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First Bank Leverages Technology To Promote Virtual Account Opening

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FirstBank UK

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced that it has reinforced its technology infrastructure to enable anyone in the country open a FirstBank account through their mobile phones, without visiting any of its branches nationwide.

The investment in the Bank’s mobile banking infrastructure the bank said is in furtherance of the need to deepen financial inclusion in the country, enabling account opening to be carried out on its *894# USSD banking, FirstMobile (self-service telephone banking), its website – www.firstbanknigeria.com.

The bank said that accounts can also be opened through the Bank’s staff, through the Direct Sales Executive (DSE) application installed on their mobile phone, ATMs and the bank’s over 55,000 FirstMonie Agents spread across the country. Opening an account with FirstBank through any of these means is seamless, convenient, fast, and user-friendly.

The DSE App is an end to end encrypted mobile application installed on the phone(s) of FirstBank staff which enables them to open an account for to-be customers.

Upon the completion of the account opening process via the DSE App, the customer is notified of his or her account number through a text message on the mobile phone used to register the account.

With FirstBank’s *894# USSD banking, various banking activities are carried out on a mobile phone – across the four major GSM network operators in the country – without the use of the internet. To open an account via this means, dial *894# then select ‘open an account’ to provide the information required or by simply dialling *894*0#. The Bank currently has over 9.5 million of its nearly 20 million customers on its USSD banking platform.

The FirstMonieAgent Bankingis an agent banking initiative from the bank that is designed to take banking closer to people, thereby bridging the gap between the banked and unbanked. FirstMonie is a channel through which various banking activities like FirstBank account opening, funds transfer, bill payments, data and call credit recharge services, amongst others are carried out.

The Agent Banking initiative has also contributed to reducing poverty, being responsible for the indirect employment of over 150,000 people across the country.

According to Chuma Ezirim, Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited, “beyond opening an account in any of our over 700 branches, we are delighted with the investments at reinventing our business processes over the years, especially with the use of technology.

“This has been critical to staying relevant in the industry for over 126 years and being the financial partner of the first choice to all our customers and Nigerians, irrespective of where they are.”

 Creating these virtual ways of opening a bank account with us – thus; the staff DSE App, ATMs,FirstMonie Agents, *894# USSD banking, FirstMobile and our website – reinforces our resolve to ensure that more Nigerians and residents have access to banking, especially through our state of the art financial services and we remain resolute to being the key to banking, enabling business and financial activities that would continue to propel the country’s economic growth and development.

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BREAKING: Naira Crashes To N1,309/$1 At Official Market

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The Nigerian Naira has depreciated in value at the official market, with the exchange rate falling to N1,309.39 to a dollar, according to the latest data from the FMDQ trading platform.

This represents a 0.69 percent decline from the previous day’s rate of N1,300.43 against the dollar.

https://gwg.ng/2024/03/29/why-we-arrested-killed-17-soldiers-in-delta-state-traditional-ruler-opens-up/

Despite this, trading volume showed a significant increase, with the total turnover rising to $857.78 million, more than doubling from Wednesday’s $416.10 million.

In the Investor’s and Exporters’ (I&E) window, the Naira experienced fluctuations, trading between N1,392 and N1,250 against the dollar.

This volatility in the forex market comes amidst various economic adjustments and policy shifts by the Central Bank of Nigeria (CBN).

https://gwg.ng/2024/03/29/see-the-complete-fixtures-kick-off-time-date-for-euro-2024/

Adding to the financial landscape changes, the CBN has recently announced new capital requirements for banks, significantly raising the minimum capital base for commercial banks with international authorization to N500 billion.

This move is part of the apex bank’s broader strategy to fortify the Nigerian banking sector, following its call for banks to hasten the recapitalization process to bolster the financial system.

These developments, including the adjustment of the benchmark interest rate to 24.75%, signal the CBN’s intent to tighten monetary policy in a bid to stabilize the economy.

As the financial sector braces for these changes, the impact on borrowing costs, investment, and overall economic health remains a focal point for analysts and stakeholders.

