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FirstBank Commission Its Second Fully Automated Self-Service Branch…

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FirstBank Digital Xperience Centre

FirstBank Commission Its Second Fully Automated Self-Service Branch…
…Unveils Its Digital Xperience Centre At the University Of Ibadan

The FirstBank Digital Xperience Centre (DXC) in the University of Ibadan (U.I) is the Bank’s second fully automated self-service centre. The first DXC is at the Bank’s remodelled Adetokunbo Ademola branch, Victoria Island, Lagos.

Furnished with the latest advancements in financial technology, it is one of the many ways the Bank reinvents itself to leave no stone unturned in exposing its customers to state-of-the-art and leading digital banking experience in the continent.

It is a significant leap by the Bank to revolutionise the banking industry in the country, putting customers at an advantage in experiencing world-class innovative banking services, thereby exploring the future of banking firsthand.

 

FirstBank Digital Xperience Centre.

FirstBank Digital Xperience Centre.

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services organisation, has announced the launch of its second fully automated branch, the FirstBank Digital Xperience Centre (DXC), on the campus of the University of Ibadan (U.I).

Professor. Kayode Adebowale, Vice Chancellor, University of Ibadan, Professor E.O Ayoola, Deputy Vice Chancellor Admin and Professor Aderonke Baiyeroju, Deputy Vice Chancellor, Academics led the university community in hosting the delegation from FirstBank comprising Dr. Adesola Adeduntan, CEO, FirstBank; Callistus Obetta, Group Executive, Technology & Innovation Services and Timothy Arowoogu, Group Head, Public Sector, West amongst others.

The DXC is a significant leap by FirstBank in revolutionizing the banking industry in the country as it is a state-of-the-art hub that puts customers at an advantage in experiencing world-class innovative banking services and explore the future of banking firsthand.

It is designed to cater to the growing and evolving needs of consumers and the banking public, enabling customers to navigate the digital landscape with confidence. The initiative aligns with the Bank’s commitment to delivering exceptional customer experiences and staying at the forefront of financial innovation.

 

FirstBank Digital Xperience Centre

FirstBank Digital Xperience Centre

Provided to put customers at an advantage in carrying out various activities on their own without interacting with anyone, the self-service branch is built with a wide range of phased modern banking facilities. These include humanoid robots equipped with Video Banking and Artificial Intelligence (AI), taking on the role of friendly branch staff; Teller Cash Recyclers (TCRs); Self-Service kiosks for non-financial transactions such as account updates; Fast Track (Contactless) ATMs; Interactive Smart Screen to ensure effective and comprehensive consultation with bank sales staff via remote video connection.

Other services include paperless/electronic forms designed to promote the timely resolution of complaints, dispensing of account statements and account enquiry/management, funds transfer, dispensing of new ATM cards; fixed deposit booking between N100,000.00 to N5,000,000.00, card services and management, cheque management, email and phone number update, ATM card and token block, amongst many others.

Expressing his delight at the initiative, Dr Adesola Adeduntan, CEO, FirstBank said ‘Our mantra, “Woven into the fabric of society”, summarises how we have proven our commitment to customers across all our footprints globally, by investing in modern technology infrastructure to pioneer digitisation of products and platforms, thereby giving our over 42 million customers convenient, seamless, safe and secure banking experience”.
“The FirstBank DXC is a fully automated interactive digital branch, the first of its kind in the Nigerian banking industry. It was first launched in Lagos, Nigeria in 2021 and has since then, redefined customers’ banking experience by introducing them to a new world of digitised self-services,” he said.

95% of customer-induced transactions on FirstBank’s digital channels are enjoyed by 22 million of its digital product users. The Bank processes over 12% of the industry payment volume in Nigeria.

 

FirstBank Digital Xperience Centre

FirstBank Digital Xperience Centre

FirstBank Digital Xperience Centre is a cutting-edge facility that reshapes the way customers interact with banking services, bringing an unparalleled level of convenience, efficiency, and innovation to their financial journeys. Furnished with the latest advancements in financial technology, it is one of the many ways the Bank reinvents itself to leave no stone unturned in exposing its customers to state-of-the-art and leading digital banking experience in the continent.

The Bank’s first Digital Xperience Centre was unveiled in 2021 at its remodelled Adetokunbo Ademola branch, Victoria Island. The groundbreaking initiative is scheduled to hit other locations across the country’s geopolitical zones in the coming months.

