Adaptability and constant innovation, according to Indian billionaire industrialist and philanthropist Shiv Nadar, are critical to the survival of any business operating in a competitive market. More specifically, for banks, innovation is a business imperative that must focus on providing a competitive advantage and creating value for businesses and customers.
From the early days of their pioneering initiative, the flagship instant banking product *770#, which was the first of its kind in the Nigerian banking industry, to the revolutionary ‘Pay Yourself’ digital service, Fidelity Bank Plc has remained one of the Nigerian financial sector’s leading pioneers of digital banking.
In keeping with its mission to make financial services easy and accessible to its customers, the bank has launched a number of digital products and services over the years.
According to a 2020 United Nations report, Nigeria has one of the world’s youngest populations, with 62 percent of the population under the age of 25. To serve the demands of this young populace, who live in a fast-paced digital world, Fidelity Bank, under the audacious leadership of its Managing Director/ CEO, Mrs. Nneka Onyeali-Ikpe, has proven its commitment to connecting its customers to a world of limitless opportunities through their digital banking services.
Taking this resolve to a completely new level, the leading financial institution has introduced a number of products and services aimed at making banking simple and stress-free. Among them are the following:
● Pay Yourself for Corporates: This is an innovative payroll solution for corporates and SMEs, which enables their employees to pay themselves via their mobile phones.
● Fidelity Insight: This online banking feature gives customers insight into their spending patterns to encourage saving and investment habits in Nigerians.
● NIP Limit Increase Indemnity for Corporate Customers: This feature allows corporate organizations to increase their NIP limit on Fidelity Online Banking after executing an indemnity online.
● Signed and Stamped Customer Account Statement: With this innovative feature, why visit the banking hall when it can come to you? Customers are enabled to access signed and stamped statements of accounts without having to visit the bank. This feature is accessible via Fidelity Online Banking (web or mobile).
● Fidelity Loan On Account Turnover (FLOAT): This service allows customers access loans against a consistent six months credit turnover on their account. Loan tenor is one month and is between N10, 000 and N100, 000.
● Fidelity PayGate: Fidelity PayGate is an online/web payment service that allows merchants to receive payments from their customers who purchase goods and services on their websites. This can be done using any card type (local and international cards) or via Pay by Link on social media platforms.
In addition, Fidelity Bank is driving the conversation with its award-winning virtual assistant, IVY. Due to her efficient and quick service delivery, Fidelity Bank’s IVY emerged as the “clear leader” of the rest of the chatbots in the 2020 KPMG Digital Channels Scorecard.
IVY claimed the prestigious title of ‘best chatbot of 2020′ by providing sophisticated and simple services such as complaint resolution, account opening, fast funds transfer, bill payment, transferring users to a live agent, loans, fixed deposit applications, and answering random questions.
All of this, and more, accentuate the bank’s current push to be number one in every market it serves. The success of their adopted digital culture is evident in the performance trend over the last few years and even sustained despite the impact of the pandemic.
Fidelity Bank continues to use technology to develop innovative products and services, all with the goal of providing Nigerians with seamless banking services that are fast, affordable, and convenient.
Zenith Bank GMD, Onyeagwu Emerges “CEO of the Year” as Zenith Bank Wins ‘Most Responsible Organisation in Africa’ at SERAS CSR Africa Awards 2021
Zenith Bank’s Group Managing Director/CEO, Mr. Ebenezer Onyeagwu, has emerged CEO of the Year for a second consecutive year at the Sustainability, Enterprise and Responsibility (SERAS) CSR Africa Awards held at the weekend in Lagos.
According to the judges, he was selected for a number of reasons, including engendering a culture that promotes the continued investment in social initiatives in support of the United Nations Sustainable Development Goals (SDGs). Under his leadership, the Zenith Bank’s social investments totalled NGN3.285 billion in 2020, representing nearly 2% of the Bank’s profit after tax.
The judges found him worthy for his commitment to promoting sustainability and responsible business practices in Nigeria, by his frontal leadership of sustainability in Zenith Bank, thereby enabling best industry practices in the banking sector, and for his passion for reducing carbon emissions in the Bank’s operations.
Zenith Bank Plc also emerged winner in four other categories at the SERAS CSR Africa Awards, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa”.
Zenith Bank was adjudged the Most Responsible Organisation in Africa, winning the overall best sustainability award, for its continued commitment to the tenets of Sustainability and Corporate Social Responsibility, within its immediate community and in the society at large.
The Bank also emerged as the winner in the category for Reporting and Transparency for its consistency in disclosing and communicating its sustainability journey and progress annually vis-a-vis environmental, social, and governance (ESG) goals, in line with the guidelines and protocols set by the Global Reporting Initiative (GRI), Nigeria Sustainable Banking Principles (NSBP), NigerianExchange (NGX), United Nations Global Compact (UNGC), and United Nations Environment Programme Finance Initiative (UNEP FI). The Bank also ensures the assurance of its sustainability report by reputable independent third parties. In 2021, the Bank’s 2020 sustainability report was assured by PricewaterhouseCoopers (PwC) and disseminated through the Bank’s website for the public and sent to all relevant stakeholders, including the United Nations Global Compact (UNGC).
In the infrastructure development category, the Bank was voted winner for its nation-building initiatives and investments, including supporting efforts towards establishing basic services and functional security, governance, and economic and infrastructure systems, especially in Nigeria. As a testament to this and in demonstration of its commitment to the development (often referred to as reform, restructuring and rebuilding) of the Nigeria Police Force for the preservation of law and order, protection of life and property, and law enforcement in Nigeria, the Bank supported the Lagos State Security Trust Fund with N500,000,000.00 for the provision of security-enhancing facilities and infrastructure. This is in addition to contributions to other state security trust funds.
