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Wednesday, May 13, 2020

FirstBank Cardholders Records N1.18trn in Transactions Value during Lockdown

Since its establishment in 1894, FirstBank has consistently built relationships with her
customers, focusing on the fundamentals of good corporate governance, strong liquidity,
optimised risk management and effective leadership. These, amongst others, are the reasons
the Bank has dominated the financial market for over 126 years.
The Bank has led the financing of private investment in infrastructural development in the
Nigerian economy by playing key roles in the Federal Government’s privatisation and
commercialization schemes, and entrenchment of the cashless policy which gave rise to
electronic cards being a veritable entity in the day to day transactions among the bank's
customers. Consequently, the use of its wide range of cards, developed with the ‘man on the
move’ in mind, come with far reaching benefits and rewards, connecting the remotest of places
even as the world is plagued by the novel Corona virus disease today.
The world as we know it today, is a global village, and its connectivity is at the tip of an
individual’s finger. That aside, it also revolves around the use of ‘ordinary’ but highly customised
cards and FirstBank is a confirmed Leader in this space. There's no gainsaying the fact that for
126 years and counting, FirstBank, Nigeria’s premier bank, with accolades and awards trailing
its existence, has continued to blaze the trail in certainly every financial innovation. And as the
name signifies, has continued to be the first in virtually everything banking and finance. Little
wonder that in December 2015 and May 2016, FirstBank was named the first financial institution
in the country to achieve sustained alternative channels transaction volumes of 100 million
transactions. Subsequently in 2017, the Bank also attained the Milestone of 10million card base,
a feat that is first of its kind in West Africa and Second in Africa.
There is hardly any banking innovation, which is not traced to the company that has overtime
woven itself into the very fabric of the society. Commenting on FirstBank’s strides, the Chief
Executive Officer, Dr. Adesola Adeduntan, disclosed that the bank's 53, 000 agents across the
country processed about N512 billion worth of transactions with differing values while the
lockdown lasted. He noted that the bank was "able to actively support her customers, their
families and businesses through these challenging times." This is nothing short of the FirstBank
Adeduntan reiterated the faith Nigerians have in the use of FirstBank cards, saying that during
the period of the lockdown, Nigerians with FirstBank cards used them 105 million times to make
payments or withdrawals worth about N1.18 Trillion as they relied on the Bank to settle their
banking needs. In addition, the Bank’s CEO noted that approximately 12.6 million withdrawals to
the tune of N156 billion were carried out across FirstBank’s ATMs nationwide.
"Our customers made transfers over 106 million times with a total value of about N8.18 Trillion
across our digital channels. We have also recorded over 275,000 new sign-ups to alternative
channels covering our Firstmobile, USSD and First-Online platforms," the CEO informed.
While calling on lovers of stress-free banking to get on board, the FirstBank CEO further
assured existing customers of the bank's relentless efforts to ensure that banking transactions
continue seamlessly, adding that COVID-19 will not slow down her activities and efforts at
staying true to her brand promise to her customers.
FirstBank cards come in a wide range of categories, each fulfilling tasks that are better
imagined, but nevertheless are flexible and offer comfort, stress-free banking and wholesome
peace of mind. It is therefore not a coincidence, that FirstBank is and remains Nigeria’s highest
card transacting bank; a product of carefully thought out process, hard work and the quest to
keep its customers first in all things. This is especially important at a time when movement and
business activities were largely hampered by the lockdown, with the maintenance of social
distance and the potential increase in the use of the Bank’s alternative channels - which is
facilitated by its cards – for various transactions and business activities, thus staying safe to win
the fight against the COVID-19 pandemic.
The range of cards available to customers of FirstBank are categorised into three broad groups,
viz; DEBIT, CREDIT and PREPAID Cards. The grouping covers outstanding cards offerings
such as Naira MasterCard, Verve Card and the pioneering Visa Multi-Currency Card. Others are
Expressions MasterCard, Platinum MasterCard, Visa Infinite Credit Card, Visa Gold Credit
Card, Naira Credit Cards (Visa Classic and Platinum), Visa Prepaid Card and Verve Prepaid
