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GLOBAL TRANSACTIONS GET EASIER WITH FIRSTBANK’S CARD OFFERINGS

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By EHIME ALEX

As in many developing countries, cash has been the most prevalent mode of payment in Nigeria until 2012 when the Central Bank of Nigeria (CBN) introduced the cashless policy with the aim of promoting the use of electronic payment channels instead of cash.

Since then, banking services in Nigeria have shifted from physical and tangible distribution to technology-enabled, such as internet, automated teller machine (ATM), mobile phones, point of sale (POS) and mobile money channels.

African economies are also in support of driving cash out of the financial system and the introduction of digital payment solutions is in line with their cashless strategies.

It is also worthy of note that one of the prerequisites for the development of national economy is to encourage a payment system that is secure, convenient, and affordable. In this regard, developed countries of the world, to a large extent, have moved away from paper payment instruments toward electronic ones, especially payment cards.

Looking at data from the CBN official website on E-Payment transactions from 2012 to 2018, it is clear that there has been an exponential increase in the volume of transactions carried out through various channels.

For instance, the volume of ATM transactions carried out in 2012 was approximately at 375.5 million compared to 875.5 million recorded in 2018. Also, the volume of transactions recorded from the POS and Internet channels rose from 2.58 million to 295.89 million, and 2.27 million to 50.8 million in the review period respectively.

This suggests that, the e-payment channels, if well implemented will help achieve the CBN‘s objective of expanding, deepening and modernizing the payment system in Nigeria, and also galvanize the apex bank in ensuring that Nigeria ranks among the top 20 economies of the world in line with the nation‘s vision 2020 aspirations.

To this course, and in line with its pioneering strategy and focus at smartly improving payments infrastructures and greater usage of non-cash means in the country, First Bank of Nigeria Limited recently launched Visa Multi-Currency card, the first of its kind to be offered by any financial institution in the country.

This All-in One-Card has by all means added to the array of FirstBank’s card offerings: Naira MasterCard and Visa Gold card.

The FirstBank Naira MasterCard, a chip and PIN Debit Card, offers a convenient alternative to the use of cash, and cheques. It is a naira denominated card linked to customer’s current or savings account, and can be used to make purchases online, pay bills and access cash at ATMs point worldwide.

With it, cardholders go cashless, have zero need for Personal Travel Allowance (PTA) or Business Travel Allowance (BTA), and also have increased limits for international transactions up to $5000 monthly on all channels with a daily ATM cash withdrawal limit of $300.

While the FirstBank Visa Gold card, an international premium credit card, is a U.S. Dollar- denominated card, secured also by chip and PIN technology. Its higher daily spending limits on ATM, POS and Web are $1,000, $10,000 and $5,000 respectively, anywhere in the World.

However, in addressing challenges many Nigerians faced while travelling abroad, FirstBank has introduced the Visa Multi-Currency card with some unique features. Before now, the major pain points for travelers have been how to source different currencies with high and non-transparent exchange rates.

In today’s businesses where expectation is significantly increasing, consumers have to embrace innovative new technology made available, such as the FirstBank Visa Multi-Currency of card, for global transactions.

The newly launched FirstBank Visa Multi-Currency card is an enhancement to the existing Visa Debit Dual Currency card. Having other unique features, the card can be linked to either or all customer’s NAIRA, USD, EURO and GBP accounts. It is designed to enhance customer experience when transacting globally outside Nigeria, and to address challenges many Nigerians faced while travelling abroad thereby positioning the bank at meeting the needs of its increasingly global customer base.

Besides other benefits are POS and Online purchases, access to and use of ATMs worldwide, and no cash collateral requirement prior to its issuance.

It is an international card secured by Chip and PIN technology with a lifespan of 3 years, and it has additional protection for web-based transactions with “Verified by Visa” (VbV). In fact, it is a one card that enables access to funds throughout the world, providing maximum protection for all card users.

It has a daily withdrawal limit of N150,000 and $1,000 for local and International transactions on the ATM channel, and N1,000,000 and $6,250 for local and international on Web. While on POS, Current account cardholders have a withdrawal limit of N2,500,000 and Savings account cardholders N500,000 distinctively for local, but $2,500 parallel for International transactions.

In the words of Mr. Chuma Ezirim, Group Executive, e-Business & Retail Product, “FirstBank takes pride in pioneering the Visa Multi Currency Card in the country, as we remain committed to providing products and services that are designed to ensure the banking convenience of our customers regardless of their location.”

