Business

Life’s a Lot More Easier with FirstBank Cards

Published

5 years ago

August 27, 2019

Eric

By Eric Elezuo

Like the dynamite, few things in life come in small in packages, but have far reaching benefits and rewards. One of such is the FirstBank range of cards.

The world as we know it today, is a global village, and its connectivity is a at tip of an individual’s finger. That aside, it also revolves round the use of ‘ordinary’ but highly customised cards which FirstBank is first in providing.

For 125 years and counting, FirstBank, Nigeria’s premier bank, with accolades and awards trailing its existence, has continued to blaze the trail in certainly every financial innovation. And as the name signifies, has continued to be the first in virtually everything banking and finance. There is hardly any banking innovation, which is not traced to the company that has overtime woven itself into the very fabric of the society.

FirstBank cards come in a wide range of categories, each fulfilling tasks that are better imagined, but nevertheless are flexible and offers comfort, stressless banking and wholesome peace of mind. It is not therefore, a coincidence that FirstBank is and remains Nigeria’s highest card transacting bank; it is a product of carefully thought out process, hard work and the need to keep its customers first in all things.

The range of cards available to FirstBank include Naira Master Card, Visa Gold and not forgetting Visa Multi-Currency Card.

Otherwise known as NMC, FirstBank’s NAIRA MASTER CARD (NMC) is a class on its own. it comes with automatic increased limits for international transactions in a such a way that customers are at liberty to spend up to $5000 monthly across all channels with a daily ATM cash withdrawal limit of $300. It’s surely a great deal! One wonderful thing about the NMC is there is absolutely no need for BTA/PTA, Business Travelling Allowance and Personal Travelling Allowance respectively.

To enjoy absolute seamless transactions with NMC, customers should endeavour to:

Change their PIN before travelling out of the country to avoid transaction failures/invalid card.
Not to swipe their cards on any terminal, rather, should insert card and use their PIN
Tap with their Naira MasterCard contactless cards to make payments for their transport fares if in the UK.

Other mouth watering offers the NMC provides involves access to seamless airline bookings, especially with Emirates Airlines. The service quick, secure and convenient.

It also offers the Protect Card Transactions feature, which can be activated or deactivated for all types of transaction. This is done by using the Card-in-Control Service on Firstmobile or the USSD option. To achieve this, the customer can only take these few and quick steps below:

Firstmobile: Go to Self Service – Card service and choose card type (debit, credit, or prepaid) to be activated or deactivated.

USSD: Dial *894# – Quick banking – Card management. Customer selects card and appropriate channels to activate or deactivate.

Generally, FirstBank Naira MasterCard is a chip and PIN Debit Card which can be used anywhere in the world. It offers a convenient alternative to the use of cash, and cheques. It can be used to make purchases online, pay bills and access cash at ATMs worldwide. It is a naira denominated card and linked to both current or savings account.

Another card innovation service exclusive to 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 $1000 daily ATM withdrawal, $10, 000 POS transaction and $5, 000 on the WEB at only location around the world.

More so, it guarantees access to international emergency services such as Emergency Card Replacement & Emergency Cash Advance in situations where the card gets lost or damaged.

Like the NMC, Visa Gold Card also requires a customer to change PIN before travelling out of the country and avoid swiping cards on any terminal. It also come in handy when making airline bookings with its smooth seamless purchase options.

FirstBank visa gold card is an international premium credit card issued in partnership with visa international. it is a US Dollars denominated credit card and secured by PIN and chip technology

The third among the FirstBank’s super cards is VISA DEBIT MULTI-CURRENCY CARD. It is by all intent and purpose the first of its kind to be offered by any financial institution in Nigeria. Here, customers within and outside the country can enjoy the luxury of having their local and foreign denominated accounts linked to a single Debit card. It is an enhancement to the existing Visa Debit Dual Currency card and can be linked to either or all your 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. This is unbeatable, and better explains why FirstBank is truly the first.

Among the qualities that make the card thick are:

Can be used to make purchases online, pay bills and access cash at ATMs worldwide.
Secured by Chip & PIN technology with a lifespan of 3 years.
Requires no Cash collateral before issuance.
Global acceptance on ATM, POS and WEB.
Additional protection for web-based transactions with “Verified by Visa” (VbV).

With the Visa Debit Multi-Currency card, holders can make daily withdrawals to the tune of N150, 000 (local) and $1, 000 (international) from the ATM.

Also, savings account holders can undertake up to N500, 000 transaction on POS while current has more extensive offer of daily POS transaction of N2, 500, 000. However, this offer comes with $2, 500 for international transactions on same channel.

However, on the WEB, a total of N1, 000, 000 is permitted locally while $6, 250 is allowed on the international corridor daily.