 

FirstBank Digital Xperience Centre

FirstBank Digital Xperience Centre

About FirstBank

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for 129 years. With over 750 business locations and over 215538 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 42 million customers. The Bank has an international presence with subsidiaries operating in 9 other countries.

These subsidiaries are FirstBank (UK) Limited in London and Paris, FirstBank in The Gambia, FirstBank in Sierra-Leone, FirstBank in the Republic of Congo, FirstBank in Guinea, FBNBank in Ghana, FBNBank in Senegal as well as a Representative Office in Beijing, China. The Bank is at the forefront of promoting digital banking in the country and has issued over 12 million cards, the first bank to achieve such a milestone.

FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with almost 22 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.

FirstBank’s commitment to Diversity is shown in its policies, partnerships and initiatives, such as its employees’ ratio of female to male (about 39%:61%; and 32% women in management) as well as the FirstBank Women Network, an initiative that seeks to address the gender gap and increase the participation of women at all levels within the organization.

In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Women Empowerment’s Principles – Equal Opportunity, Inclusion, and Nondiscrimination.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised 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.

With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities available in Nigeria an internationally competitive world-class brand and a credible financial partner. For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and “Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker International Excellence in Retail Financial Services Awards.

Notably, in 2022, the Bank took a long stride on its growth trajectory with the Bank’s Viability and Long-Term Issuer Default Ratings upgraded to ‘B’ from ‘B-‘ (with Outlooks Stable) by Fitch, a leading global rating agency. This is an indication of the Bank’s strong internal capital generation and the corresponding recession of its risks to capitalisation. Fitch also upgraded the Bank’s National Long-Term Ratings to ‘A (nga)’ from ‘BBB (nga)’, to reflect its improved creditworthiness relative to that of other issuers in Nigeria.

Furthermore, the Top 100 African Bank Rankings 2022 released by The Banker Magazine revealed FirstBank’s ranking as number one in Nigeria in terms of Overall Performance, Profitability, Efficiency and Return on Risk. Other laudable feats in 2022 include FirstBank’s international recognition on major indices by Euromoney Market Leaders, an independent global assessment of the leading financial service providers where FirstBank was crowned: Market Leader: (tier-1 recognition) in Corporate and Social Responsibility (CSR),Market Leader: (tier -1 recognition) Environmental, Social and Governance (ESG), Highly Regarded: in Corporate Banking and Digital Solutions, Notable: in SME Banking. Also, in 2022 International Finance Magazine named the Bank “Most Innovative Banking Product in Nigeria” and “Best Retail Bank in Nigeria”.

FirstBank was also awarded “Best Corporate Banking Western Africa, 2022” and “Best CSR Bank Western Africa, 2022’’ by Global Banking and Finance Magazine. Other notable awards in FirstBank coffers include: “Best Bank in Nigeria” by Global Finance Magazine – fifteen times in a row; “Best Private Bank in Nigeria-2021” awarded by Global Finance magazine; “Best Internet Banking Nigeria” and ‘’Best CSR Bank Africa’’ by International Business Magazine. In 2023, FirstBank received notable awards including “Best Private Bank for Sustainable Investing in Africa 2023” by Global Finance Awards; “Best Sustainable Bank in Nigeria 2023” by International Investors Awards; “Best Bespoke Banking Services in Nigeria 2023” by International Investors Awards;
“Best Financial Inclusion Service Provider in Nigeria 2023” by Digital Banker Africa; and “African Bank of the Year” by African Leadership Magazine. Our vision is ‘To be Africa’s Bank of first choice’ and our mission is ‘To remain true to our name by providing the best financial services possible.

This commitment is anchored on our core values of EPIC – Entrepreneurship, Professionalism, Innovation and Customer-Centricity.
Our strategic ambition is ‘To deliver accelerated growth in profitability through customer-led innovation and disciplined execution and our brand promise is always to deliver the ultimate “gold standard” of value and excellence to position You First in every respect.

Folake Ani-Mumuney Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited

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Reasons Investors Might Purchase Fidelity Bank’s Offerings, as Identified by Capital Market Stakeholders

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Reasons Investors Might Purchase Fidelity Bank's Offerings, as Identified by Capital Market Stakeholders

Reasons Investors Might Purchase Fidelity Bank’s Offerings, as Identified by Capital Market Stakeholders

Fidelity Bank Plc started its N127.1 billion combined rights and public offers to a rousing support from the investing public as key capital market stakeholders recalled the symbolic importance of Fidelity Banks impressive growths and investor-friendly disposition over the years.