“This card is designed to make traveling fun for our customers and ensure they have a seamless transaction experience during their vacation, tourism and other business-related trips around the globe,” he added.

True and true, FirstBank has shown itself to be a digital innovating bank since the craze of technological transformation in the financial sector, with various Awards, achievements and recognitions.

This Nigeria’s Bank of first choice 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.

In 2015, FirstBank won two awards in the eBusiness category: MasterCard Cardless Champion award for International acceptance across all POS channels; and MasterCard Cardless Champion award for Mobile POS (MPOS) merchant acquisition.

In 2016, it won three awards also in the eBusiness category, viz: Asian Banker award for Best Mobile Payment Product for West Africa; Asian Banker award for Credit Card of the Year for West Africa; and Global Finance Award for ‘Digital Bank of Distinction – Emerging Markets, Africa Category’.

For two consecutive years, 2016 and 2017, the bank was honoured with the Digital Bank of Distinction, Nigeria award in the Global Finance Best Digital Banks Awards.

While still counting, in 2017, FirstBank won the Cashless Champion Award of MasterCard International on POS International transactions acquiring, and same year won Interswitch awards on Fastest Mobile Penetration in Africa; Highest Card Transacting Bank in Nigeria; and Highest Verve Issuing Bank.

For FirstBank to sustain its relevance and be part of the banks of the future, it must continue to be proactive to customers’ goals, their ‘next big thing’, and invest heavily, rediscover and reassert its core role in society, while securing ongoing support of policymakers.

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BUSINESS

A’IBOM GOVT SET TO PARTNER CHINA FOR ENTREPRENEURSHIP DEVELOPMENT, AGRICULTURE, TOURISM, OTHERS

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There is hope in the horizon for entrepreneurs and other members of the business community in Akwa Ibom State, as Governor Umo Eno has opened discussions with the Peoples Republic of China towards securing trade privileges for people of the State.
This cheering news was the outcome of interactions between the State Governor, Pastor Umo Eno and the Chinese Ambassador to Nigeria, Cui Jianchun in Abuja, the Federal Capital Territory,
Governor Eno, while briefing Government House correspondents at the Victor Attah International Airport, Uyo, upon his return to the State, said discussions with Chinese Ambassador was strategic for the accomplishment of the goals of the ARISE Agenda and a step in the right direction for Akwa Ibom people.
He explained that it was important to initiate such interactions in view of State Government’s intentions to collaborate with China in areas, including agricultural machineries, industry and tourism, as well as a trade trip of an Akwa Ibom delegation of young entrepreneurs to China to explore business opportunities.
These, he affirmed, were in keeping with his campaign promises to propel Akwa Ibom youths to the horizon of entrepreneurship, by exposing them to the global business environment while also bringing the world to them.
In his words, “During the campaigns we said we were going to support our young people who are in business and make them go international through certain products. This is the beginning of that discussion so that we can begin to have a trade delegation.
“We are also meeting them on agricultural machineries, industrial park and tourism. There are a whole lot of things we believe that we can collaborate with the Chinese, and it is important that we start talking to them. But particularly, we believe that at the end of it, we should be able to lead a delegation to China of some of our young entrepreneurs who will want to do business in China,” he said.
Governor Eno, while reassuring everyone that his administration will take Akwa Ibom people to a desired destination, however, sued for patience and support of the people.
“As a businessman, I target and strategize. And I take one step at a time. Like I told Akwa Ibomites, we are taking one step at a time. We will not be able to do everything in one day. But I know that we will get there eventually”, Governor Eno stated.
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BUSINESS

LAGOS SEALS PARTNERSHIP WITH NIGER FOR AGRIC COMMODITIES SUPPLIES

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Lagos State Government, on Wednesday, brokered a strategic partnership with Niger State — a sub national entity with the largest agricultural farmland in the country — towards enhancing food production and security.

Governors of the two States signed a Memorandum of Understanding (MoU) in Lagos for a cooperation geared towards exploring their comparative advantages in order to facilitate constant supply of agricultural commodities for the end consumers.

The agreement tagged “Produce for Lagos Initiative” is part of the efforts of the two parties to key into the Emergency Food Security Initiative declared by President Bola Ahmed Tinubu to cultivate thousands of hectares of land to sustain food production and supply chain.

This arrangement is a long term strategic partnership between the two States in building competencies around their areas of strength. While Lagos is positioned as a ready organised food market for consumers, Niger has its core strength in arable land for agriculture and food production.

The signing of the agreement will be followed by massive supply of fresh farm produce to the Lagos Food Logistics hubs for storage and distribution.

