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First Bank organizes Chinese Business forum

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As part of its strategic drive to strengthen business partnerships between Nigeria and China, First Bank of Nigeria Limited recently organized the FirstBank-Chinese Business forum. The event themed; Deepening Sino-Nigerian Cooperation was held on Tuesday, July 17, 2018, at the Oriental Hotel, Lagos.

 

The FirstBank Chinese Business Forum was organised as part of the overarching strategyby the Bank to drive business conversations and the promotion of business and economic partnerships between Nigeria and China.

Only recently, the Central Bank of Nigeria reached a currency swap agreement with the Peoples Bank of China in order to ease the burden of the liquidity issues faced by Nigerian business owners and Chinese manufacturers. Notably, FirstBank is among the four banks appointed as settlement banks in the deal.

Chief Diana Chen, the Group Chairman, CIG Motors was among the panelists at the plenary session and discussed the recently signed currency swap deal between the Chinese and the Nigeria governments, Lekki free trade zone and other collaboration between Nigeria and China. FirstBank’s Group Executive, Treasury & Financial Institutions, Ini Ebong; Head, Foreign Banking Services, Ayotunde Fanimokun and Group Head, Products & Marketing Support, Abiodun Famuyiwa joined in the plenary session with the Chinese industrialist. Mr. Ebong led the FirstBank’s team.

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Speaking at the event, Adesola Adeduntan, the MD/CEO, First Bank of Nigeria Limited & Subsidiaries said;

“The business relationship between China and Nigeria is of great importance to us hence the establishment of our Representative Office in Beijing, China in 2010, to cater to the growing needs of Sino-Nigeria businesses, and to provide support in channeling trade flows between the two countries. Our promise is that we will alwaysdeliver the ultimate gold standard of value and financial excellence as we put customers at the heart of our business.”

 

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With the establishment of its representative office in China, FirstBank became the first Nigerian bank to record its presence in the Asian country and has since  been a financial gateway in promoting business between China and Nigeria, a recognition that earned the Bank an invitation as a member of the Forum on China-Africa Cooperation (FOCAC) to promote the strategic advancement of the China Belt and Road Initiative, the United Nations 2030 agenda and the African Union 2063 development strategies for African economies.

The FirstBank-Chinese business forum is one of the bank’s efforts to drive better customer services culture as part of its service excellence initiative.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Corporate Press Releases

COVID-19: FirstBank launches next-generation ATM, spearheads innovation in electronic banking in Nigeria

FirstBank customers can now leverage the real-time mobile banking capabilities of their cellphones to activate cash withdrawals at the FastTrack ATM.

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First bank, Dr. Adesola Adeduntan, CEO, FirstBank

In the light of COVID-19, FirstBank has launched the FastTrack ATM, a Next Generation ATM and first of its kind in Africa, designed to promote financial activities on the ATM devoid of any form of physical interaction with the machine. The introduction of the FastTrack ATM which is done in partnership with Inlaks enables customers carry out cash withdrawals without having to touch the interface of the ATM.

With the FastTrack ATM, widely referred to as Touchless Solution, the customer carries out the transaction by using his or her mobile phone to perform the needed steps designed originally for implementation on the ATM. By using one’s phone, the transaction is carried out – in advance – through the Bank’s USSD or mobile banking option. Upon the schedule, the customer visits the FastTrack ATM to complete the transaction by tapping a contactless Near Field Communication (NFC) card on the ATM to withdraw his or her cash.

READ: Mobile Banking applications remain the most popular platform for digital banking

FirstBank customers can now leverage the real-time mobile banking capabilities of their cellphone to activate cash withdrawals at the FastTrack ATM. The ATM solution is the Bank’s response to control the spread of COVID-19, whilst promoting the safety of customers that carry out transactions at the ATM.

Speaking on the launch of the FastTrack ATM, Dr. Adesola Adeduntan, CEO, First Bank of Nigeria Limited said ‘at FirstBank, we are driven to provide seamless financial solutions to ensure our customers are able to timely carry out their transactions in safe, secured and efficient ways, thereby putting them ahead in digital banking, not just in Nigeria but Africa. We are delighted to set the pace regarding the use of the Next Generation ATM in Africa which enables customers to use their mobile phones to remotely initiate ATM-based cash withdrawals via our *894# USSD banking or FirstMobile application. At the core of our strategy lies innovation which is critical to adapting to the new normal’.

