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First Bank launches single-digit loans for female entrepreneurs

First Bank of Nigeria has launched, FirstGem fund (FirstGem loan), a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of Nigeria.

Ms Folake Ani-Mumuney, Group Head, Marketing and Corporate Communication, First Bank of Nigeria Limited, made the announcement in a statement on Sunday in Lagos.

She said, “we are delighted with the role our FirstGem product plays in creating an avenue to enlarge the business activities and endeavours of female entrepreneurs across the country.

“Our FirstGem value proposition offers real solutions to constraints encountered by female entrepreneurs and working professionals, as it exposes women to opportunities for the advancement of their business.

“We implore every female business-minded individual to take advantage of the FirstGem loan as it puts them at an advantage to contribute their quota to the national economy,” she said.

Ani-Mumuney, said that the FirstGem loan scheme was designed for female-owned or partnered SMEs who were into Food/Beverage processing and Packaging, Beauty and cosmetics, Confectionaries, Catering and Restaurants, Transportation (Logistics) and Agric/Agro-Allied (retail value chain).

She said that FirstGem loan, with an interest rate of 9 per cent per annum, was a collateral-free loan that was available to the bank’s existing and prospective female customers.

She said that based on eligibility, customers could access loans from N500,000.00 to N3,000,000.00.

She said that FirstGem, launched in 2016, had been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programmes like savings culture, financial literacy, wealth management and building an investment portfolio.

According to her, FirstGem is designed specifically to meet the needs of the female gender, aged 18 years and above.

She also said that the loan was targeted at a broad spectrum of women, working professionals, entrepreneurs or market women through an array of benefits such as free business advisory services.

Other benefits she mentioned are, Access to finance, specialised training on business development initiatives (virtual and physicalevents), regular insights on business / investment opportunities. and mouth-watering discounts at partner merchant outlets (spas, salons, grocery stores) offering lifestyle products and services.

Ani-Mumuney urged female owned or partnered SMEs could visit the Bank’s website to access the loan, https://www.firstbanknigeria.com/personal/loans/more-financing-options/firstgem-funds/ –

She urged them to download and fill out the Retail Loan Application Form and submit the completely filled form to the nearest FirstBank branch with accompanying documents.

Recently, FirstBank announced its partnership with CDC Group, the UK Government’s development finance organisation to economically empower women-owned and led businesses as well as local small and medium-sized enterprises (SMEs) in Nigeria.

The facility, which is in the sum of US$100 million will have a minimum of 30 per cent allocated in the form of credit lines to women entrepreneurs.

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FirstBank gets $150m from Afreximbank to support businesses

African Export Import Bank (Afreximbank) has disbursed 150 million dollars to First Bank of Nigeria Ltd., under it’s Pandemic Trade Impact Mitigation Facility (PATIMFA).

Group Head, Marketing and Corporate Communications, FirstBank, Mrs Folake Ani-Mumuney, said this in a statement on Monday in Lagos.

According to the statement, the President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, said the disbursement was a further proof of the relevance of the programme in helping African economies to recover from the crisis induced by the COVID-19 pandemic.

“Since April 2020, when PATIMFA was launched, we are more than proud to have disbursed more than 7 billion dollars to help Afreximbank member countries manage the adverse impact of the financial, economic and health shocks caused by the COVID-19 pandemic.

“Through First Bank, one of our trade finance intermediaries, this 150 million dollar facility will help build the resilience of many businesses to the adverse impacts of the pandemic, while helping them overcome the consequences of the current Ukraine crisis,” Oramah said.

Dr Adesola Adeduntan, FirstBank’s CEO, commended Afreximbank for the impactful financial support.

“We commend Afreximbank for this impactful financial response, It will immensely contribute to empowering many businesses adversely impacted by the economic shocks caused by COVID-19.

“The selection of FirstBank as a partner in this initiative is a testament to their confidence in our capacity and proven track record over the years.

“As a bank that has been woven into the fabric of our society for over 128 years.

“We remain committed to the success of businesses in our host communities and ensuring they are given the needed boost to sustain their operations and further drive economic growth in the nation,” he said.

The statement said the Afreximbank’s 150 million dollar support would be accessible to FirstBank customers involved in manufacturing and importation of products and equipment required to combat the COVID-19 pandemic.

