairly low. Liquidity coverage is comfortable in local and foreign currencies.
Bankers Magazine: FirstBank Best Performing in Nigeria
It is also not a coincidence that FirstBank was rated first among its peers in Nigeria by Bankers Magazine, a publication of the Financial Times.
The Top 100 African Bank Rankings 2022 recently released by The Bankershows FirstBank leading the Nigerian table in four areas, the highest achieved by any Nigerian bank; only FirstBank leads in four areas. The rankings, based on the end of year 31 December 2021 audited financials of all banks in the Top 100, reveal FirstBank’s ranking as number one in Nigeria in terms of Overall Performance, Profitability, Efficiency and Return on Risk.
The magazine, which explained that its Top 100 African Banks ranking for 2022 demonstrates a broad return to stability by African banks after a torrid year for the continent’s largest lenders placed FirstBank among other banks in Nigeria because it happened to be the only bank that led in four areas.
First Bank of Nigeria Limited leads its peers in fifth place overall, displacing Guaranty Trust Bank, now in seventh place. Access Bank ranks in the eighth position, with Zenith Bank in 10th place.
Euromoney Rankings: FirstBank, Market Leader
In addition, in 2022, Euromoney Market Leaders, an independent global assessment of the leading financial service providers conducted by Euromoney Institutional Investor Plc crowned FirstBank as a market leader. The bank was rated as a tier one bank in the areas of corporate and social responsibility (CSR).
Not only that, but FirstBank also emerged as a market leader among the tier-one banks in the area of Environmental, Social and Governance (ESG).
In the area of corporate banking and digital solution, FirstBank was highly regarded while it was crowned as a notable player in SME Banking for the period under review.
FirstBank was named “Best Bank Brand in Nigeria” for six years in a row – 2011 to 2016 – by The Banker magazine of the Financial Times Group; it was awarded “Most Innovative Bank in Africa” in the EMEA Finance African Banking Awards 2014; it has clinched the “Best Bank in Nigeria” award by Global Finance Magazine 15 times and the “Best Private Bank in Nigeria” by World Finance Magazine seven times. Some other recent awards received by the Bank are “Best Banking Brand Nigeria, 2019” by Global Brands Magazine; “Best Mobile Banking App – Nigeria, 2019” by Global Business Outlook and “Best Financial Inclusion Program – Nigeria, 2019 by International Investor.
In the words of FirstBank’s CEO, Dr Adesola Adeduntan, ‘what all these current ratings and recognitions demonstrate is that FirstBank is strongly back on course! Knowing this is only the beginning of a new era of return to the trailblazing position and that better times lie ahead we encourage our customers and other stakeholders to keep believing and keep standing by us.’
Banking on Robust Customer Service Network
Through the last 128 years of its operations, FirstBank has played a leading role in utilising its robust customer service network and digital banking architecture to support its customers – cutting across diverse cultures, tribes and races beyond the shores of Nigeria – in meeting their individual and business needs.
First Bank of Nigeria Limited operates as a parent company, with the subsidiaries FBNBank in the Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone and Senegal; FBN Bank UK Limited in the United Kingdom with a branch in Paris; First Bank Representative Office in Beijing to capture trade-related business between geographies. FirstBank also operates First Pension Custodian Nigeria Limited, Nigeria’s foremost pension custodian. The teeming customers of the First Bank Group are serviced from a network of over 700 business locations across Africa.
Polaris Bank announces New ‘Save & Win’ Promo, commits Millions of Naira in Prize Money to Nigerians
Polaris Bank has commenced a nationwide savings campaign tagged: Polaris ‘Save & Win’ Promo to give away Millions of Naira in cash rewards to its loyal and prospective customers who would partake and emerge winners in the promo.
Four millionaires will emerge alongside 4,379 Nigerians who will be rewarded with other cash gifts from N100,000.00 up to N500,000.00 per person in a monthly, quarterly and special draws over a period of 12 months.
The ‘Save & Win’ promo is aimed at making millionaires of everyday Nigerians by encouraging current customers of the Bank to grow their existing accounts by N5,000.00 in 30 days while prospective customers are encouraged to open and save in their account, a minimum of N2,000.00 and grow it to N5,000 within a month to qualify for the monthly draws, and stand a chance of winning N100,000.00. For the quarterly draw, existing and prospective customers stand the chance of winning N1m in rent as first prize; N500,000.00 for first runner up and N250,000.00 for second runner up within the promo period. The Campaign started from October 1, 2022, and will run till September 30, 2023.
The first draw, which will herald the first set of winners for the month of October, will be announced in the first week of November. On that day, the first set of winners, 62 in all, will receive N100,000.00 as their reward in commemoration of the 62nd Independence Anniversary of Nigeria.
The same process will be repeated in subsequent months where 100 Nigerians will win N100,000.00 each. In December however, the 1st quarter of the campaign draw will hold where 3 winners will go home with N1m in rent prize: N500,000.00 and N250,000.00 cash prizes alongside 100 winners of N100,000.00 each across the six geo-political zones in the monthly reward draw.
There will also be Special draws for Nigeria’s Independence, Xmas, Valentine, Easter and Eid-el-Kabir seasons. Additionally, the campaign has a targeted draw component where 200 winners comprising of artisans, trade association members will emerge per month (10 winners per cluster with 20 clusters activated every month).
