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FirstBank Commissions Second Fully Automated Self Service Branch, Unveils Digit Xperience Centre in UI

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First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services organisation, has announced the launch of its second fully automated branch, the FirstBank Digital Xperience Centre (DXC), on the campus of the University of Ibadan (U.I).

Professor. Kayode Adebowale, Vice Chancellor, University of Ibadan, Professor E.O Ayoola, Deputy Vice Chancellor Admin and Professor Aderonke Baiyeroju, Deputy Vice Chancellor, Academics led the university community in hosting the delegation from FirstBank comprising Dr. Adesola Adeduntan, CEO, FirstBank; Callistus Obetta, Group Executive, Technology & Innovation Services and Timothy Arowoogu, Group Head, Public Sector, West amongst others.

The DXC is a significant leap by FirstBank in revolutionizing the banking industry in the country as it is a state-of-the-art hub that puts customers at an advantage in experiencing world-class innovative banking services and explore the future of banking firsthand.

It is designed to cater to the growing and evolving needs of consumers and the banking public, enabling customers to navigate the digital landscape with confidence. The initiative aligns with the Bank’s commitment to delivering exceptional customer experiences and staying at the forefront of financial innovation.

Provided to put customers at an advantage in carrying out various activities on their own without interacting with anyone, the self-service branch is built with a wide range of phased modern banking facilities. These include humanoid robots equipped with Video Banking and Artificial Intelligence (AI), taking on the role of friendly branch staff; Teller Cash Recyclers (TCRs); Self-Service kiosks for non-financial transactions such as account updates; Fast Track (Contactless) ATMs; Interactive Smart Screen to ensure effective and comprehensive consultation with bank sales staff via remote video connection.

Other services include paperless/electronic forms designed to promote the timely resolution of complaints, dispensing of account statements and account enquiry/management, funds transfer, dispensing of new ATM cards; fixed deposit booking between N100,000.00 to N5,000,000.00, card services and management, cheque management, email and phone number update, ATM card and token block, amongst many others.

Expressing his delight at the initiative, Dr Adesola Adeduntan, CEO, FirstBank said ‘Our mantra, “Woven into the fabric of society”, summarises how we have proven our commitment to customers across all our footprints globally, by investing in modern technology infrastructure to pioneer digitisation of products and platforms, thereby giving our over 42 million customers convenient, seamless, safe and secure banking experience”.

The FirstBank DXC is a fully automated interactive digital branch, the first of its kind in the Nigerian banking industry. It was first launched in Lagos, Nigeria in 2021 and has since then, redefined customers’ banking experience by introducing them to a new world of digitised self-services,” he said.

95% of customer-induced transactions on FirstBank’s digital channels are enjoyed by 22 million of its digital product users. The Bank processes over 12% of the industry payment volume in Nigeria.

FirstBank Digital Xperience Centre is a cutting-edge facility that reshapes the way customers interact with banking services, bringing an unparalleled level of convenience, efficiency, and innovation to their financial journeys.

Furnished with the latest advancements in financial technology, it is one of the many ways the Bank reinvents itself to leave no stone unturned in exposing its customers to state-of-the-art and leading digital banking experience in the continent. The Bank’s first Digital Xperience Centre was unveiled in 2021 at its remodelled Adetokunbo Ademola branch, Victoria Island.

The groundbreaking initiative is scheduled to hit other locations across the country’s geopolitical zones in the coming months.

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Glo’s MoneyMaster Introduces New Agency Software to Enhance Service Delivery

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Payment service bank, MoneyMaster PSB, has announced the integration of a new agent banking software with powerful and secured features to enhance its agency banking offerings and encourage financial inclusion.

The new agency banking software extensively supports a variety of agency banking services, such as paying bills, instantly reversing unsuccessful transactions, paying for lottery and betting, checking customers’ balances, linking cards to point-of-sale systems, and retrieving transaction histories from other channels.

The basic banking platform of MMPSB has been connected with the new software to enhance the experience of agents, clients, and other value chain stakeholders in their daily transactions.

The bank disclosed that the new software was implemented “to provide a seamless banking experience to customers using our POS terminals across the country. Customers can now enjoy a wide range of banking transactions from a single point while improving revenue streams for Agents.

MoneyMaster has now joined the league of leading financial institutions with state-of-the-art technology for POS terminal operations thanks to the implementation of the new software. The bank was among the first to promote USSD banking among the financially excluded population after obtaining its payment service banking license. Later on, it added internet and mobile banking apps to its list of banking channels.

In addition to supporting customers with creative, customer-focused solutions to improve their banking experience, Moneymaster PSB is dedicated to advancing financial inclusion among the unbanked and underbanked population. Because of the smooth payments made on its point-of-sale terminals. the Lagos State government last year chose MoneyMaster as a payment partner for the Ounje Eko food discount store in order to collect payments on its market days.

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Dangote Refinery Slashes Petrol Price to N890 Per Litre

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The Dangote Petroleum Refinery, on Saturday, announced a reduction in its ex-depot price of petrol from N950 to N890 per litre.

It said the price adjustment is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.

A statement from Dangote Petroleum Refinery, issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, explained that the latest move follows a similar decision on January 19, when a modest price increase was implemented due to rising crude oil costs.

He aaid with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement noted.

The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerians while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.

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Dangote Refinery Distances Self from Petrol Pump Price Hike

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Dangote Petroleum Refinery has distanced itself from allegations of arbitrarily increasing petrol pump prices.

The refinery attributed the recent adjustment in the ex-depot price of Premium Motor Spirit to fluctuations in global crude oil prices.

This was contained in a press release titled “Increase in Pump Price Not From Us”, issued on Sunday by Anthony Chiejina, Group Chief Branding and Communication Officer.

The statement read: “The recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices.

“As crude oil remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.”

The refinery clarified that while its ex-depot price increased by 5%, from N899.50 to N950 per litre, the adjustment remains significantly lower than the 15% rise in global crude oil prices.

“Brent Crude rose from $70 to $82 in a matter of days, alongside the premium for Nigerian crude (approximately $3 per barrel). Despite this, we have kept our Single-Point Mooring (SPM) ex-vessel price steady at N895 per litre,” the statement added.

In a bid to shield consumers from the full impact of rising costs, Dangote Refinery disclosed it has absorbed approximately 50% of the cost increases caused by surging global crude oil prices.

The refinery’s partners, including Ardova, Heyden, and MRS Holdings, will retail petrol at a uniform price of N970 per litre across Nigeria.

“Without our intervention, the retail price of PMS could have risen to N1,150 or even N1,200 per litre in some locations. This demonstrates our unwavering commitment to affordability and quality, even in challenging times,” the statement explained.

To address concerns over price transparency, the company announced plans to publish its ex-depot, ex-vessel, and pump prices on a weekly basis.

“In the interest of transparency and good governance, consumers will now have access to accurate information to ensure they are not exploited,” the statement assured.

Additionally, the company expressed gratitude to President Bola Tinubu for introducing the Naira for Crude Initiative, describing it as “visionary.” Dangote Refinery noted that the initiative ensures consistent access to high-quality PMS for Nigerians while mitigating the effects of global oil market volatility.

The statement concluded with a reaffirmation of the company’s dedication to serving Nigerians.

“We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations,” it said.

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