It will also be accessible to organisations with initiatives to rehabilitate hospitals and strengthen diagnostic and testing capacity.

It added that proceeds of the facility would help beneficiary businesses manage the impacts of the Ukraine crisis.

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First Bank global transfer contributes to intra-African trade  

The Deputy Managing Director of First Bank, Mr Gbenga Shobo, has said the bank’s First Global Transfer (FGT) has been contributed to the increase in Intra-African trade.  

Shobo in an interview with THISDAY noted that the FGT, which was launched last year had played a major role in easing remittance among African countries.  

The FGT is a wholly owned platform of FirstBank designed to cater to its African subsidiaries, how has this product fostered intra-African transfers and trade.  

According to Shobo, FGT has eased remittance amongst our customers in African countries where Firstbank has its presence. It has fostered intra-Africa transfers and trade through a very fast, reliable, and automated solution that gives immediate value to the beneficiaries.  

“The customers can confidently leverage the platform to transfer funds within African corridors. Interestingly, the unveiling of the FGT coincided with the commencement of the African Continental Free Trade Area (ACFTA), which kicked off on 1 January 2021.  

“On the timing in relation to easing and promoting the implementation of ACFTA, he said, “the timing was coincidental. However, FGT will be leveraging ACFTA to boost intra-regional transfers amongst her customers’ as more traders will be empowered to do borderless transactions, “he said.  

On what can be done to encourage diaspora remittances, he added: “More awareness should be created amongst the populace on the existing CBN intervention measures.  

The measures include CBN Naira4dollar initiative, auto-creation of USD Domiciliary accounts for customers without dollar account, etc., with this, beneficiaries will continue to encourage their senders to send through official channels.”  

Source  

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First Bank to explore opportunities in non-oil export  

First Bank of Nigeria Ltd has announced plans to explore opportunities in the non-oil export solutions to enhance the country’s economic diversification drive.  

A statement issued by the bank’s Group Head, Marketing/Corporate Communications, Mrs Folake Ani-Mumuney, said the bank had concluded plans to hold its non-oil export webinar series to deliberate on opportunities that would enhance the country’s economic diversification drive from oil as revenue mainstay.  

“The event is centred on deliberating opportunities that will enhance the country’s expansion of its drive towards diversifying the national economy, thereby reducing the reliance of oil as a mainstay of the country’s revenue,” she said.  

According to her, the webinar, first in its series will hold on Nov. 30.  

Ani-Mumuney said the webinar aims to facilitate sustainable exports as well as guide participants on ways of navigating the hurdles and challenges of exports in Nigeria.  

She said the webinar would explore market and economic trends, unique export opportunities and potential within the non-oil export industry across the geopolitical zones in the country.  

“The importance of exports in Nigeria remains a front burner conversation by individuals and organisations as it provides a means of increasing the markets for producers, and an opportunity to attract the much needed foreign exchange earnings to boost the national economy.  

“In recent years, the country has witnessed increased activities by the government toward diversifying the economy, thereby boosting the export potential of the country.  

“Our forthcoming non-oil webinar series will expand discussions that are crucial to the growth of Nigeria’s export potential as we unlock numerous opportunities that will promote the economic diversification drive of the government which is essential to the continued growth of the national economy.  

The theme of the event is: “Building Sustainable Non-Oil Export in Nigeria; Harnessing Opportunities within the AfCFTA Treaty & Agro Commodities.”  

Mr Segun Awolowo Managing Director/Chief Executive Officer, Nigerian Export Promotion Council; Dr Biodun Adedipe, Founder and Chief Consultant of B. Adedipe Associates Ltd. (BAA Consult), will be guest speakers at the virtual event.  

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Shareholders urge First Bank Holdings to prioritise investors’ interest

Shareholders of the FBN Holdings Plc (FBNH) have urged the board and management of the company to prioritise investors’ interest.

They said on Friday in Lagos, while reacting to the recent happenings in the company and appointment of Mr Nnamdi Okonkwo as the incoming Group Managing Director.

They noted that investors were after profits, while calling on the new entrants on the board of the FBN Holdings to deliver.