The Group Head, Product and Market Development, Mrs. Adebimpe Ihekuna while kicking off the campaign, noted that “the essence of the exercise, is to give back to customers and encourage savings amongst Nigerians”. The campaign, she further explained, is a reward for the traders, artisans, public servants and indeed professionals who in spite of the challenging times, are able to put aside some money.
She reiterated that in challenging times such as we are now, there is a compelling need to save, not only to win a prize, but also to plan for the rainy day.
Explaining further on the dynamics of the campaign, Mrs. Ihekuna, noted that” both current and new savings account customers of the Bank are eligible to participate in the promo.
She disclosed that the joy of winning lies in the ability to continuously grow savings to have greater chances of winning.
According to her, “Winners will emerge from four routes or reward categories namely, Monthly draws, Quarterly draws, targeted draws and Special draws through a transparent electronically generated process that will be supervised by relevant regulatory institutions.”
Opening a Savings Account is simple and swift in Polaris Bank. Prospective customers can dial *833*0# on their phones to follow the prompt or simply download VULTe on iOS and App store. If you have a dormant Account with the Bank, you can reactivate it from your devices by visiting https://accounts.polarisbanklimited.com/reactivate/or any of the Bank’s branches across the country.
Polaris Bank, adjudged the Digital Bank of the Year, is a future-determining Bank committed to delivering industry-defining products to individuals and businesses.
Glo Joins The PSB Fray As MoneyMaster PSB Launches With G-Kala
Telecom industry transformational leader, Globacom, has announced the commencement of its payment service bank business with the official launch of MoneyMaster PSB on October 6, 2022. The PSB commenced commercial operations on May 30, 2022.
A statement released by the company noted that: “Our over-arching business objective remains to empower Nigerians by providing them with unlimited opportunities. MoneyMaster extends that objective as it targets the unbanked and under-banked with G-Kala its flagship product in order to deepen financial inclusion in Nigeria.”
MoneyMaster PSB was granted a payment service bank license by the Central Bank of Nigeria (CBN) on August 27, 2020. Payment service banks can, by virtue of their licenses, facilitate payment and remittance services within Nigeria, accept deposits from individuals and small businesses, issue debit and prepaid cards, operate electronic wallets, inbound remittances, and carry out other services in line with CBN regulations. They however differ from commercial banks in the fact that they cannot grant loans.
MoneyMaster will be leveraging Globacom’s pan-Nigerian spread and pervasive agents’ footprint in the rural and urban areas as it begins its massive roll-out.
To open an account, all the customer needs to do is dial *995# then follow the prompts from a Glo line or from any other telecommunications network as MoneyMaster PSB is network agnostic.
Just as Globacom revolutionized the telecom industry with cutting-edge technology and unique products when it started operations in 2003, MoneyMaster PSB is poised to redefine the payment service banks’ landscape while driving financial inclusion in Nigeria.
“One key feature of MoneyMaster’s G-kala product is that the customer’s phone number will be used as his or her account number,” the statement continued.
“We are grateful to the CBN for the opportunity to deepen financial inclusion in Nigeria using our cutting-edge technology and vast network.”
With 133.5m bank accounts in Nigeria as of December 2021 according to figures released by the Nigeria Inter-Bank Settlement System (NIBSS) and with only 54 million BVNs registered as of April 10, 2022, there is a huge gap of about 79m Nigerians and potential for PSBs like MoneyMaster to help bring many unbanked and under-banked into the financial services ecosystem.
FirstBank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced its commemoration of the 2022 edition of the Customer Service Week scheduled to be globally celebrated on 3 – 7 October 2022.
The event themed: “Celebrating Service” will be marked across its FBNBank subsidiaries in over half a dozen countries which include FBNBank UK, FBNBank Ghana, FBNBank Senegal, FBNBank Gambia, FBNBank Guinea, FBNBank DRC and FBNBank Sierra Leone.
Customer Service Week is an international celebration that highlights the importance of customer service and staff who serve and support customers daily to deliver exceptional service to customers.
The Bank’s celebration of the 2022 Customer Service Week will include several activities considered integral to promoting a relaxed atmosphere whilst extending its participation to everyone, irrespective of where they are. The activities include virtual engagement of customers on its social media handles: firstbanknigeria on Instagram; First Bank of Nigeria Limited on Facebook; First Bank of Nigeria Limited on LinkedIn and @FirstBankngr on Twitter.
Others are a video booth and photo frame funfair, then a Virtual Party on the Friday of the weeklong event and a movie date for staff.
Through the last 128 years of its operations, FirstBank has played a leading role in utilizing its robust customer service network and digital banking architecture to support its customers – cutting across diverse cultures, tribes and races beyond the shores of Nigeria – in meeting their individual and business needs. The Bank achieves this through its innovative, interactive, self-service banking platforms like *894# Quick Banking mobile solution, FirstMobile banking application, Firstmonie Agents, FirstOnline internet banking, WhatsApp banking, and ATM amongst many others. The Bank’s electronic banking channels are constantly updated with new and exciting features to expose customers to exemplary services and experience to put them at an advantage in the industry.
According to Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank “for us at FirstBank, celebrating service, the theme of the 2022 edition of the Customer Service Week is a reflection of our brand mantra “You First”. This reiterates the essence of our existence since 1894, centred on putting You, our customers First as we continue to support individuals and businesses to impact the economy.
With our dynamic and vibrant human-led and digital-led customer services operations, we remain committed to rendering the gold standard of services to our customers and stakeholders regardless of where they may be across the globe” she concluded.
