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FirstBank Delights Customers With Easy-To-Access Loan Products

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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.

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness - Investors King

Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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Private employers

As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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