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Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown - Business - Nairaland

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Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by CallMeDrino: 3:29am On May 14
First Bank of Nigeria Limited says Nigerians with its cards used them 105 million times to make payments or withdrawals worth about N1.18 trillion throughout the lockdown.

FirstBank’s Chief Executive Officer, Adesola Adeduntan, also 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.”

Adeduntan further 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,” he said.

While calling on lovers of stress-free banking to get on board, the FirstBank CEO 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 which are flexible, offer comfort and stress-free banking.

The range of cards available to customers of FirstBank are categorised into three broad groups — 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 Card.

FirstBank’s Naira MasterCard and Verve Card are secured by Chip and 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.

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 and 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.

Also, among FirstBank’s super cards is VISA Debit Multi-Currency Card. First of its kind to be offered by any financial institution in Nigeria, the card 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 (international).

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, 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.

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.

FirstBank has also initiated value added services attached to the cards including discount at merchants location such as Jumia Friday, Health Plus, among others.

https://businessday.ng/banking/article/firstbank-cardholders-record-n1-18trn-in-transactions-value-during-lockdown/

1 Like

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by chillex8(m): 3:30am On May 14
Money dey this country ooo shocked

29 Likes 1 Share

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by Chicagoesontop: 3:41am On May 14
First Bank no want carry the Last bank position !!

7 Likes 1 Share

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by LadiIshola(m): 3:51am On May 14
Going cashless has always been the best bet. To imagine this government tried to impose a fee on this same cashless medium. Thank God common sense prevailed on them eventually.

11 Likes 2 Shares

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by MoxxxxO123(m): 4:16am On May 14
Is it new?
Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by Johnbosco77(m): 5:47am On May 14
Rubbish.... After series of stamp duty reductions..

38 Likes

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by atarapa(m): 5:47am On May 14
See money o! Abi na hear money o!. All nah audio money

4 Likes

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by sleek214(m): 5:47am On May 14
Am not among them
Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by MrMcJay(m): 5:48am On May 14
Has First bank paid the guy who designed their 100 years logo or they are still using allegedly stolen logo to market their bank?

With their ugly bank doors that look like cage built with scrap aluminium.

59 Likes 6 Shares

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by McBrooklyn(m): 5:48am On May 14
No fücks given... FirstBank still remain useless angry

8 Likes 5 Shares

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by StubbornGENIUS(m): 5:48am On May 14
I added to that figure in my own little way sha but stamp duties and unknown bank charges were too much

3 Likes

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by 1899Milan: 5:48am On May 14
Trying to workout the total charges on those transactions...wink

7 Likes 1 Share

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by Ubykcee(m): 5:49am On May 14
He noted that the bank was “able to actively support her customers, their families and businesses through these challenging times.”

Which support are they talking about here? Stamp duty
Card maintenance fee
Other hidden charges?
Or they just want to feel relevant? undecided undecided

30 Likes

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by gambia(m): 5:49am On May 14
What's my business with that undecided
Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by pahoehoe: 5:50am On May 14
Well, I am not surprised owing to the fact that of all the banks in Nigeria, First Bank has the highest number of customers. There is no village you will go to without seeing a branch of First Bank. Meanwhile, I am convinced that you would like to be making over N2M per plot from plots of land at Ibeju Lekki. For details, click on the links on my signature.

2 Likes

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by GOFRONT(m): 5:50am On May 14
Hmm.....People really get money oo..

And when you request, they claim: "No Money, No money, Country hard, Buhari regime yen yen yen!!!!

And to think N1.18 Tr is just for Firstbank transaction alone oo.....We never check Zenthbank, Gt, UBA, Access and d rest o.

Chaiiii

17 Likes 1 Share

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by tulabh: 5:52am On May 14
Banks are just trying to use any means to cut cost... but I was calculating on my own that the profit they are making this lockdown is atleast twice what they make when their was not lockdown

Big companies hardly make transactions now, their money are kept in the account which the bank will keep getting profit from it. See also the number of transactions on e-channels due to closed bank.

Any bank that sack staff due to this pandemic is wicked

31 Likes 2 Shares

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by ecolime(m): 5:55am On May 14
Johnbosco77:
Rubbish.... After series of stamp duty reductions..
Stamp duty is for the government na... lol
Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by NewBea: 5:55am On May 14
Very useless bank angry
Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by recievesense: 5:56am On May 14
money no dey money no dey but canoe dey move

1 Like 1 Share

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by FlordFlorez(m): 5:56am On May 14
For just about two months. Nigerians are big spenders.

2 Likes

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by emmanuelewumi: 5:57am On May 14
MrMcJay:
Has First bank paid the guy who designed their 100 years logo or they are still using allegedly stolen logo to market their bank?

With their ugly bank doors that look like Police cell.


He should be in the court, if breach of contract actually occurred

1 Like

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by realstars: 5:58am On May 14
To Have Aj Good
Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by Kingrefreshed: 5:59am On May 14
CallMeDrino:


https://businessday.ng/banking/article/firstbank-cardholders-record-n1-18trn-in-transactions-value-during-lockdown/


Analogue bank of Africa.

Make una change that una Metal doors abeg. I no get strenght to pusham today.

1 Like

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by PHijo(m): 6:02am On May 14
chillex8:
Money dey this country ooo shocked

It is NOTHING in contrast to our size and potential.

1 Like

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by TreasureTayo(m): 6:02am On May 14
For inside this corona, some sectors they cash out big time oo

1 Like

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by Imperare(f): 6:03am On May 14
:Ds
Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by MrMcJay(m): 6:03am On May 14
emmanuelewumi:

He should be in the court, if breach of contract actually occurred

It's not really breach of contract, more of IP theft.
Nevertheless, the man should have lawyered-up and taken it up legally.
Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by emmanuelewumi: 6:05am On May 14
MrMcJay:


It's not really breach of contract, more of IP theft.
Nevertheless, the man should have lawyered-up and taken it up legally.


That will be determined by the court, I hope he has done the needful

If the case is good, I expect lawyers to offer their services pro Bono.

3 Likes

Re: Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown by emmanuelewumi: 6:08am On May 14
emmanuelewumi:



That will be determined by the court, I hope he has done the needful

If the case is good, I expect lawyers to offer their services pro Bono.


Whatever is awarded by the court to the complaint can then be shared equally or they use any sharing formula they are comfortable with

1 Like

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