• Visa Pay is an interoperable payments solution that enables users to pay, get paid and move money.  
• Visa Pay is now available as a mobile app on the Apple App Store and Google Play Store and as a flexible integration option for banks to embed Visa Pay features directly into their own mobile apps. 
• Visa Pay will be first available through five partner banks — Access Banque, FBN, Sofibanque, Solidaire Banque, and UBA with BGFI, Equity Bank and TMB launching soon.

Visa, a global leader in digital payments, has launched Visa Pay, an innovative mobile solution that provides access to digital payments and account-to-account money movement in the Democratic Republic of the Congo (DRC).

Visa Pay is an interoperable and secure way for banked and unbanked consumers to pay, get paid, and move money across participating banks and mobile networks.  

With a focus on accessibility, affordability, and convenience, Visa Pay is tailored to meet the unique financial needs of individuals and businesses in the country.

As a mobile-first solution, Visa Pay offers easy enrolment, advanced risk and fraud prevention capabilities, and near real-time account-to-account money movement in two currencies – CDF and USD.

It also enables cash in / cash out at banks’ branches and facilitates online payments through virtual cards. 

The launching in the DRC in partnership with eight financial institutions: Access Banque, BGFI, Equity Bank, FBN, Sofibanque, Solidaire Banque, TMB, and UBA.

It is available as a mobile app on the Apple App Store and Google Play Store and also as a flexible integration option for banks, allowing them to embed Visa Pay features directly into their own mobile apps. 

Sophie Kafuti, general manager for Visa DRC said: “We are excited to launch Visa Pay, an interoperable solution to scale digital payments in the country. The launch is part of our commitment to driving innovative solutions as a catalyst for greater financial inclusion, helping to provide broader access to the digital economy. Through Visa Pay, we aim to stimulate economic growth and to help establish the DRC as a regional leader in financial technology”. 

The launch of solution in the Democratic Republic of Congo (DRC) exemplifies Visa’s commitment to promoting financial inclusion and supporting economic growth.

By harnessing the transformative power of digital payments with local partnerships, Visa aims to unlock opportunities and empower both individuals and businesses to achieve their full potential. 

This is the story of FirstBank, the timeless oak of Nigeria’s banking heritage.

In 2024, First Bank of Nigeria Limited stands not just as a financial institution but as an emblem of innovation, resilience, and purpose.

Garnering 47 prestigious awards across diverse categories, the bank carved a niche for itself in the pantheons of the good and great companies.

For those who may not know, and perhaps those who know but largely uninitiated, FirstBank lived up to its billings and brand identity by being truly the first bank of records in achieving what can be metaphorically termed “the task Napoleon could not achieved” in hauling a myriad of credible and indisputable notable honours and awards of excellence that speak and bear eloquent testimonies to the sectors the bank has met the needs of its numerous consumers at their passion points.

With its famous tagline — You First, the financial colossus has become truly people-centric in all aspects and ramifications.

This passion and unapologetic commitment to its consumers has advertently or inadvertently continued to hall mark the bank’s meteoric rise to the Guinness book of Records as Primus interpares and a numero uno in the haulage of awards of excellence and distinctions.

These awards of excellence and distinctions continue to distinct and distinguish this iconic financial brand in the comity of banks and other financial institutions in Nigeria.

Deconstructing the brand FirstBank may be incomplete if one fails to chronicle all these Giant Strides in greatness that has undoubtedly helped the bank to redefine banking business in Nigeria while setting benchmarks for global standards in the sector.

For a fact, the nation is witnessing a financial brand that has transcended generations and yet still maintain impeccable records of performance while remaining innovative, contemporary and avant- garde, age notwithstanding.

From Best SME Bank in Africa by The Asian Banker to Most Innovative Digital Bank Nigeria by Digital Banker Africa, FirstBank’s accolades are as varied as the services and products it offers.

Its commitment to corporate social responsibility shines through titles like Best CSR Bank Africa and CSR Award for Education Empowerment, while its dedication to technological advancement is celebrated with honors like Financial Institution of the Year by the Cybersecurity Experts Association of Nigeria.

Each award tells a tale of vision and an unyielding drive to serve. Whether empowering small businesses, fostering financial inclusion, or safeguarding digital platforms, FirstBank has proven that success is not just about reaching milestones. But rather, it is about elevating communities, building trust and inspiring change.

Throughout the past year, the bank cemented its position as a market leader in the financial services industry with a bountiful harvest of awards, laurels and recognitions.