From the Nigerian Exchange (NGX) to stockbrokers, investors and customers; the N127.1 billion combined rights and public offer received unreserved recommendations, with industry thought leaders citing the performance of Fidelity Bank in its core banking operations and as a quoted company at the stock market.

They said Fidelity Banks N127.1 billion combined rights and public offer was the right way for the nations banking recapitalisation exercise to start as the bank, which has the highest corporate governance rating and an average annual capital gain of more than 100 per cent at the stock market, has strong appeal to the investing public.

Fidelity Bank is offering a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share.

The bank is also simultaneously offering 10 billion ordinary shares of 50 kobo each to the general investing public at N9.75 per share.

The acceptance and application lists for the rights issue and public offer, which opened on Thursday, June 20, 2024, are scheduled to close on Monday, July 29, 2024.

The rights issue has been pre-allotted on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on Friday, January 05, 2024.

The Doyen of Stockbrokers, the oldest practicing stockbroker, Alhaji Rasheed Yussuff, said Fidelity Bank has good records going for it with its history of impressive growth and profitability and dividend payments.

According to him, the bank is known to the market as a good investment, with evident records of impressive returns and corporate responsibility.

Yussuff, who was already a leading stockbroker and managing director of Trust Yields Securities Limited in 2004-2005 when Fidelity Bank launched its initial public offering (IPO) and listed its shares at the stock market, said the bank has been hitting all positive records that should encourage investors to buy more into it.

Referencing the banks impressive returns, Yussuff, who has more than five decades in the capital market and was principal dealing clerk for ICON Limited/ICON Stockbrokers in 1976, particularly noted that Fidelity Bank has been paying good dividends.

Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Mr Sam Onukwue, who recalled the founding days of Fidelity Bank in 1987, said he had watched Fidelity Bank sustained commendable growth trajectory over the years.

He said the bank has shown exceptional growth and resilience, rising from being a private merchant in 1987 to becoming one of the largest, publicly quoted commercial banks in Nigeria. Fidelity Bank is one of the seven Nigerian banks with international banking licences.

Onukwue, who is also managing director of Mega Equities Limited, said Fidelity Banks history of performance underlines the strength of its management, noting that the bank has proven to be able to keep investors trust.

Chairman, Nigerian Exchange (NGX), Mr. Ahonsi Unuigbe said the combined offer marked a pivotal moment for the bank and the financial services sector.

This is a testament to Fidelity Banks unwavering commitment to strengthening its own capital base and ensuring sustainable growth through amazing roles played by all of the professional parties to this transaction,

Unuigbe, an investment banker and former director at Standard Bank, said.

He said the new banking recapitalisation is aimed at bolstering the resilience and stability of the nations financial institutions.

According to him, the ongoing recapitalisation has set robust minimum capital requirements that will ensure Nigerian banks are not only more solvent, but also capable of supporting the growth and development of the economy.

Acting Chief Executive Officer, Nigerian Exchange (NGX), Mr. Jude Chiemeka, commended Fidelity Bank for its performance and willingness to avail the investing public of every relevant information.

He assured that the NGX remains committed to supporting companies like Fidelity Bank in its quests to deepen the capital markets and fostering an environment conducive to sustainable growth and innovation.

Founder, KAM Holding, Dr Kamoru Yusuf, said Fidelity Bank has shown to be an exceptional bank with focus on the development of Nigerian economy and companies.

He said investing in Fidelity Bank will be an investment in the growth of Nigerian economy and companies like KAM Holding, the nations largest wholly indigenous metal and steel production company.

Yusuf, whose group has metamorphosed into a global business conglomerate operating in three countries across two continents, confirmed that KAM Holding has benefited immensely from financial supports from Fidelity Bank.

Yusuf, who was physically present at a session at the NGX to present facts behind the offer to the investing public, underlined the relationship between increased capital for a business-focussed bank like Fidelity Bank and the overall development of the Nigerian economy.

Addressing the investing public at the NGX, Managing Director, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, reiterated the commitment of the bank to delivering impressive returns to shareholders and supporting the growth of the Nigerian economy.

