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FirstBank DecemberIssaVybe: Showing Kindness as You Vybe

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The roof is already getting raised with #FirstBankIssaVybe, #DecemberIssaVybe campaigns. With FirstBank, it is always a total experience of being woven into the fabric of society from banking at its finest, to music, fashion, arts, and sports. Across the spectrum of human endeavour, FirstBank stands tall behind its over 32 million customers and counting. 

As FirstBank makes every day a vybe every December, it is also passionate about ensuring that everyone vybes with kindness. This is in sync with the words of Maurice Elias, Professor of Psychology, “without kindness, our communities, families, schools, and classrooms become places of incivility.” As we get the blast of the season, the 127 years strong banking brand in furtherance of its kindness campaign has created a simple calendar to ease your ability to create a SPARK in the lives of people around you.

At FirstBank, SPARK stands for Start Performing Acts of Random Kindness. The SPARK initiative was launched 4 years ago to make a difference in the nation by seeking to inspire and institutionalize kindness. By encouraging kindness, empathy and consideration for others, SPARK is placing FirstBank at the forefront of the social impact space. The unique way FirstBank is amplifying kindness is through its different directorates and departments. This way the Bank is reaching more communities, touching more lives, and spreading kindness.

The FirstBank kindness drive stands on three (3) pillars of compassion, civility, and charity. Compassion and charity readily come tops when we think about kindness, and FirstBank is championing the cause to also promote civility through the SPARK initiative. Civility covers the aspects of kindness that does not cost you anything to use in igniting the world around you. Imagine as you get to the venue of the next FirstBank’s DecemberIssaVybe show, and you give up a parking lot closer to the event hall to the car behind you?

The global head of marketing and corporate communication of FirstBank, Folake Ani-Mumuney says “At FirstBank, we spend every waking moment working to create meaning in the lives of our customers and publics. We are inspiring kindness because it brings meaning to lives and creates a happier society. So, as you vybe this Yuletide, vybe with kindness.”

Kindness does not have to cost you a kobo, so click here to download and share your kindness calendar for those simple tips to start performing acts of random kindness every day this December.

The need to promote kindness in our homes, schools, fun places, and the society at large cannot be over-emphasized especially with the increased incidence of bullying prevalent around us. In promoting the need for kindness in education and ‘cyber kindness’, FirstBank sponsored two impactful webinars during its corporate responsibility & sustainability week in July 2021. You can click here to access the Zoom recordings of the webinars.

Kindness should be a way of life, and FirstBank is at the forefront. Join the kindness train, vybe with kindness this Yuletide and always!

 

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Banking Sector

Foreign Exchange: First Bank to Discontinue Dollar Transactions on Naira Card

First Bank of Nigeria has announced that international transactions on its naira MasterCard will be suspended, Starting from 30th, September 2022

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FirstBank Headquarter - Investors King

First Bank of Nigeria has announced that international transactions on its naira MasterCard will be suspended, Starting from 30th, September 2022. 

In a recent email that First Bank sent to its customers, the bank stated customers will no longer be able to perform international transactions on First Bank Naira credit card, virtual card and visa prepaid card. 

The message read, “Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card and Visa Prepaid Naira card for international transactions. This will take effect on 30 September 2022,” First Bank said. 

The message added that customers can only use their multicurrency and other permitted cards to make international transactions. 

“Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000.” The statement concluded.

It could be recalled that in July 2022, Standard Chartered Bank also suspended international transactions on its naira visa debit card. 

Other banks that have suspended international transactions on naira cards include Flutterwave, Eversend and other financial technology platforms.

Investors King had earlier reported that Nigerian banks have reduced international transactions to $20 on Naira cards due to the ongoing foreign exchange scarcity in Nigeria.

The reduction started in 2020 from $500 to $100 in 2021. In March 2022, many of the financial institutions subsequently reduced international transactions on naira cards to $20. 

At the 364th Bankers Committee Meeting in Abuja in 2021, the CBN Governor, Godwin Emefiele disclosed that the apex bank will stop supplying foreign currency to Deposit Money Bank (DMBs) otherwise known as commercial banks by the end of the year.  He, therefore, urges them to source for their foreign exchange from export proceeds.