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Why Google Blocked 5.5bn Adverts

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US-based multinational technology corporation Google has blocked over 5.5 billion adverts and suspended 12.7 million others for violating its policies.

The search engine giant also said on Wednesday that it had removed adverts from over 2.1 billion pages.

https://gwg.ng/2024/03/28/see-the-pastor-that-charges-n1-7m-to-teach-people-how-to-perform-miracles/

“Billions of people worldwide rely on Google products to provide relevant and trustworthy information, including ads. That’s why thousands of people are working around the clock to safeguard the digital advertising ecosystem. Today, we are releasing our annual Ads Safety Report to share the progress we’ve made in enforcing our advertiser and publisher policies and to hold ourselves accountable in maintaining a healthy ad-supported internet,” it said.

https://gwg.ng/2024/03/28/man-jailed-6-months-for-stealing-car-battery/

In 2023, it said scams and fraud across all online platforms were on a steady rise.

“Bad actors constantly evolve tactics to manipulate digital advertising to scam people and legitimate businesses. To counter these ever-shifting threats, we quickly updated policies, deployed rapid-response enforcement teams and sharpened our detection techniques”, it added.

https://gwg.ng/2024/03/28/what-i-experienced-in-detention-firstnews-editor-narrates/

Millions of content creators across the globe, including Nigeria, rely on Google Ads to drive revenue.

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Amidst Rumours, Naira Exchanges ₦1,371.170/$1 At Parallel Market For March 28

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Naira dollar exchange for March 28

The Naira is today, Thursday, March 28 2024 exchanging 1,371.170 Naira to 1 US Dollar at the parallel market (black market) in Nigeria according to Naira rate’s Official X handle on Thursday. This means that you can get 1,371.170 Naira for every 1 Dollar that you exchange.

The black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels..

Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.

Today, March 28 exchange, indicates that the naira appreciated against dollar with ₦26 difference compared to yesterday, when naira exchanged $1 to ₦1,345.300.

GWG.ng reports that the value of any nation’s currency is determined by aggregate supply and demand.

The forces of Supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.

The most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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Naira Appreciates To N1,350/$ In Parallel Market

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The Nigerian currency, the naira, experienced a notable appreciation in value, reaching N1,350 per dollar in the parallel market, a sharp rise from N1,430 per dollar on Monday.

This trend was mirrored in the Nigerian Foreign Exchange Market (NAFEM), where the naira strengthened to N1,382.95 per dollar, up from N1,408.04, as reported by FMDQ data.

https://gwg.ng/2024/03/27/why-i-dont-win-awards-yemi-alade/

This development has resulted in an increased gap between the parallel market rate and the NAFEM rate, which has expanded to N32.95 from the previous N21.96.

The naira’s value has been on an upward trajectory, with an 18.28 percent increase recorded since February 23, 2024, when it hit a low of N1,665.50.

Analysts attribute the naira’s recent gains to a series of foreign exchange reforms implemented by the Central Bank of Nigeria (CBN).

These reforms, aimed at streamlining the foreign exchange system, include consolidating exchange rate windows, liberalizing the FX market, and clearing foreign exchange backlogs for banks and airlines.

https://gwg.ng/2024/03/27/son-of-ex-president-jailed-in-us/

The CBN’s introduction of a Price Verification System (PVS), revised limits on banks’ Net Open Position, removal of the daily cap on remunerable Standing Deposit Facility (SDF), and the restructuring of the Bureau De Change (BDC) sector, are steps towards fostering a more transparent and efficient market.

Further measures to enhance market dynamics include adjusting margin limits for International Money Transfer Operator (IMTO) remittances, implementing a two-way quote system, and thorough reforms in the BDC segment.

These initiatives are designed to improve market stability, transparency, supply, and price discovery in the Nigeria Autonomous Foreign Exchange Market.

In a recent move, the CBN has set the sale rate of dollars to BDC Operators at N1,251, directing them to offer foreign currency to eligible customers at a margin not exceeding 1.5 percent above this rate.