She explained that the new capital raising by Fidelity Bank was driven by its proactive business expansion plan having secured shareholders approval to raise new equity funds as early as August 2023.

The Central Bank of Nigeria (CBN)s directive on new minimum capital was released in March 2024.

The offer will increase our capacity to support our customers and their businesses.

In summary, this capital raise will help our customers to grow, their businesses to thrive, and their economy to prosper, Onyeali-Ikpe said.

She assured that with its groundswell of supports from enthusiastic shareholders, customers and stakeholders, the bank is on course to achieving the N500 billion new minimum capital base, which will clearly confirm the bank, beyond any doubt, as one of the biggest banks in Nigeria.

Onyeali-Ikpe noted that being the first bank to launch offer out of the many banks in Nigeria after the CBN directive,

Fidelity Bank has shown again to be a pace-setter.

According to her, Fidelity Bank seeks the CBN recapitalization directive as a significant opportunity for a stronger and more resilient banking industry.

We have embraced the challenge as a catalyst to propel us, towards a long-term vision of becoming a market leader across every product that we offer and segment that we sell, not just in Nigeria, but as an international bank, Onyeali-Ikpe said.

She said the proceeds from the N127.10 billion capital raising exercise would be instrumental in achieving its strategic growth plan.

She highlighted that the funds, firstly, would be deployed to drive, business growth and regional expansion.

We will strategically expand our footprints within and outside Nigeria to serve as a broader customer base and to unlock new market opportunities.

Secondly, we will have what we call technological transformation. We are committed to leveraging proprietary technology to improve operational efficiency and deliver exceptional customer service.

Thirdly, we intend to diversify and grow. By investing in information technology (IT) infrastructure and product distribution channels, we will aim to diversify our earnings base through digitalization and business expansion, Onyeali-Ikpe said.

She said the management recognised the importance of investors and are committed to delivering value to them as well.

Our track record of accelerated growth and consistent dividend payment is a testament to this, Onyeali-Ikpe said.

A recent review had shown that Fidelity Bank outperformed all major market indices for measuring returns at the Nigerian stock market, with the banks average annual return over the past five years twice the average return by the overall market and almost four times of average return in the banking sector.

A review of official trading reports at the Nigerian stock market showed that investors in Fidelity Bank have earned more than 507 per cent in capital gains over the past five years, between May 31, 2019 and May 31, 2024

Fidelity Banks share price rose by 507.14 per cent over the period, representing average annual capital gain of 101.43 per cent.

This significantly exceeds all other major return benchmarks, including the banking sector.

With 507 per cent capital gain in five years and average annual gain of more than 100 per cent, the return analysis implies that investment in Fidelity Bank is more attractive than other class of assets, including fixed-income securities such as government and corporate bonds; real estate investment and mutual funds among others.

These returns underscore Fidelity Banks immense value as a stock for all times, helping investors to hedge against inflation while preserving significant long-term value.

The high divisible nature of shares investment and high free float of Fidelity Bank, which makes the banks shares easily available, underline the bank as a most attractive investment option for all cadres of investors- small, medium and high networth; retail and institutional investors.

The All Share Index (ASI) – the common, value-based index that tracks all share prices at the Nigerian Exchange (NGX), which is widely regarded as Nigerias benchmark for equities market, recorded a five-year return of 219.61 per cent, an average annual return of 43.9 per cent.

Contrary to the significantly above average performance of Fidelity Bank, the NGX Banking Index-which tracks the banking sector, doubled by 120.53 per cent over the five-year period, representing average annual return of 24.11 per cent, more than 77 percentage points below Fidelity Banks average return.

Two other major price indices- the NGX 30 Index and NGX Main Board Index, recorded five-year cumulative return of 185.73 per cent and 265.6 per cent respectively, representing average annual gain of 37.15 per cent and 53.1 per cent respectively.

The NGX 30 Index tracks share prices of the 30 largest companies at the stock market while the NGX Main Board Index represents the largest and most diversified group of listed companies at the stock exchange.

Fidelity Bank is quoted on the main board, like most other major banks and companies at the stock market.

The average annual return of 101.43 per cent underlines that Fidelity Bank provides substantial return for investors, even where such investors had borrowed money at the ruling interest rate and the invested fund was adjusted for impact of inflation rate.