For a brand that has consistently remained on top of its game, FirstBank Cards have received global recognition, as well as being honoured for its down to earth and trusted services.

Among its awards and recognitions are:

Digital Bank of Distinction, Nigeria” award in the Global Finance Best Digital Banks Awards for two consecutive years, 2016 and 2017.
Cashless Champion Award of MasterCard International on POS International transactions acquiring. (Q1 2017)
Interswitch awards (2017) in the following categories:

- - Fastest Mobile Penetration in Africa
  - Highest Card Transacting Bank in Nigeria
  - Highest Verve Issuing Bank

FY 2016, the Bank won awards in the eBusiness category. They are:

- Asian Banker award for Best Mobile Payment Product for West Africa
- Asian Banker award for Credit Card of the Year for West Africa
- Global Finance Award for ‘Digital Bank of Distinction – Emerging Markets, Africa Category’.

Q4 2015, the Bank won two awards in the eBusiness category. They are:

- MasterCard Cardless Champion award for International acceptance across all POS channels
MasterCard Cardless Champion award for Mobile POS (MPOS) merchant acquisition.

In December 2015 and May 2016, FirstBank was named the first financial institution in the country to achieve sustained alternative channels transaction volumes of 100 million transactions.

FirstBank’s accolades transcend the ordinary!

What are you waiting for? Visit a FirstBank branch today and complete a debit card application form of your choice.

Business

CBN Releases 16 Banking Transactions Not Affected by Cybersecurity Levy

Published

1 day ago

May 7, 2024

Eric

Following the Central Bank of Nigeria’s directive that all banks should commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country, below are 16 banking transactions that are exempted from the CBN’s new cybersecurity levy:

Loan disbursements and repayments
Salary payments
Intra-account transfers within the same bank or between different banks for the same customer
Intra-bank transfers between customers of the same bank
Other Financial Institutions instructions to their correspondent banks
Interbank placements,
Banks’ transfers to CBN and vice-versa
Inter-branch transfers within a bank
Cheque clearing and settlements
Letters of Credits
Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts
Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.
Government Social Welfare Programmes transactions e.g. Pension payments
Non-profit and charitable transactions, including donations to registered non-profit organisations or charities
Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions
Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.

Business

CBN Directs Banks to Charge 0.5% Cybersecurity Levy on Electronic Transfer

Published

1 day ago

May 7, 2024

Eric

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers.

This is contained in a circular signed by Chibuzor Efobi, Director of Payments System Management and Haruna Mustafa, Director of Financial Policy and Regulation on Monday.

The directive was issued to commercial, merchant, non-interest and payment service banks, as well as mobile money operators.

CBN said the policy would take effect in two weeks and charges would be described as ‘Cybersecurity Levy’.

According to the apex bank, the deduction and collection of the cybersecurity levy is a sequel to the enactment of the Cybercrime (prohibition, prevention etc) Amendment Act of 2024.

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, “a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the second schedule of the Act, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),” CBN said.

CBN said the charges would be remitted to the national cyber security fund, which would be administered by the office of the NSA.

“Deductions shall commence within two (2) weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the 5th business day of every subsequent month.”

CBN said failure to remit the levy is an offence which attracts a fine of not less than 2 percent of the annual turnover of the defaulting business, amongst others.

“Finally, all institutions under the regulatory purview of the CBN are hereby directed to note and comply with the provisions of the Act and this circular.”

Meanwhile, earlier, banks announced the reintroduction of 2 percent charge on deposits above N500,000.

Business

Naira Slumps to N1,399/$1 in Official Window, N1,430/$1 in Parallel Market

Published

2 weeks ago

April 27, 2024

Eric

The Naira continued its slump against the American dollar for the seventh consecutive day on Friday, in both the official and parallel windows.

The domestic currency traded at N1,399.23/$1 and N1,430/$1 respectively.

This is according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

At the end of trading on Friday, the Naira lost N89.35 against the dollar when compared to the previous exchange rate of N1,309.88/$1 on Thursday, April 26, 2024.

The intra-day high and low recorded during the day were N1,410/$1 and N1,05/$1 respectively, representing a wide spread of N359/$1.

Similarly, the Naira slumped against the dollar at the parallel section of the market for the seventh consecutive day to trade at N1,430/$1 representing a loss of N10 when compared to the N1,420/$1 it traded the previous day.

However, the Naira gained against the pound. The domestic currency appreciated by N50 against the British Pound to trade at N1,650/£1 as against the previous trading price of N1,700/£1 representing a gain of N50 for the local currency,

The Canadian dollar however closed flat against the Naira to trade at N1,000/CA$1 same as the previous trading day rate.

The Euro also slumped against the Naira to trade at N1,450/€1 as against the rate of N1,500/€1 the previous trading rate indicating a gain of N50 for the Nigerian currency.