First Bank of Nigeria Limited, Nigeria’s most valuable bank brand has won “The Best Retail Bank in Nigeria Award” for the fifth time, the “Mobile Payment Product of the Year award” and the “Credit Card Product of the Year award” in the 2016 Asian Banker Retail Services West African Awards which took place in Lagos, last week. Organized by the Asian Banker magazine, the awards programme is renowned for its rigorous and transparent process in selecting outstanding financial institutions in retail banking. It is to recognise competition and innovation in one of the fastest growing and fierce markets with fierce competition.
According to The Asian Banker, FirstBank has continued to dominate the retail space with over 40% of the market share in retail customer deposits. FirstBank’s Naira Credit Card and its mobile wallet payment service – FirstMonie were adjudged as the best in the credit card product of the year and mobile payment product of the year categories respectively.
With the largest footprint in the country in terms of network and product offering, FirstBank provides something for everyone. The Bank is focused on revamping credit products for individuals and small businesses as well as using its mobile banking business to offer banking services to the unbanked population in Nigeria.
While receiving the awards on behalf of the Bank, the Deputy Managing Director, First Bank of Nigeria Limited, Mr. Gbenga Shobo stated that the awards were a testament to the effectiveness of the Bank’s various transformation programmes aimed at raising the bar in developing and delivering unique retail financial products to all levels of customers. “FirstBank has in place a robust retail banking strategy that enables us to review our retail products and processes to ensure that the needs and lifestyles of customers are met. We arerelentlessly deepening our 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 2016 after a stringent three-month evaluation process is a clear indication of the effectiveness of our retail strategy with regards to sustaining business services and retail financial products which, has helped to position our customers as first at all times” Shobo added.
It will be recalled that FirstBank was recently named the most valuable bank brand in Nigeria for the fifth time in a row and the Bank also completed 100 million transactions on its e-mobile platform in one month.