Connect with us

Business

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

Published

on

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

CBN Releases 16 Banking Transactions Not Affected by Cybersecurity Levy

Published

on

By

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:

  1. Loan disbursements and repayments
  2. Salary payments
  3. Intra-account transfers within the same bank or between different banks for the same customer
  4. Intra-bank transfers between customers of the same bank
  5. Other Financial Institutions instructions to their correspondent banks
  6. Interbank placements,
  7. Banks’ transfers to CBN and vice-versa
  8. Inter-branch transfers within a bank
  9. Cheque clearing and settlements
  10. Letters of Credits
  11. Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts
  12. Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.
  13. Government Social Welfare Programmes transactions e.g. Pension payments
  14. Non-profit and charitable transactions, including donations to registered non-profit organisations or charities
  15. Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions
  16. 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.

Continue Reading

Business

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

Published

on

By

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.

Continue Reading

Business

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

Published

on

By

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.

Continue Reading

Trending