Among the notable achievements included Nigeria’s Best Bank for Corporates and Best SME Bank in Africa by prestigious organizations like Euromoney and The Asian Banker. It also won awards for its leadership in sustainable investing, earning the title of Best Private Bank for Sustainable Investing in Africa by Global Finance Awards.

FirstBank’s digital innovation prowess shone through with recognitions like Most Innovative Digital Bank Nigeria and Best Digital Banking Solutions Nigeria. Meanwhile, its contributions to financial inclusion earned it the title Best Financial Inclusion Service Provider in Nigeria.

The institution’s commitment to small and medium enterprises (SMEs) was celebrated with multiple awards, including Most Supportive Bank for Start-Ups and SMEs by ASBON and West Africa’s Best SME Support Bank of the Year.

In the area of corporate social responsibility (CSR), FirstBank’s impactful initiatives received high praise, with accolades such as Best CSR Bank Africa and CSR Award for Education Empowerment. The bank’s focus on cybersecurity and innovative technology also earned it the title Financial Institution of the Year by the Cybersecurity Experts Association of Nigeria.

Many have however attributed the bank’s success to its customer-centric approach, robust digital transformation strategies, and a strong commitment to environmental, social, and governance (ESG) standards.

FirstBank’s bountiful harvest of laurels is said to have reinforced its legacy as a trusted financial institution with a forward-thinking vision for the future.

The bank did not just win awards in 2024. it simply painted a masterpiece of excellence, a testament to its enduring promise to its customers and the world.

*Article by Seun Johnson [MarketingEdge]

Top on the agenda of the proposed meeting is the removal of FBN Chairman, Mr. Femi Otedola and a Non-executive/Deputy Chief Executive of Geregu Power Plc, Mr. Julius B. Omodayo-Owotuga.

The shareholders alleged that since a former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, influenced Otedola’s acquisition of a significant amount of shares that led to his emergence as Chairman of FBN Holdings, the financial institution has not known peace.

The former CBN governor, shareholders claims, had invited the former Chief Executive Officer of FirstBank, Dr. Adesola Adeduntan, to his house in Ikoyi and told him to work with Otedola to help him take over the bank.

Which he dutifully did, and subsequently paved the way for Otedola becoming a non-Executive in the first instance, without security clearance from the Department of State Security, DSS and the Economic and Financial Crimes Commission, EFCC.

However, having successfully taken over the bank, the first person Otedola targeted to be kicked out was Adeduntan himself, followed by Tunde Hassan-Odukale, who was the Chairman of First Bank of Nigeria Limited and subsequently moved against Tosin Adewuyi, whom he side-stepped for the position of CEO despite coming first in the interview conducted by a global recruitment agency.

Instead, he saw to the appointment of the man who came last in the interview, Mr Olusegun Alebiosu. Mr Alebiosu was said to have since pledged “absolute loyalty” to Otedola and has allowed him to use another of his personal acolytes, a non-Executive Director, Akin Akinfemiwa, to run the bank.

According to the shareholders, with Otedola as Chairman, his personal staff, Omodayo-Owotuga at the Holdco, and yet another personal staff at the bank, Otedola has seized full control of the bank and does as he pleases.

Thus, with the private placement of N360 billion shares, other shareholders fear he would clearly have absolute control and could turn First Bank to his piggy bank without checks, balances and corporate governance.

But for Emefiele, who handed him the bank, the other shareholders contended that, Otedola could not have passed the fit and proper test, having ruined several banks with non-performing loans, which were then sold to AMCON before he got his “sweetheart deal” under former President Goodluck Jonathan and Godwin Emefiele

After ousting Adeduntan, Tosin Adewuyi, an Executive Director would follow and next was a Group Head, Folake Ani-Mumuney, whose only offence was that she carried out a directive of the board to host a sendforth party for the retiring CEO, who had been at the helm of affairs in the bank for nine years.

He had earlier removed Ms. Ijeoma Nwogwugwu, a noted journalist, as a non-executive director of a First Bank subsidiary for daring to write a critically acclaimed article, which he considered unfavourable to his ego.

Now, the question being asked is; what is the business of a non-Executive Chairman of a HoldCo sacking a group head of a bank, who simply obeyed the instructions of the Managing Director and the Board of the Bank?

It was gathered that Otedola has already been granted a loan of about $45 to 50 million by the African Export-Import Bank (Afreximbank), which comes to about N90 billion

“This is to enable him (Otedola) take full control during the proposed N360 billion private placement. But some of the shareholders are saying instead of a private placement for shares of the bank, it should be by right issue or public offer,” a source claimed.

