Connect with us

Business

FirstBank Delights Customers With Easy-To-Access Loan Products

Published

on

FirstBank

A lot of people around the world, at some point in their lives, take loans to settle some of their urgent or medium-term needs. These might include emergency expenses, appliance purchases, payment of medical bills, payment of tuition fees, feeding expenses, wedding expenses, vehicle financing, and vacation costs, among others.

These loans are usually paid back in weekly, monthly installments for the duration of a few months or years, depending on the loan package and how consistent the borrower is, with the payments.

In recent times, the E-commerce and fintech space have been clogged with a lot of incompetent companies, especially those offering long and short-term loan facilities. Ultimately, the COVID-19 pandemic has led to many people resorting to ‘loan sharks’ or creditors who charge exorbitant interest rates.

Disguised as credible companies willing to help customers meet urgent needs, some of these companies also breach data privacy and engage in cyberbullying. Whenever a lender defaults, some of the companies send derogatory and embarrassing messages to the lender’s contact list. This is because they usually have access to the lender’s details during registration.

In light of this, the Federal Competition and Consumer Protection Commission (FCCPC), National Information and Technology Development Agency (NITDA), and the Independent Corrupt Practices and Related Offences Commission (ICPC) recently shut down about six illegal loan companies. The FCCPC also revealed plans to introduce a proper regulatory framework for the operators.

Speaking during the World Consumer Rights Day celebration recently held in Abuja, the FCCPC boss, Mr Babatunde Irukera condemned the exploitation of Nigerians by these unlicensed online money lenders in the country. According to him, most of them are not registered with the Corporate Affairs Commission (CAC) and do not have any license to carry out their operations in the country.

Investors King recalls that in January, governor of the Central Bank of Nigeria (CBN), Godwin Emefiele advised Nigerians to beware of these loan sharks and leverage on loan facilities offered by registered financial institutions in Nigeria.

One of the credible multinational banks offering its customers easy-to-access loan products is FirstBank Nigeria Limited. The bank, known as the premier bank in West Africa is headquartered in Lagos, Nigeria.

Apart from offering a comprehensive range of retail and corporate financial services, FirstBank also offers a variety of loan services to eligible customers. From acquiring that dream vehicle to providing furniture and fittings for one’s home etc, the bank has a variety of loan products specifically designed to ease the acquisition of these pressing and urgent needs.

These products are First Advance, FirstCredit, PLAS (Personal Loan Against Salary) and Salary Account.

First Advance Loan

First Advance 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 interested and eligible customers whose salaries accounts have been domiciled with FirstBank for a minimum of Two (2) months, or salary earners willing to move their salary account to the Bank under certain terms & condition. The service can be accessed via the bank’s digital channels: FirstMobile and USSD.

The maximum amount accessible is N500,000.00 subject to 50% of net average three months’ salary, whichever is lower. The eligible amount is calculated after deducting all other loan obligations to the Bank.

However, this may not apply to all, depending on their salary structure. If the average of three months’ salary doesn’t match the limit, it simply translates to securing loans below that mark. This safety net is put in place to protect the consumer by ensuring ease of payment for all parties at excellent interest rates.

To access this service, the customer’s salary account must be domiciled with First Bank and a tenor of 30 days or next pay day (whichever comes first) is the requirement to securing the loan.

FirstCredit Loan

The FirstCredit is a product designed to provide customers with a quick and simple loan to fund their transactions. These loans can be accessed from anywhere without necessarily visiting the Bank. For this, no documentation or collateral is required.

Personal Loan Against Salary

FirstBank’s Personal Loan Against Salary (PLAS) creates opportunities for salary accounts holders to unlock the wealth in their accounts. It also helps customers meet rent obligations, vacation trips to choice destinations and pay for professional examinations to take their career to the next level. PLAS is available to employees whose salary accounts are domiciled with FirstBank.

According to the bank’s, Group Head, Products & Marketing Support, Mr. Abiodun Famuyiwa, “FirstBank salary account holders can access up to N30 million to help them pursue capital projects, carry out renovation works on their properties, acquire assets, give their children the best education and other fulfilling accomplishments. The scheme offers options to top-up and refinance existing loans at competitive rates”.

Benefits of FirstBank Salary Account

Some of the benefits of Salary Accounts include Zero opening balance, zero minimum daily operating balance, zero AMC charge, first Free Verve or Master Card Issuance, as well as access to consumer loans.

With more than 12 million customer accounts, FirstBank has over 750 branches providing a comprehensive range of retail and corporate financial services. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as its Representative Office in Beijing.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimized risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes.

Continue Reading
Comments

Business

N1.3bn Fraud Allegation: Court Orders Arrest of Dana Air MD For Not Showing Up For Arraignment

Published

on

Mr. Hathiramani Ranesh

A Federal High Court in Abuja has ordered the arrest of the Managing Director of Dana Air, Mr. Hathiramani Ranesh for failing to appear in court for his arraignment in the alleged N1.3 billion fraud preferred against him by the Office of the Attorney-General of Federation (AGF).

The Federal Government had on October 10, 2024, asked the court to issue a bench warrant for the arrest of Dana Air after failing to honour invitation for his arraignment.

The AGF had filed a six-count charge against Ranesh and two others and marked Dana Group PLC and Dana Steel Ltd as the 2nd and 3rd defendants, respectively.

The prosecution argued that Ranesh and the two companies, along with others still at large, committed a felony between September and December 2018 at the DANA Steel Rolling Factory in Katsina.