Alhaji, Gbadebo Olatokunbo, former National Publicity Secretary, Nigerian Shareholders Solidarity Association of Nigeria, said the company should embrace strategies that would enhance return on investment.

Olatokunbo said there should be a policy in place to restrict new comers on the board and their entities from taking loans from the company.

He said that the Central Bank of Nigeria (CBN) and other regulators of the banking and capital market should peg four years and above, before board members could access loans.

“The Securities and Exchange Commission, CBN and the Nigerian Exchange Ltd should make a policy that new comers on the board and their companies cannot take loan from the bank for some number of years.

“Not just because they want to take control and start taking loans that they will refuse to pay and the bank and the holding company will go down.

“I will suggest that the number of years for them to take loans should be three to four years.

“The board of any company should not be entitled to any loan and any company that they are related to should not be entitled to any loan until about three or four years,” he added.

Speaking on the shakeup that led to the appointment of Meristem Registrars to replace First Registrars and Investors Services Ltd., he said there must be a good reason for the decision.

Olatokunbo urged the incoming Group Managing Director to prioritise shareholders interest and ensure they reap the gains of their investments.

“Anybody can take over the company but must be ready for the challenge ahead because investors have not been reaping enough from FirstBank, a subsidiary of FBNH.

“So, whoever is coming into position at the helms of affairs, knows that he is coming to deliver.

“The interest of investors and shareholders should be at centre of all the decisions,’’ he stressed.

The Chairman, Issuers and Investors Alternative Dispute Resolution, Mr Moses Igbrude, said that he was hopeful that the recent changes in the FBNH would create stability in the company.

“As things continue to unfold, we pray and hope that stability should come.

“From what we are seeing, from the shareholding to the largest shareholder, they are just people of shared interest in the company and with time they will all come together to form an alliance in order to move the company forward.

“The thing is that nobody will put his or her money somewhere, when they do not have the mind or good intention to grow the company. However, I think everything will come out well,” Igbrude said.

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FirstBank unveils fully automated branch

First Bank of Nigeria has unveiled its first fully automated branch, called FirstBank Digital Experience Centre for customers, reported by Chief Executive Officer of First Bank, Dr Adesola Adeduntan, on Tuesday in Lagos.

Adeduntan said the digital experience centre would afford customers the opportunity to carry out various banking activities on their own without interacting with anyone.

He said the branch was a reinvention of digital banking solutions in the country as customers were exposed to a seamless world-class banking experience.

“The self-service branch is built with a wide range of phased modern banking facilities, which include humanoid robots equipped with Video Banking and Artificial Intelligence (AI),” said Adeduntan.

According to him, the device takes on the role of friendly branch staff; Teller Cash Recyclers (TCRs); Self-Service kiosks for non-financial transactions such as account update.

He said it also performed the role of Fast Track (Contactless) ATMs; Interactive Smart Screen to ensure effective and comprehensive consultation with bank sales staff via remote video connection.

“Other services include 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, amongst many others.

“With our Digital Experience Centre, we have reiterated our role in pioneering leading innovative technology-driven solutions.

“Our self-service branch exemplifies the future of banking in Nigeria and we remain committed to putting You, our customers First,” he said.

Adeduntan also noted that the FirstBank Digital Experience Centre was piloted by the bank’s remodeled Adetokunbo Ademola branch, Victoria Island.

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First Bank confirms Otedola’s acquisition of 5.07% equity stake

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Barely 24 hours after denying notification of possible acquisition of shares by Mr Femi Otedola, FBN Holdings (FBNH) Plc on Saturday confirmed that the business mogul has acquired 5.07 per cent equity stake in the company.

FBNH Company Secretary, Mr Seye Kosoko, in another statement on Saturday posted on the Nigerian Exchange (NGX) Ltd website affirmed that Otedola and his nominee now own 5.07 per cent equity stake in the company.

“We refer to our communication to the market dated October 22, on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the Shareholder.

“This morning, Oct. 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Ltd, that their client, Mr Otedola Olufemi Peter and his nominee, Calvados Global Services Ltd have acquired a total of 1,818,551,625 units of shares from the company’s issued share capital of 35,895,292,791.

“Based on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee in the company is now 5.07 per cent,” said the statement.