However, Otedola’s preference for private placement is seen as a ploy to gain control and run the financial institution as his private estate, a source, who pleaded to remain anonymous, further alleged.

FBN Holdings has been a subject of battle over who holds the single largest share of the institution.

First Bank Holdings, in its audited accounts for 2023, had put Otedola as the single largest shareholder with a 9.41 per cent stake in the financial institution. Otedola, however, has recently increased his share holding by massive acquisition of more shares. At the moment, his exact stake is unclear.

But data from the Central Securities Clearing System (CSCS), the widely accepted source for confirming share ownership, has Barbican Capital, which is affiliated with the Oba Otudeko-owned Honeywell Group, as the largest single shareholder with a 15.01 per cent stake.

Records kept by the bank’s registrars, Meristem Registrars & Probate Services Ltd, also showed that Barbican Capital is the single largest shareholder with 5,386,397,202 shares (5.38 billion) shares as of May 23, 2024.

Barbican Capital had sued FBN Holdings for wrongly stating its shareholding in its audited financial statement.

First Bank recently laid off about 100 senior staff members in a major organisational shakeup.

Reports had indicated that the bank’s top executives were asked to leave — as part of its corporate restructuring and repositioning plan for 2025 — following the confirmation of Olusegun Alebiosu as FBN’s managing director (MD) and chief executive officer (CEO) in June last year.

There were also allegations that the exits were part of a concerted effort by Otedola to introduce new hands into several leadership positions in the bank.

It is not clear what Security and Exchange Commission, SEC and the Central Bank of Nigeria, CBN would do in the wake of this CAMA induced demand for an EGM called to remove Otedola and stop the private placement of the bank shares.

Senator Atiku Bagudu, the Minister of Budget and Economic Planning, made this statement during a press briefing in Abuja on Thursday, providing clarifications on the implementation of the 2024 Appropriation Act.

He stated, “There was a N10 billion provision in the supplementary budget. Right now, we have N60 billions of student loan in the two budgets.”

“We believe that our students should have an additional option,”

The minister mentioned that the government is allocating N100 billion to the agriculture sector, aiming to attract additional funding to facilitate the growth of the mortgage industry.

Besides the agricultural fund, the Minister also stated that the N100 billion for consumer credit will help in revitalising the manufacturing sector which faces serious challenges.

According to him, “Our economy can gain if many people can pay for goods and services over a period of time just as it’s being done around the world. And it will help our manufacturing sector.

“The Consumer Credit is a veritable tool to provide access to goods and services to a lot of Nigerians.

“It has not been implemented. The money has not been withdrawn; the fund is a catalytic fund and it’s expected to grow.”

Recall that following the removal of fuel subsidy in June, federal government promised to facilitate the transition from petrol powered vehicles to CNG being a more affordable alternative.

However, the planned roll out of the vehicles has been marred by severe delays further keeping transport cost elevated for a lot of Nigerians.

Also, in the past one-year federal tertiary institutions across the country have increased tuition fees significantly. In fulfilment of his campaign promise to provide loans to students, President Tinubu signed the Access to Education Act in June commonly styled as the Student Loan Act.

Like other programs, the implementation of the student loan act has been slow. Recently, the senate repealed the act and reintroduced a new bill.

The program is intended to develop the next generation of leaders to drive the bank’s vision of becoming Africa’s First Choice Bank.

The FirstBank Management Associate Program (FMAP) is a 24-month fast-track, comprehensive program designed for young, dynamic, and highly motivated individuals who want to make a difference in the financial services industry.

According to the bank, FMAP provides participants with a wealth of experience that includes both classroom and real-world work, providing an insightful and balanced insight into the world of work.

The program is targeted at high-potential young professionals who possess acute thinking skills, financial and methodical skills, and a distinctive ability to communicate effectively and synthesize ideas, information, and data to aid decision-making.

Speaking on the FMAP Season III, FBN Group Head, Human Capital Management and Development, Olumuyiwa Olulaja, said, “Since its inauguration in half a decade, we are delighted with the giant strides and impact the initiative has had in promoting the career development of emerging talents in the financial services industry as they are instilled with the tenets and ethics of the banking industry in line with global best practice.

“The FMAP initiative is one of many ways we reinvest in our human capital as we develop the next generation of leaders by exposing them to various opportunities critical to their future success.

“Since its launch in 2018, FirstBank has successfully trained and onboarded up to fifty talented individuals in two editions (2020 and 2022), who have all been deployed into strategic roles in the bank and are making a difference in the organization, while we continue to support their leadership growth and development.”