They were accused of conspiring to remove, convert, and sell four units of industrial generators—three units Ht of 9,000 KVA and one unit of 1,000 KVA—valued at over N450 million. These assets were reportedly part of the Deed of Asset Debenture used as collateral for a bond, which remains valid.

The defendants and others at large were said to have conspired to fraudulently divert N864 million between April 7th and 8th, 2014, at House No. 116, Oshodi-Apapa Expressway, Isolo-Lagos.

This sum, reportedly part of the bond proceeds from Ecobank intended for revitalizing production at Dana Steel Rolling Factory in Katsina, was allegedly diverted for unauthorized purposes.

They were also accused of conspiring to transfer N60,300,000 to an Atlantic Shrimpers account (No: 0001633175) at Access Bank, fraudulently diverting funds earmarked as part of the Ecobank bond proceeds for resuming production at the Katsina factory.

The cumulative amount involved in the charge totals N1,374,300,000. Each offense is said to be contrary to and punishable under Section 516 of the Criminal Code Act, Laws of the Federation of Nigeria, 2004.

After Mojisola-Okeya Esho, counsel to the Federal Government, had requested for bench warrant to be issued against Ranesh, the defence lawyer, B. Ademola-Bello, disagreed with Esho, saying that they had filed a preliminary objection challenging the jurisdiction of the court to hear the matter and that the prosecution had already been served.

Delivering ruling on the application, Justice Obiora Egwuatu, agreed with Esho that Ranesh’s arrest was necessary due to his failure to appear in court despite being served with the charge and several proceedings having taken place.

Justice Egwuatu held that, according to Section 184 of the Administration of Criminal Justice Act (ACJA), 2015, the court has the authority to issue an arrest warrant against any defendant who fails to attend court sessions.

Egwuatu ordered that Ranesh must appear before the court on January 13, 2025, before any objections can be raised.

Consequently, he adjourned the matter till January 13, 2025, for hearing.

Continue Reading

Business

Persistent Service Disruptions In Banks Paralyze Activities At Ports, Many Cargoes Trapped 

Published

on

Lekki Deep Seaport

Activities at the Apapa and Tin-Can Ports in Lagos State have been paralyzed as cargoes have remained uncleared following persistent disruption to some online services of some commercial banks in Nigeria.

It was gathered that the banks suffer network problems due to the upgrade of their electronic banking portals.

To this end, business moguls have been unable to pay the Customs duty necessary for the clearance of their cargoes at the ports.

A visit to the ports showed that many import units of containers have not been cleared because their clearance documents are still trapped in some banks due to ongoing network migration issues.

If the banking disruptions persist and cargoes continue to lie fallow at the ports, experts have said that prices of goods at Nigerian markets may soar.

Many persons who have been working at the ports have also been rendered jobless as activities at the ports remain in limbo.

Confirming the situation at the ports, the National President of the Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON), Mr. Frank Ogunojemite said many jobs are stuck because agents have been battling to settle payment part of their clearance schedules.

Ogunojemite revealed that the clearance of cargoes at the ports usually goes through Form M and the Pre Arrival Assessment Report (PAAR), said agents have to go through a commercial bank to pay their Customs duty before any clearance process can be done.

He said if the banking system or network is down, it will be impossible for Customs duty to be paid and that container will remain in the port accumulating rent which comes with storage and demurrage payments.

According to him, prices of goods may soar if the situation persists as cargo owners spend more for clearance if their containers spend longer time in the ports.

Preferring solutions, he called on government to introduce ‘compensatory law’ where importers are given waivers when delays to their cargoes inside the ports is not from them.

Also, haulage operators bemoaned the effect of the various banking migrations on picking of containers inside the ports.Persistent Service Disruptions In Banks Paralyze Activities At Ports, Many Cargoes Trapped

Continue Reading

Business

Nigerian Businesses Face Tougher Times as PMI Drops to 19 Months Low of 46.9

Published

on

Business metrics - investors king

Nigerian businesses continued to face headwinds as the Purchasing Managers Index published by Stanbic IBTC shows a 19-month low. 

According to the report released on Friday, business conditions took a hit and PMI dipped from 49.8 points in September to 46.9 points, the steepest decline since March 2023.

For context, a PMI reading above 50 points indicates growth in business activity. Conversely, a reading below 50 points indicates contraction, suggesting deterioration consequent to an economic downturn.

According to the report, businesses faced pressures from the local currency weakening, higher fuel prices and increasing cost of transportation.

This has also forced the hands of businesses to increase prices to sustain operations, which the report stated has led to a reduction in new orders and business activity.

Most importantly, confidence in the business sector plummeted to the worst ever since the organisation started documenting PMI in 2014.

“Overall input costs rose at one of the sharpest rates on record, with selling prices increased accordingly. This resulted in marked reductions in new orders and business activity, while business sentiment was the lowest in the survey’s history,” the report read in part.

A positive light in the report was that some companies managed to add a few new hires, extending a six-month trend of job creation. The downside to this was that the companies employed these staff on a short-term basis.

The report also stated that companies are making efforts, now more than ever, to help their staff stay afloat in the current economic situation.

“Meanwhile, efforts to help workers with rising living costs meant that staff pay was increased to the greatest extent in seven months,” the report added.

Metrics like the private sector output, volume of orders, and quantities of purchases made by customers all recorded steeper values than they did in September.

Trends showed that prices, cost of staff maintenance and input prices, on the other hand, recorded very sharp increases, with some metrics posting record hikes since March 2023.

Inflation in the general Nigerian macro environment is telling in every quarter and businesses are not exempt.

Analysts told Investors King that special interventions will help ease the pressure on companies, but warned that risky conditions attached to these measures may scare off firms from accepting them.

Continue Reading

Trending