Commenting on the issue, Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said in Lagos that Otedola is now the largest single shareholder in the company.

Kurfi who dispelled the rumours that Otedola had acquired FBN Holdings said that he was only the largest single shareholder.

He noted that 95 per cent of FBNH shares were still in the hands of other shareholders, comprising Pension Fund Administrators and other individuals.

Kurfi said that Otedola started buying into the company in July when the need arised.

However, a reliable source told NAN that it was Oba Otudeko that sold all his stakes due to issues he had with the Central Bank of Nigeria.

“If he put up his shares for sale, anyone that has money is free to buy such shares.

“Otedola is not the only one that bought, someone else bought too.

“Once a company has left 20 per cent of their stake to the public they are within the regulations.

“The only requirement is that those that bought need to notify the Securities and Exchange Commission, once they do that there is no infraction,” said the source.

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First Bank denies Otedola’s acquisition of majority stake

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FBN Holdings (FBNH) has denied the purported acquisition of a majority stake in the company by Mr Femi Otedola.

The bank, in a statement pasted on the website of the Nigerian Exchange (NGX) Ltd. said it was yet to receive any notification of the purported acquisition.

The statement signed by the FBNH Company Secretary, Mr Seyi Kosoko, said the company it would notify the appropriate agencies and authorities whenever it received any notice of significant shareholding by the shareholders and its registrars.

“The attention of FBNH has been drawn to media reports of today, Oct. 22, purporting that a certain individual has acquired significant shareholding interest in FBN Holdings, making him the majority shareholder in the company.

“As a listed company, the shares of FBN Holdings are publicly traded, and sale and acquisition of shares is expected in the normal course of business,” said the statement.

It added that the company operated in a regulated environment, which required notification of significant shareholding by shareholders to the company, where shares were held in different vehicles, further to which the company would notify the regulators and the public as appropriate.

“The company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions.

“FBN Holdings Plc will always notify the appropriate agencies and authorities whenever it receives any notice of significant shareholding by the shareholders and the company’s registrars,” continued the statement.

There were reports that Otedola had emerged the majority shareholder of FBNH following months of slow and meticulous purchase of the company’s shares on the NGX.

A source who pleaded anonymity claimed Otedola was behind a massive mop-up of the shares of FBNH, which would result in his becoming the single majority shareholder of the company.

Also, a top capital market operator who pleaded anonymity, said the statement of FBNH should trigger investigation by regulators to know the correct position, protect market integrity and avoid share manipulation.

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First Bank supports start-ups, innovators in Fintech

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First Bank of Nigeria has pledged continued support for startups and innovators in the fintech ecosystem by providing relevant data and infrastructure to enable them scale appropriately.

FirstBank’s Managing Director, Dr Adesola Adeduntan, made the promise at the bank’s FinTech Summit 5.0, on Thursday in Lagos.

The summit, which is the fifth in its series had the theme:  “Open Banking and Its Derivatives Opportunities in the Financial Ecosystem”.

Adeduntan said that the summit was organised to create a global platform for brainstorming on the future of innovation in the financial services sector and specifically in the financial technology space.

The FirstBank boss said that part of the objectives of the summit was to contribute to the rapid evolution in the banking and financial services delivery.

“The summit gives us a very good platform to hear from leading experts in the space because open data, cloud technology, artificial intelligence and the way they operate together to create the right environment for innovation or evolution, is becoming important.

“For us, open banking demonstrates the practical fussion of these variables, presenting potential that can redefine product development, customer experience and overall value creation within the financial services system with significant multiplier effect, not just for players but also for consumers of financial services products.

“The regulatory framework for open banking in Nigeria, as issued by the Central Bank of Nigeria on the rules and regulations which financial services can take place across the system,” he said.

Adeduntan stressed that NITDA and the data protection regulations were indications of regulation around Open Banking.

“We believe there is enough space for continuous innovation and for us as an economy, to rapidly embrace this in the bid to materially upgrading the quality of financial services in Nigeria.

“As an institution that is over 127 years old, our bank has series of industrial transformation and would continue to play a leading role in forging the conversations on refining regulatory frameworks and shaping the industry not just for open banking but for all contemporary issues to back our industry.