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See The Lastest Price Of Petrol (Per Litre) In Nigeria For Today

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One of the most essential commodities in the country and all over the world is petrol, also known as Premium Motor Spirit (PMS), as it powers various aspects of the economy and daily life.

However, the price of petrol has been fluctuating over the years, due to various factors such as global oil prices, exchange rates, subsidy policies, and supply and demand.

Current Price of Petrol in Nigeria

According to the regulator of petrol price in the country, the Nigerian National Petroleum Company Limited (NNPCL), the official pump price of petrol (PMS) in Nigeria is N617 per litre.

https://gwg.ng/2024/03/27/why-delta-state-assembly-reverses-sack-of-accountant-after-24-years/

This was after the federal government removed a subsidy on the commodity, which led to a significant increase in the price from N195 per litre.

However, due to logistics and other factors that vary by location, the actual price of petrol may differ across the country.

Naija News understands that petrol presently goes for prices ranging from N600 to N700 per litre across the country, while the over-the-country average price of petrol is presently N630 per litre.

https://gwg.ng/2024/03/27/why-i-granted-full-autonomy-to-local-government-councils-governor-alia/

The table below shows the petrol prices in all 36 states and FCT in Nigeria as of March 27, 2024, as released by NNPCL.

StatePrice (N)
Abia687.50 Per Litre
Abuja632.12 Per Litre
Adamawa671.40 Per Litre
Akwa Ibom677.00 Per Litre
Anambra680.00 Per Litre
Bauchi650.00 Per Litre
Bayelsa673.00 Per Litre
Benue632.84 Per Litre
Borno657.27 Per Litre
Cross River663.33 Per Litre
Delta665.63 Per Litre
Ebonyi638.71 Per Litre
Edo662.00 Per Litre
Ekiti651.33 Per Litre
Enugu673.87 Per Litre
Gombe703.00 Per Litre
Imo687.00 Per Litre
Jigawa679.67 Per Litre
Kaduna670.00 Per Litre
Kano678.27 Per Litre
Katsina680.40 Per Litre
Kebbi796.67 Per Litre
Kogi626.79 Per Litre
Kwara614.90 Per Litre
Lagos663.05 Per Litre
Nassarawa629.32 Per Litre
Niger624.04 Per Litre
Ogun653.11 Per Litre
Ondo653.02 Per Litre
Osun658.77 Per Litre
Oyo662.53 Per Litre
Plateau670.00 Per Litre
Rivers674.55 Per Litre
Sokoto664.80 Per Litre
Taraba704.11 Per Litre
Yobe675.55 Per Litre
Zamfara771.43 Per Litre

Please note that these prices are subject to changes in different stations across the country.

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Eno Neutralises Sharks In Akwa Ibom With N1.5bn Interest-Free Loans

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Akwa Ibom interest-free loans

Governor Umo Eno of Akwa Ibom on Tuesday announced a N1.5 billion interest-free loans to Akwa Ibom traders.

The News Agency of Nigeria (NAN) reports that the loans are to be managed by the Ibom Fadama Micro Finance Bank.

Eno also launched the free-food voucher programme for the vulnerables at the popular Itam market in Itu Local Government Area (LGA) of the state.

“I have heard of how some of you go to some places to get loans with very high interest rates and that has made the cost of food to go up, and before you finish paying the loans, you cannot meet up with your market or trading obligations anymore.

“I have come to tell you not to take such loans again, Consequently, we are releasing N500 million interest-free loans to each of the three senatorial districts making a total of N1.5 billion to help your businesses,” Eno said.

Besides the interest-free loans, the Akwa Ibom governor also promised to construct a car park, provide solar panel light, modern toilet facilities at Itam market for better convenience of the traders.

The Governor, therefore, directed the Transition Chairmen of the remaining 29 councils, excluding Itu and Uyo LGAs, to ensure they launch the free-voucher food programme by April 2.

The free food voucher for the vulnerable, is a key element of the Bulk Agency Bill that was signed into law a week ago, and the Board, equally inaugurated by the Governor, last week.