FirstBank’s Naira MasterCard & Verve Card are Secured by Chip & PIN technology with local
POS/Web limit increase available upon request. The Naira denominated MasterCard comes
with various benefits such as online purchases, bills payments and cash withdrawals at ATMs
world-wide. The various transaction limit(s) on Naira MasterCard issued by the Bank are
N150,000 for ATM transactions, N2,500,000 for POS and N1,000,000 for Web transactions.
The FirstBank Verve Debit Card works with Chip and PIN technology to secure transactions. It
allows the cardholder to conveniently pay for goods and services and is accepted by all ATMs,
POS, Web, Mobile, Kiosk, and Bank Branch connected to the Interswitch network in Nigeria. It
is available to all account holders and enables daily transaction limits of N150,000, and
N500,000 on ATM and POS channels respectively. Customers can transact up to N1 million on
the Web in a single transaction.
FirstBank cards also offer the Card Protection Transactions feature, which allows the cardholder
to activate or deactivate it for all types of transactions, channels and locations, through the
Card-in-Control Service on the Firstmobile app. The steps are few and simple: On the
Firstmobile app, go to Self Service > Card Services and choose card type (Debit, Credit, or
Prepaid) to be activated or deactivated.
Another card innovation service by FirstBank is the Visa Gold Card, which offers higher daily
spending capacity and limit on ATM, POS and Web. With the Visa Gold Card, the customer is
assured of $1,000 daily ATM withdrawal, $10,000 POS transaction and $5,000 on the Web at
any location around the world. It is a dollar denominated international Premium Credit Card
issued in partnership with Visa International.
Moreso, it guarantees access to international emergency services such as Emergency Card
Replacement & Emergency Cash Advance in situations where the card gets lost or damaged.
The Visa Gold card comes handy when making airline bookings with its smooth seamless
purchase options.
Yet another, among the FirstBank’s super cards, is VISA Debit Multi-Currency Card. It is by all
intent and purpose, the first of its kind to be offered by any financial institution in Nigeria. It is an
enhancement to the existing Visa Debit Dual Currency card and can be linked to any or all
NAIRA, USD, EURO and GBP accounts. It is an international card with Chip and PIN
technology which can be used to make payment anywhere in the world and across all channels – ATMs, POS & Web. With the Visa Debit Multi-Currency card, cardholders can make daily
withdrawals to the tune of N150,000 (local) and $1,000 (international) from the ATM. However,
on the Web, a total of N1,000,000 is permitted locally while $6,250 is allowed on the
international corridor daily. POS transaction limit is N2,500,000 (local) and $2,500
The Platinum Debit MasterCard is a premium Debit Card denominated in Naira. It is linked
directly to a customer's Naira denominated Current and/or Savings account. It offers a
convenient alternative to the use of cash, and cheques by giving direct access to funds in
cardholders’ accounts across all channels like ATM, POS, and WEB etc.
Like other card types, its transactions are easily monitored via the FirstBank FirstMobile App or
FirstBank Internet Banking service and offers 24-hour access support for all card-related
complaints through First Contact. It is a card linked to a Naira denominated account, and it is
valid for three years.
It is designed to suit the lifestyle of senior and management executives of multinational
companies and leaders across various industries and sector of the global economy. Its daily
limits include; ATM: N300,000; POS: N3million; Web: N2,000,000 as well as Cross-border TXN
limit: $500 monthly.
For a brand that has consistently remained on top of its game, FirstBank Cards have received
global recognition, as well as multiple honour for its reliable and trusted services.
Speaking further, Adeduntan highlighted that the contactless capability of the bank's Visa and
MasterCards support less human-to-human contact in executing transactions, in the same way
that the Debit Cards have remained the base channel for self-onboarding to any digital channel
such as USSD, Firstmobile, FirstOnline etc. It is therefore, imperative that customers get a Debit
Card because of its peculiar nature to get enrolled on FirstBank's digital channel for the best of
FirstBank's benevolence did not end with making cards available to customers, but has initiated
value added services attached to the cards including 'discount at Merchants location such as
Jumia Friday, Health Plus, among others. These are, without an iota of doubt, exclusive to
FirstBank cardholders. This is why you must get your card(s) if you are yet to. Email us at, or call your Relationship Manager/Private Banker for
whatever card options you require.

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