“We will also continue to demonstrate our support for start-ups and innovators in the Fintech space by providing them with relevant data, support and infrastructure to enable them scale appropriately, through our SMEConnect platform,” he noted.

The keynote speaker, Prof. Ndubuisi Ekekwe, the Lead Faculty of Tekedia Institute, delivered a paper on: Open Banking: The Grand Unification of Application Utility Age.

According to Ekekwe, Open Banking is a mechanics where banks are required to share their market data through API’s, which are third party companies to help drive innovation.

He recalled the friction during the evolution of the financial systems and how FirstBank had broken the friction of individuals who had money to lend and the individuals who were seeking to borrow.

Prof Ekekwe noted that through APIs, different companies would have access to customers and if that was done, the frictions would be reduced across the nation.

He stated that the move would also provide the opportunity on how to deal and offer services to the customers, adding that it would also be a great moment for the country.

He called for the development of the credit system to grow the economy, noting that open banking could create the credit architecture to help individuals rise in the economic ecosystem.

“Open Banking offers us a very important toll, it makes it possible for you to share customer data as a bank with trusted third-parties through APIs without any form of violation of privacy or risks.

“It gives retail customers the opportunity that their data can be aggregated and with analytic system, you can have an insight of what is happening within your banking experience.

“There will not be a catalytic evolution in Nigeria’s economic architecture without a credit system, which is urgently needed for us to have the opportunity of expanding our economy.

“It is not a question for us that we need money before you can get a house or a car in some climes, you can buy a car and pay over seven years or a house and pay over 35 years but in Nigeria, you pay 100 per cent to have house or a car and this has cut many of our citizens out of owning a property.

“I believe that open banking through data aggregation and analytic system can also bring a national credit architecture that will make it possible for everyone of us to rise and imagine every person with a BVN will have a credit score,” Ekekwe said.

The Deputy Director, Payment System of the CBN, Mr Musa Jimoh, represented by Mr Olubukola Akinwunmi of the CBN said that the framework looked specifically around the risk management that needed to be built.

Jimoh noted: “Eventually, when we go full blast open banking regime, we take care of the main concerns of customers. One of the main aspects of the open banking regime is the registry.

“The current framework has already indicated that the bank will be engaging the industry stakeholders to come up with defined guidelines on how a number of the positions of the framework will be translated into operations.

“Which is the Open Banking registry which will ensure transparency and ensure that customers can look up and know who they are dealing with,” he added.

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First Bank increases IMTOs to allow customers receive money with ease

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First Bank of Nigeria says it has increase its network of International Money Transfer Operators (IMTOs) towards easing customers access to receive money from close to 100 countries.
The Deputy Managing Director, First Bank, Mr Gbenga Shobo, said on Sunday in Lagos that this was in furtherance of the need to expand diaspora remittance inflow into the country in a safe and secured manner.
He added that with over 750 branches across the country, customers could receive money from the nearest FirstBank branch close to them.
He explained that over the years, FirstBank had been in partnership with Western Union, MoneyGram, Ria, Transfast, and WorldRemit.
It stated further that it has also be in partnership with other IMTOs, such as Wari, Smallworld, Sendwave, Flutherwave, Funtech, Thunes and Venture Garden Group to promote remittance inflow into the country.
Shobo added that beneficiaries would be able to receive remittance in US dollars in any of the Bank’s branches.
Also, customers without an existing domiciliary account could have dollar account automatically created for their remittances and can also receive inflow directly into their accounts through Western Union.
“At FirstBank, expanding our network of International Money Transfer Operators is in recognition of the significant roles diaspora remittances play in driving economic growth.
“Such as helping recipients meet basic needs, fund cash and non-cash investments, finance education, foster new businesses and debt servicing.
“We are excited about these partnerships, as it is essential to ensure our customers are at an advantage to receive money from their loved ones and business associates, anywhere they are, across the world.
“FirstBank pioneered international funds transfer and remittances over 25 years ago and has been at the forefront of promoting cross border payments in the country, having started the journey with Western Union Money Transfer,” Shobo said in the statement.
He also added that FirstBank had launched its wholly owned remittance platform named First Global Transfer product to promote the international transfer of funds across its subsidiaries in sub-Saharan Africa.

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