The mining industry in Nigeria is 70 percent artisanal, the miners could be more productive if they are structured.

Temitayo Osundosumu, the bank’s Group Head for Corporate Banking and Energy (Upstream and Midstream), claimed that the resolution was in keeping with the institution’s efforts to support the current administration’s agenda for economic diversification.

Speaking on a panel at the Nigeria Mining Week in Abuja, which had the theme “Profiling Nigeria’s Strengths: Achievements and Focus Areas,” he said that the bank would give the growing industry the support it needs to be profitable.

First Bank is available for business and will always support the mining industry, according to Osundosumu. So, we’re eager to get started. We are able to help, and we will do so for Nigeria’s mining sector. We need to talk to the miners.

The Nigerian government has “been putting all its political will and weight behind the promotion of the sector and believes the industry is well positioned to support supply chain diversification and the security of supply on a global scale.

It said Access Bank is divesting from the pension business.

In a deal comprising a 100 percent ownership transfer, FBN Holdings Plc, and Access Bank Plc agreed to purchase out the latter’s pension business, Access Pension Fund Custodian, through First Pension Custodian Limited.

In a notice on Monday, PenCom said Access Pension would transfer its assets to First Pension Custodian Limited, a subsidiary of First Bank Holdings Plc.

The commission said it is committed to the effective regulation and supervision of the pension industry.

“The National Pension Commission (PenCom) wishes to inform the general public and relevant stakeholders that PenCom has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited,” the notice reads.

“The acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited, and the return of its operating license to PenCom.

“The Commission assures Stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.”

The event which is themed: “Kindness…. A Way of Life” reflects the single-minded purpose to make a difference in the world by inspiring and institutionalizing kindness. SPARK is an acronym for Start Performing Acts of Random Kindness and it is a values-based initiative designed to raise consciousness that we can choose to be kind.

The FirstBank CR&S Week is a dedicated week designed to offer opportunities for employees to give their time & resources to defined causes in line with the Bank’s CR&S strategic approach. The CR&S Week will offer employees opportunities to give their time & resources to defined causes.

The Week’s activities are an aspect of the Bank’s Employee Giving & Volunteering Program, which was instituted to encourage employees to give back to the community as well as inculcate in them the integral corporate culture of giving.

The Bank held the maiden edition of the CR&S week in 2017 with a focus mainly on three key initiatives/activities which were giving and visits to orphanages/less privileged homes/IDPs; career counseling day; and Staff Promoting Acts of Random Kindness (SPARK) initiative – which is now Start Performing Acts of Random Kindness.

The CRS week has become more successful in subsequent years and it is fast becoming a household name in the Bank’s host economies.

There are five main activities to be implemented during this year’s CR&S Week in Nigeria, FBNBank UK, and across the SSA markets. These activities include SPARK APP, Kind Comments Day, Visits to orphanages/less privileged homes, SPARK School Engagement, and Women Economic Empowerment.

The major highlight of the Week will be the launch of the SPARK APP. The app is strategic in the Bank’s journey to institutionalize “A Day of Kindness” on a national level, and globally position the Bank as a Corporate Citizen in leveraging new media to drive sustainability practices.

The SPARK App is a sensational application designed to have individuals abreast with the act of kindness through various kindness-based quotes and inspirational phrases that will be displayed on one’s phone screen, especially when the phone is idle.

Kind Comments Day is an initiative that focuses on inspiring and encouraging everyone to be deliberate with the use of kind words in relating or interacting with anyone.

In addition, with Women Empowerment, the Bank will support, VVF patients in need of surgical operations and also empower them with vocational skills as they integrate back into society.

The SPARK Schools Engagement will be implemented through the National Competition of JAN SPARK School Integration. The activity is aimed at rewarding the various participating students, following their SPARK activity, Through the partnership with JAN, SPARK is integrated into the JAN Company Program, where students are taught the values of SPARK.

The SPARK schools’ competition has been tied with the Company program regional, competition, ensuring they imbibed the values taught during the training. One of the highlights of the event is the visit to orphanage homes and the less privileged, across various cities which will be carried out by volunteers from the Bank.

Speaking during the week, Dr. Adesola Adeduntan, CEO, FirstBank said “The CR&S Week is another opportunity to strengthen our commitment and extend our reach beyond the communities where we operate in Nigeria and across our subsidiaries.

“Over time, our goal has stayed the same, to create platforms through which our positive impact is felt.

“For us in the FirstBank Group, beyond saying that we care, we take a step further and show it,” he concluded.