The key responsibility of the Agency is to provide free staple food items such as Garri, rice and beans to the most vulnerable through the Social Register. (NAN)

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Former DSS Chief, Dennis Amachree: Nigeria Shouldn’t Expel Binance Traders

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Dennis Amachree Binance

Dennis Amachree, a former Assistant Director of Nigeria’s Department of State Services (DSS), has stepped into the fray regarding the pursuit of individuals trading on the Binance cryptocurrency platform. His stance is coming against the backdrop of controversies surrounding the escape of Binance executive Nadeem Anjarwalla from custody, an event that has stirred widespread discussion and concern within the country.

Amachree’s argument revolves around the idea that targeting individual traders on the Binance platform lacks a justifiable basis. Instead, he contends that regulatory and investigative efforts should be directed towards scrutinizing the platform itself and its executives. To illustrate his point, Amachree draws an analogy with the banking sector, explaining that if a bank like UBA were implicated in a crime, authorities would focus on the management responsible for the bank’s operations rather than targeting its customers. He asserts that similar logic should apply to Binance and its users.

The escape of Anjarwalla from a guest house in Abuja, where he was being held alongside colleague Tigran Gambaryan, has raised serious questions about the efficacy of security measures and decision-making processes within the involved authorities. Amachree criticizes the apparent lax security that facilitated the escape, suggesting that Anjarwalla should have been detained by more secure and appropriate agencies such as the Economic and Financial Crimes Commission (EFCC) or the DSS.

This incident has ignited demands for accountability from the security personnel responsible for overseeing the custody of the Binance executives. Amachree’s remarks underscore the need for a thorough investigation into the circumstances surrounding the escape, as well as the enforcement of more stringent security protocols to prevent similar occurrences in the future. The escape has cast a spotlight on the competence and integrity of Nigeria’s security apparatus, prompting calls for swift and transparent action to address any shortcomings and restore public confidence.

In the wake of these developments, the Nigerian public awaits further updates on the investigation and hopes for decisive measures to ensure the accountability of those involved.

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CBN Ups Fight Against Inflation, Raises MPR

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CBN MPR

In a move apparently aimed at curtailing inflation, the Monetary Policy Committee, MPC of the Central Bank of Nigeria, CBN on Tuesday, to hike its benchmark Monetary Policy Rate, MPR by 200 basis points.

The decision came after the two day deliberations of the MPC for the month of March. It was the second time that the MPC now headed by CBN governor Yemi Cardoso and the second time that it would hike the MPR.

GWG.ng reports that the MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent

Increase the asymmetric corridor to +100bps/-300 basic points.

Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retained a liquidity ratio of 13 per cent.

GWG.ng reports that the decision of the CBN to raise the MPR could be seen as being overtly cautious as many stakeholders had expected the apex bank to further monitor the steep rate hike it introduced last month.

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Pressure Mounts On Hoarders To Sell Off Dollars As Naira Rebounds

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CBN on dollars

Individuals and businesses holding on to dollars are facing renewed pressure to offload the excess foreign currency in thier possession as the Central Bank of Nigeria (CBN) continues to implement policies that are shoring up the value of the currency.

GWG.ng reports that the Nigerian naira, which recently experienced a significant slide selling up to N1,9000 against the dollar due to heightened demand and outstanding forwards, rebounded and sold below N1,3000 last Monday.

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According to Mallam Yakubu Salisu, a BDC operator, there’s a heightened willingness among people to exchange their dollars amidst fears of further depreciation.

The decision of CBN to sell 20,000 dollars worth of foreign exchange to eligible BDC operators across the nation marks a significant shift, especially after the suspension of such sales three years prior.

Out of the 5,690 registered BDC operators nationwide, approximately 1,373 have been screened for allocation, with specific allocations delineated for various regions including Abuja, Awka, Kano, and Lagos.

The recent circular issued by the CBN reinstating the sale of forex to BDC operators aims to rectify distortions in the retail forex market and bridge the exchange rate gap. The allocated rate of N1,301/$ reflects the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market.

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