Zenith Bank was adjudged winner in the category for the Best Company in Promotion of Gender Equality and Women Empowerment for its Z-Woman initiative, which offers credit facilities to women-owned businesses at a single-digit interest rate and for a gender-balanced workforce (Women make up about 50% of employees). During the reporting period, the number of women and women enterprises supported by the Bank, through the Z-Woman initiative, grew by 88.7%, from 391 in 2019 to 738 in 2020.
The Sustainability, Enterprise and Responsibility Awards (SERAS) is an initiative of TruCSR which celebrates and promotes investments by corporate organisations in the society through CSR and sustainability initiatives. It made its debut in 2007, and participation was opened to other countries of Africa in 2016.
The 2021 awards featured 387 projects by 97 organisations across Africa. The SERAS Jury Board consists of global thought and best-practices leaders from around the world such as Maria Sillanpaa (Finland); Nyasha Gwatidzo (Zimbabwe); Adesuwa Onyenokwe (Nigeria); Amjed Achour (Morocco); Charles Ojei (Nigeria); Ellen Gunning (Ireland); Gina Din-Kariuki (Kenya); Indira Kartallozi (England); Lampe Omoyele (Nigeria); Paul Kapelus (South Africa); and Scott Walker (England).
Having a FirstBank Salary Account Can Ease Your Money Problems, Find Out How…
“There is always a lot to spend money on, and sometimes the bills can’t wait for the salary to be paid” Tope complained when his wife informed him that they had run out of cooking gas and had to refill.
He had just moved to a new location with his family and the bills seemed to be coming at such speed that he could hardly keep up. Barely three weeks in the new apartment, the electricity bill had arrived. The new apartment was bigger than the last and their two double-seater cushions left too much space vacant in the seating room. They needed to get a couple more pieces of furniture to fill the space. His wife had not stopped reminding him of the car he promised to get, in order to ease mobility for the family.
Everyone has been a Tope at some point in time, and that is why everyone needs a financial partner like FirstBank, Nigeria’s premier and leading financial services brand. FirstBank offers a variety of loan products that can help you ease off the pressure as you work towards meeting pressing and urgent needs, as well as medium-term goals.
FirstAdvance is a digital product tailored for Salary Account holders, who have an urgent cash need and would want to access salary advances from the bank. If you have held a salary account with FirstBank for up to two months, you can access 50% of your monthly net salary and as much as half a million naira (N500,000).
A physical visit to the bank branch is not required as you can access it via the FirstMobile (FirstBank’s Mobile banking app) and USSD channels. To access the service via USSD, dial *894*11# from the phone number linked with your FirstBank account. This has proved to be the solution for many people while emergencies arise before payday. There is no point in waiting for month-end before you can take on those pressing financial obligations.
FirstCredit is another digital product designed to cater for non-salaried individuals. All that is required is for your account to have been active and transacting in FirstBank for six months or more to access FirstCredit. It provides customers with quick and easy access to loans to fund urgent transactions. You do not need a smartphone or a physical visit to the bank to get this done as well. This credit facility can be accessed using a mobile phone and the USSD banking code, *894*11#. You can access as much as N300,000 to be repaid within 30 days.
No physical documentation or collateral is required, neither do you need a physical visit to the bank to access both loans. Imagine the confidence that comes with sorting out your bills within minutes and without having to wait till month-end.
Salary accounts should do more than receive your monthly payments from your employer. It should be instrumental in making your day-to-day living easier, and this is what having your salary account with FirstBank can achieve for you. You can get a Personal Loan Against Salary (PLAS) if you have a longer-term project at hand or investments to make. It may be paying school fees for your kids, acquiring assets or renovating your properties, paying rent, taking professional examinations. Customers who qualify can access Up to N50 million based on their net monthly income and rates are competitive while offering long-term and flexible repayments up to 48 months tenor.
Despite all these benefits and ease in access to loans, it literarily costs nothing to open a FirstBank Salary Account. Zero opening balance, Zero minimum daily operating balance, Zero account maintenance charge, plus you even get your first debit card issued for free.
Truly, it is always “YOU FIRST” from FirstBank.
Nigerian Banks Disburse N7 Trillion Loans in 3 Years
In the last three years, commercial banks in Nigeria have disbursed over N7 trillion in loans and advances to their customers, a feat which the Central Bank of Nigeria said was achieved through the apex bank’s loans to deposit ratio (LDR) policy.
This was stated by the Deputy Governor, Financial Systems Stability of the CBN, Mrs Aishah Ahmad at the 40th anniversary summit of the Financial Institutions Training Centre (FITC) in Lagos on Friday. Ahmad noted that the LDR policy, which specified that a specific percentage of bank deposits must go out as loans and kicked off in 2019, had seen the rate at which banks lend to the economy improve largely.
In July 2019, the CBN had increased the minimum required LDR to 60% and then went on to review it upward to 65% later in the year which has since then helped the country’s economy, as well as increased retail lending to households.
The increase of the loans to deposit ratio being increased means that for the amounts of money being deposited in the banks, the banks are to increase the rate at which loans will be given against the deposited amount. For example, if $1 is deposited, the LDR increase to 65% would mean that the bank would give out the equivalent of 60.5 cents per one dollar.
According to Ahmad, the CBN has tried for years to endure that it drives lending to the real sector as she went on state that the policy established by CBN Governor Emefiele over the past years has placed emphasis on this, in terms of intervention funds and also in terms of some of the policies put in place like the loan to deposit radio (LDR) which has added about N7 trillion in loans.
Speaking on the stability of the banking sector, Ahmad stated that all the indicators point to its strength and stability, as well as its role as a catalyst towards the country’s recovery.
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