Nigerias inflation rate peaked at a high of 33.69 per cent in April 2024 while the Central Bank of Nigeria (CBN)s Monetary Policy Committee (MPC) recently increased the Monetary Policy Rate (MPR), otherwise known as benchmark interest rate, to 26.25 per cent.

Fidelity Banks share price, which closed May 31, 2019 at N1.68 per share, rose successively to N10.20 per share by the end of May 2024.

The ASI had, during the period, rose from its opening index of 31,069.37 points to close weekend at 99,300.38 points. The NGX Banking Index rose from 361.57 points to 797.37 points.

The NGX 30 Index, which opened the period at 1,286.68 points, closed the period at 3,676.44 points.

The NGX Main Board Index appreciated from 1,267.54 points to close weekend at 4,634.31 points.

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GTCO Recognized as Nigeria’s Leading Banking Brand

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GTCO Recognized as Nigeria's Leading Banking Brand

GTCO Recognized as Nigeria’s Leading Banking Brand

Africa’s leading financial services institution, Guaranty Trust Holding Company Plc (“GTCO” or “the Group”), has added to its impressive haul of accolades as it was recently named Nigeria’s strongest brand and Best Banking Brand in Nigeria by Brand Finance and Global Brands Magazine, respectively.

These awards not only reaffirm GTCO’s position as a leading financial services group but also spotlight the Group’s enduring reputation as a customer-focused brand.

Over the years, GTCO has demonstrated remarkable commitment to shaping the future of financial services in Africa and is renowned for its innovative approach to customer service and stakeholder engagement.

The Group’s brand strength is underpinned by a strong commitment to delivering cutting-edge financial solutions, fostering meaningful customer relationships, and Promoting Enterprise using its proprietary free business platforms.

Commenting on the two awards, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said:

“These achievements are a reflection of our unwavering commitment to excellence, innovation, and customer satisfaction, as well as to building a truly international brand from our proudly African roots. We are delighted to receive these recognitions and inspired to continue delivering our promise of enriching lives with every opportunity.”

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.
Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.

The Group’s flagship banking franchise, Guaranty Trust Bank, was named Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance.

Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

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Union Bank Advocates for Environmental Restoration; Commemorates World Environment Day

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Union Bank promotes environmental restoration and commemorates World Environment Day

Union Bank promotes environmental restoration and commemorates World Environment Day

Union Bank, one of Nigeria’s leading financial institutions, has emphasised the importance of preserving and restoring the global habitat through sustainable environmental practices. This clarion call was made during an event organised in partnership with the Nigerian Conservation Foundation to commemorate this year’s World Environment Day.

The program, held on June 5th, 2024, at the Lekki Conservation Centre in Lagos State, brought together various stakeholders, including environmental rights activists, international partner agencies, corporate institutions, government agencies, and students of select secondary schools, to deliberate and engage in activities marking World Environment Day.

One of the main events on the day was a tree-planting exercise involving various participants and stakeholder representatives. The tree-planting activity was in keeping with this year’s celebration theme, “Land Restoration, Desertification, and Drought Resilience,” advocating for the rejuvenation and revitalisation of land devastated by deforestation, erosion, and desertification globally and in Nigeria in particular.
Speaking during the program, Patricia Iwhewhe, Head of Citizenship and Sustainability at Union Bank, echoed the importance of preserving our environment. According to her:

“Land degradation and erosion are not things stakeholders and policymakers can afford to ignore or gloss over. We all must get involved in helping restore and reclaim parts of our environment badly impacted by deforestation and desertification. Union Bank, as a sustainability champion committed to the preservation of our dear planet, appreciates and recognises the responsibility we have as humanity to look after our environment. We will continue to support and participate in programs dedicated to protecting and enriching our precious habitat”.

Stakeholders like the Nigerian Conservation Foundation (NCF) have also been invaluable partners in progress and are at the forefront of helping to preserve and protect nature and its resources. This has served to not only improve the quality of human life but also to sustain present and future generations. NCF’s advocacy over the decades has positively impacted and influenced Nigeria’s environmental policy. Union Bank will continue to be a dependable ally in supporting this noble cause of environmental preservation.

Union Bank, through its diverse range of projects and interventions, has demonstrated its unwavering commitment to bequeathing a safer, healthier, and more sustainable environment. The bank’s tangible contributions serve as a beacon of hope, inspiring a brighter and more sustainable future for all.

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