First Bank of Nigeria Limited has been named “The Best Retail Bank in Nigeria” at the just concluded Asian Banker International Excellence in Retail Financial Services Awards in Singapore.
Organised annually by the Asian Banker magazine, the award is renowned for its rigorous and transparent process in selecting outstanding financial institutions in retail banking.
According to The Asian Banker, having received the award for the fourth consecutive time, FirstBank has continued to dominate the retail space with over 40 per cent of the market share in retail customer deposits. With increased customer and deposit base in 2014, FirstBank remains the largest retail lender in the country with more than 20 per cent market share in gross loans. The Bank also saw a 17 per cent cost-to-income ratio, earning a profit of $752,770 in 2014 with total assets amounting to $7.8 billion.
With the largest footprint in the country in terms of network and product offering, FirstBank provides something for everyone. The Bank grew its credit cards issuance by 350 per cent in 2014, in addition to launching credit products for individuals and small businesses. FirstBank is now focusing on using its mobile banking business to offer banking services to the unbanked population in Nigeria.
FirstBank’s spokesperson and group head, Marketing and Corporate Communications, Mrs Folake Ani-Mumuney said the award is an indication of the effectiveness of the Bank’s various transformation programmes which are aimed at raising the bar in developing and delivering unique retail financial products to all levels of customers, adding that FirstBank has in place a robust retail banking strategy that enables the Bank to review its retail products and processes to ensure that the needs and lifestyles of customers are met.
“We are delighted that this award and indeed our recent ranking as the Most Valuable Bank Brand in Nigeria is an indication of the recognition of our modest achievements in recent time”, she said.
Ani-Mumuney further added that the Bank is relentlessly deepening its retail dominance with the launch of innovative products and services, tailored to suit the changing times and ever growing customer base. “Emerging the ‘Best Retail Bank in Nigeria’ for 2015 after a stringent three-month evaluation process is a clear indication of the effectiveness of our strategy with regards to sustaining business services and retail financial products which, has helped to positioned our customers as first at all times”, she stated
This story originally appeared in Leadership Newspaper