Gov. Babajide Sanwo-Olu and his Niger State counterpart, Mallam Umar Mohammed Bago, signed the contract on behalf of the parties.

Sanwo-Olu said: “We have just put the pen to paper and signed the Government-to-Government agreement between Lagos and Niger states for agricultural production. Lagos, being the smallest State in terms of landmass, and Niger, being the largest State, is no coincidence that the biggest and the smallest are looking for at opportunities to citizens of our both states to be the beneficiaries of this historic partnership.”

l-r: Lagos State Attorney General & Commissioner for Justice, Mr. Lawal Pedro, SAN; Governor of Lagos State, Mr. Babajide Sanwo-Olu and his Niger State counterpart, Governor Mohammed Bago during the signing of MoU on Agriculture, at the Lagos House, Marina, on Wednesday, 06 March 2024. Behind are: Commissioners, Hon. Olanrewaju Layode (Home Affairs); Mr. Ope George (Economic Planning & Budget) and Ms. Abisola Olusanya (Agriculture).

Gov. Bago described the partnership as “a landmark” for both parties, noting that the North Central state was willing to leverage organised market in Lagos to boost economic activities in his State.

He said: “This is a landmark agreement that has been made today. Lagos is the largest consumer of agricultural resources in the country based on its population, while Niger State has the largest agricultural land. So, this Memorandum of Understanding came on the heels of exploring the strength of each state to promote food security and safety.

“Niger State is to produce agricultural commodities for Lagos State, and also process staple food items. Lagos State is to leverage the organised market and supply chain to meet consumers’ demands. This is basically the simple explanation of the Memorandum of Understanding, which is in tandem with Mr. President’s food security agenda.”

Lagos Commissioner for Agriculture, Ms. Abisola Olusanya, noted that the arrangement would help in price stability, as the MoU accommodated pre-production contracts in the value chain to enable farmers cut costs and improve output.

She said the first phase of the Food Security Systems and Central Logistics Park being built in Ketu-Ereyun, Epe would be commissioned in December to warehouse the large supplies from Niger State. In the meantime, she said the existing middle level hubs would be used as distribution points for the supplied commodities.

“This is a marriage made in heaven for our two States. This is a function of production meeting markets. Once there is an off-take market, it would catalyse the production end of the market. Then, this will lead to price stability and food availability.

“Farmers’ profit will also be guaranteed, just as consumers will be happy for timely supplies. We will also have middle men who will have regular sources of income by acting as a bridge between both ends of the market.”

Some of the agricultural commodities to be produced and shipped to Lagos markets include staple foods, rice paddies, tubers, beans, legumes, maize and grains.

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BUSINESS

Adron Homes Rewards Continental Business Challenge Winners To an All-Expense-Paid Holiday, Promises More Staff Welfare

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To strengthen commitment by rewarding exceptional staff and also creating a more competitive working atmosphere, the management of Adron Homes and Properties has sponsored 10 staff to a fully paid trip to Zanzibar, Tanzania for winners of the 2023 Continental Business Challenge.
These set of staff were exceptional in their plans towards the growth of the company during warfare that took place at the company’s office in Simawa, Ogun state where they were carefully selected by a panel of judges based on their individual and team performance for their lofty ideas, beautiful and well-detailed pitch and disruptive innovative ideas. Over the years Adron Homes has given back to its staff by ensuring more exposure and also allowing seeing the world through all-expense-paid trips to countries across the world.
While the 10 winners of the Challenge were departing for the Muritala Muhammad International Airport earlier today to catch their flight to Tanzania, the Group Managing Director; Aare Adetola EmmanuelKing hosted them in his office where he admonished them to be good ambassadors of the company as they embarked on the journey. He also enjoined them to seize the opportunity to come up with more disruptive ideas that will add to the growth of the property firm, while he also thanked them for their immense contribution to the growth of the company last year.
“I want to congratulate you all for being selected. You all did a good job as it does not come easy. Many were called to partake in the warfare but few were chosen as winners; it shows your commitment and flare for the job.”
“I want you all to stay committed and also use the opportunity to see the world in a different dimension. Travelling is a form of exposure and education; while you are enjoying it, also try to educate yourselves. The country you are visiting makes a huge amount of money from tourism and real estate.
You can come up with disruptive ideas that Adron Homes can replicate in Nigeria which will also be a game changer for the company. I believe you all and I wish you a very stress-free holiday. On our part as a company, we will continue to give you a wing to soar higher.” He further added.
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