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FirstBank’s Payment Card Issuance Hits 10 Million

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naira cards
  • FirstBank’s Payment Card Issuance Hits 10 Million

FirstBank of Nigeria Limited said it has emerged as the first financial institution in Nigeria and West-Africa to issue 10 million cards to customers across the sub-region.

This makes FirstBank the second bank in Africa to achieve this feat.

According to the Managing Director/Chief Executive Officer, First Bank of Nigeria Limited, Adesola Adeduntan, delivering this feat was a testament to the bank’s brand promise to put its customers first and continuously improve its business to serve them better.

The FirstBank boss added: “We can attest that our customers have become more technology savvy and we will continue to encourage this attitude with our commitment to world class service delivery as we work to ensure optimal performance and availability of all our alternative channels, to meet and exceed the expectations of our customers.

“The bank currently processes over 78 per cent of its customer transactions through self-service channels.”

He further explained that the accomplishment was reminiscent of a similar milestone achieved two years ago when the bank in December, 2015 and May 2016, was named the first financial institution in the country to achieve sustained alternative channels transaction volumes of 100 million transactions in December 2015 and May 2016.

FirstBank said it has sustained its edge in payment card issuance with its Instant issuance/Instant activation technology, which was pioneered about seven years ago.

This, it stated informed its consistency in maintaining the highest active card ratio in the industry.

The bank also noted in a statement that it recently won three Interswitch awards in electronic payment as the fastest mobile penetration bank across Africa, the highest card transacting bank and the highest issuer of Verve cards.

These, it said were clear indications that “the giant strides taken by the sub-Saharan leading bank brand towards fostering its banking technologies are well aligned to the fast-paced technological advancement in today’s ever evolving financial ecosystem.”

Last week, First Bank announced the acquisition of the remaining shares in FBNBank DRC Limited (FBNBank DRC), making the bank FirstBank’s wholly owned subsidiary.

The move, according to the bank, followed its initial investment in FBNBank DRC (formerly Banque Internationale de Credit) in 2011, when it acquired a 75per cent stake in FBNBank DRC.

The bank said in a statement that following the acquisition, FBNBank DRC has continued to expand its product offerings, deepen its customer base and is currently ranked amongst the top five banks serving the Democratic Republic of Congo (DRC), a country with a population of more than 82 million.

Commenting on the acquisition, Adeduntan said: “This transaction underscores our belief in sub-Saharan Africa’s growth and our focus on providing a differentiated banking experience throughout Africa.

This acquisition further consolidates our already robust African footprint and positions FirstBank to take advantage of emerging opportunities in DRC and the sub-region. This increased investment by FirstBank in FBNBank DRC – the 3rd largest banking entity in the group, will surely accrete value for shareholders.”

Also in his remark, the CEO, FBNBank DRC, Mr. Akeem Oladele pointed out that with 100 per cent holding by FirstBank, FBNBank DRC now has much greater flexibility to deliver differentiated propositions by fully tapping into the resources and innovative capabilities of FirstBank in eight countries, on three continents.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Fate of Bristow Pilots, Engineers To Be Decided on Thursday

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Bristow Helicopters

Pilots and Engineers of Bristow To Know Their Fate Next Week

Bristow pilots and engineers whose appointments were terminated would have to wait till next week to know their fate as the negotiation between the National Association of Aircraft Pilots and Engineers and the Federal Ministry Labour and Employment has been shifted to Thursday.

Capt. Yakubu Dukas, the National Vice President of National Association of Aircraft Pilots and Engineers, confirmed this on Friday.

On Tuesday, Bristow Helicopter announced it would sack 100 pilots and engineers, hinging its decision on plans to restructure the company’s finances amid the COVID-19 pandemic.

But on Wednesday, NAAPE issued two weeks ultimatum to the company, demanding for reversal of such action at a time families are struggling with COVID-19 crisis.

On Friday, the Nigeria Labour Congress also issued two weeks warning to the companies, demanding the affected staff be recalled or they will have to deal with a nationwide action from NLC.

He said, “Both parties are to return to status quo. We are to report back next week Thursday to continue the negotiation.

“If both of you are returning to the negotiation table, it would be something that is favourable. The members will be happy to move out of the picketing and continue their work.

“The meeting went well. We met with the Ministry of Labour to reverse the status quo. Whoever they made redundant is null and void and they would revert to status quo.

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Buhari Signs Bill to Make Registration of SMEs Affordable and Easier

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Corporate Affairs Commission

Buhari Signs New Bill to Make SMEs Registration Affordable

President Muhammadu Buhari on Friday signed a new bill to make the registration of Small and Medium Enterprises (SMEs) easier and affordable.

Femi Adesina, the Special Adviser to the President on Media and Publicity, disclosed this in a statement made available to media on Friday.

In the statement titled “After 30 years, President Buhari signs amended Companies and Allied Matters Bill,” the Senior Special Adviser said Buhari has signed the Companies and Allied Matters Bill, 2020 into law.

It read, “President Muhammadu Buhari Friday in Abuja assented to the Companies and Allied Matters Bill, 2020 recently passed by the National Assembly.

“The President’s action on this important piece of legislation, therefore, repealed and replaced the extant Companies and Allied Matters Act, 1990, introducing after 30 years, several corporate legal innovations geared toward enhancing ease of doing business in the country.

“Such innovations include: filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;

“Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way.”

“Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing ‘authorised share capital’ with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;

“Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and

“Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.

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Nigeria Railway Corporation Realises N3.1bn in 2019

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Railway Projects

NRC Generates N3.09 Billion in 2019

The Nigeria Railway Corporation (NRC) has said it realised N3.09 billion from railway services in 2019.

In a statement issued by the corporation, N1.5 billion of the total amount was generated from the Abuja-Kaduna rail service, according Fidet Okhiria, the Managing Director, NRC, who was quoted in the statement.

In the statement signed by Taiye Elebiyo-Edeni, the Media Assistant to the Minister of Transportation, the Abuja-Kaduna rail line realised N130 million per month in the year under the reveiw.

“The Abuja-Kaduna railway generated over N130m monthly as revenue,” Okhiria stated.

Okhiria explained that, that particular rail line has been able to breakeven, adding that the revenue from Abuja-Kaduna rail line was used to service other railway stations in the Northern region.

Maiduguri station, which is presently not functioning was named as one of the stations financed with the revenue realised from Abuja-Kaduna rail line.

“N90m was spent on running cost and payment of staff at the Maiduguri station, which could not operate for now due to insecurity in the state.”

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