 

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Banking Sector

Islamic Finance: Move Towards Open Banking Set to Accelerate

Leading Islamic finance professionals expect the sector to move rapidly towards greater use of open banking over the next three years.

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Global Banking - Investors King

New research shows that most leading Islamic finance professionals expect the sector to move rapidly towards greater use of open banking over the next three years.

In the research conducted to support the Global Islamic Finance Forum 2022 (GIFF2022), 90 per cent of Islamic finance professionals believe the adoption of open banking by financial institutions, Governments, fintechs and other stakeholders will increase by 2025, with nearly two out of five (38 per cent) expecting a dramatic rise in adoption.

Growth of open banking in Islamic finance will partly be driven by more and better regulations, the study also found. Almost a third (32 per cent) of Islamic finance professionals who were questioned predicted a dramatic increase in regulation, with another 59 per cent forecasting a slight increase in regulation.

The study found that Islamic finance professionals working across a wide range of sectors believe open banking will mean greater use of fintech innovations in Islamic finance such as Waqf, Zakat and Sadaqah. More than half (62 per cent) questioned, strongly agree open APIs will enable the platforms to access customer accounts in Islamic finance, with the result that customers can make contributions through the platforms. Another 30 per cent slightly agree.

Islamic finance professionals believe that the key benefit of open banking in the Islamic finance industry is to meet strong customer demand and offer more choice with the ability of banks to offer more innovative products. Other benefits include being able to manage the escalating costs of launching new digital services at scale and developing strategies to monetise customer data to generate new revenue streams. The growth of open banking will also enable institutions to meet regulatory requirements to provide higher transparency for reporting data.

Chief Executive Officer of Al Rajhi Bank Malaysia said,Increased adoption of open banking in Islamic finance brings a wide range of benefits to the sector and research shows Islamic finance professionals are expecting rapid developments in the sector over the next three years. There is a clear need for more and better regulation around open banking and open finance in Islamic finance, and that is recognised by Islamic finance professionals who are expecting strong progress.”

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Banking Sector

First Bank CEO, Adesola Adeduntan Ranked First on Nigeria Banks CEOs Media Performance Report

Adesola Adeduntan topped the Nigerian Banks’ Chief Executive Officers (CEOs) media performance report for August. 

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Dr. Adesola Adeduntan - FirstBank CEO - Investors King

It is another testimony to the sterling performance and media engagement of the First Bank helmsman, Adesola Adeduntan as he was ranked top in the Nigerian Banks CEOs Media Performance Report for August. 

An independent analysis of the media performance and prominence of Nigeria Commercial Banks CEOs placed Adesola Adeduntan ahead of Yemisi Edun of FCMB, Ademola Adebisi of Wema Bank and Abubakar Suleiman of Sterling Bank. 

According to the analysis which was carried out by MATE+, using various data gathering and PR Metrics, the prominence of the bank CEOs was tracked both in the online and print media. 

FirstbankThe Chief Executive Officer of First Bank of Nigeria, Adesola Adeduntan sits at the top of the leaderboard with a 44% media share. 

He was followed by Yemisi Edun of First City Monument Bank (FCMB) with 23%, while Ademola Adebisi of Wema Bank and Abubakar Sulieman of Sterling Bank completed the chart with 19% and 14% respectively.

In June, First Bank also topped the list of Nigerian Banks in the media while it was also ranked first in promotional media content in May. 

Meanwhile, the report also tracked the media prominence of the CEOs in the Nigeria Insurance sector. 

The performance report revealed that the MD of AIICO Insurance, Babatunde Fajemirokun had the most media exposure with 45%.

He was followed by Eddie Efekoha of Consolidated Hallmark Insurance with 17%, Kunle Ahmed of AXA Mansard Insurance with 14% and Tunde Hassan- Odukale of Leadway Assurance with 11% media exposure.

Investors King could recall that Mr. Adesola Adeduntan was appointed as the CEO of First Bank of Nigeria by the central bank in April 2021 to stabilise the bank after a brief controversy. 

Adeduntan has since been repositioning the bank. It is not a surprise that First Bank has now generated enough public interest which includes the purchase of a majority stake in the bank by one of the foremost Nigerian billionaires, Femi Otedola.

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