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READ; Zenith Bank posts PBT of N177.3 billion in 9M 2020

According to Olufemi Adeoti, Managing Director, Inlaks, “given that consumers are more adaptable to mobile technology Inlaks – the Africa’s leading Information Technology Solutions provider together with Hyosung ATM OEM are partnering with FirstBank to introduce the first fully compliant COVID-19 FinTech ATM. This is in alignment with the ‘new normal’ desired customer experience which includes digitalization and delivering a secure contactless cash access to the bank’s FirstMobile customers for better user experience, simplicity, speed and convenience’’

In recognition of its giant strides at promoting electronic banking in the country, FirstBank’s mobile banking application – FirstMobile –  was recently awarded the Best Mobile Banking App award 2020 in the Global Finance Best Digital Bank Awards 2020 as well as 2019 Best Mobile Banking App by Global Business Outlook.

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READ: FBN Holdings announces N25 billion capital injection into FirstBank

FirstBank has been at the forefront of promoting electronic banking solution in Nigeria. In 2017, the Bank was recognized as the first financial institution in Nigeria and the West-Africa sub-region to issue 10 million ATM cards to customers across the country. The bank was the second in Africa to achieve the milestone.

These feats are achieved through the trusts in its industry-leading innovative banking solutions by over 10 million customers on its USSD *894# banking platform and over 4.1 million customers on its FirstMobile banking application, endearing the Bank to process about 30% of card transactions in the entire banking industry in the country.

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 over 125 years.

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With over 750 business locations and over 57,000 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 15 million customers. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

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The Bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 9million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 3 million people on FirstMobile platform.

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 that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is always to put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of the first choice in building your future”. Our brand promise is always to deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

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Around the World

Biden to appoint Nigerian-born attorney as Deputy Treasury Secretary

Nigerian-born attorney, Adewale Adeyemo has been selected by US President-elect, Joe Biden as Deputy Treasury Secretary.

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United States President-elect, Joe Biden, has selected a Nigerian-born attorney, Adewale Adeyemo, as the Deputy Treasury Secretary.

This was disclosed by Biden on Sunday, according to Wall Street Journal.

Adeyemo, who is a former senior international economic adviser during the Obama administration, will serve under former Federal Reserve Chair Janet Yellen, who Biden plans to appoint to lead the US Treasury Department.

Adeyemo’s appointment is one of many key cabinet positions Biden is expected to announce in the coming days.

What you need to know

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Born in Nigeria, Adeyemo was raised in California where he obtained a bachelor’s degree before proceeding to Yale Law School for his legal education.

Before his appointment into the Obama administration, Adeyemo worked as an editor at the Hamilton Project, then served as senior advisor and deputy chief of staff to Jack Lew in the United States Department of Treasury.

He later worked as the chief negotiator for the Trans-Pacific Partnership and also served as the first chief of staff of the Consumer Financial Protection Bureau under Elizabeth Warren.

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In 2015, he was appointed to concurrently serve as Deputy National Security Advisor for International Economics and deputy director of the National Economic Council.

He went on to become the first president of the Obama Foundation.

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Energy

FG to deliver 1 million vehicle conversion to autogas by end of 2021

The FG’s Autogas programme is expected to deliver at least 1 million vehicle conversions by the end of 2021.

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FG to deliver 1 million vehicle conversion to autogas by end of 2021

The Federal Government has revealed that its Autogas programme is expected to deliver at least 1 million vehicle conversions by the end of next year.

The implementation of this programme by the government will herald the clean energy transition for Nigeria and the delivery of cheap transportation.

This was disclosed on Sunday, November 29, 2020, by the Federal Government via tweets on its official Twitter handle.

READ: 25 million Nigerians to pay N4,000 monthly for solar power system

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READ: N75 billion Nigerian Youth Investment Fund to be rolled out before end of October – Minister

The rollout is the culmination of the resolve of President Muhammadu Buhari-led government to deepen domestic usage of natural gas in its various forms. It is also in line with the government’s plan to make gas the first choice source of cheaper and cleaner energy for Nigerians in their personal and industrial use.

(READ MORE: FG gives reasons why it is repackaging its social intervention programmes)

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The government also stated that there will be a commencement of formal dispensing of Autogas (CNG and LPG) products at two NNPC retail stations.

In addition, there will be a handover of CNG-powered mass transport buses to NLC, in fulfilment of the agreement during recent negotiations. This agreement was reached with labour during negotiations and in recognition of the role organized labour plays in the quest to bring relief to ordinary Nigerians.

READ: Cornerstone Insurance Plc projects PAT of N537.4million in Q1 2021

What you should know 

Nairametrics reported in September that the Minister of State for Petroleum Resources, Timipre Sylva revealed that Nigerians can now convert cars using petrol to gas, which is cheaper, with effect from October 2020.

The Department of Petroleum Resources also ordered 9,000 filling stations nationwide to begin the installation of facilities for gas products.

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READ: PIB may be passed by first quarter of 2021 – Sylva

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In October, the Federal Government estimated that the Compressed Natural Gas (CNG) will cost N97 per litre, as it had promised to provide alternatives to the Premium Motor Spirit (PMS), otherwise known as petrol, for poor Nigerians.

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