About First Bank of Nigeria Ltd, History, Vision and Mission : Current School News

About First Bank of Nigeria Ltd, History, Vision and Mission

Filed in Articles by on April 20, 2022

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– About First Bank of Nigeria –

Would you like to know about First Bank of Nigeria Ltd? First Bank of Nigeria sometimes referred to as First Bank, is a Nigerian multinational bank and financial services company headquartered in Lagos. 

About First Bank of Nigeria

About First Bank of Nigeria Ltd

First Bank of Nigeria Limited (First Bank) is the premier Bank in West Africa with its impact woven into the fabric of society.

The Bank which has been sustaining its development-oriented services for over 126 years as the region’s foremost financial inclusion services provider.

It offers a comprehensive range of retail and corporate financial services through over 44,000 business outlets to over 17 million customer accounts.

As a national icon and an international player, First Bank is one of the most enduring financial services brands in Africa. This is with international footprints extending through its subsidiaries, FBN Bank (UK) Limited in London and Paris.

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First Bank has been nimble at promoting a digital economy in Africa. Also, it has issued over 10 million cards. It is  the first bank to achieve such a milestone in Nigeria.

First Bank’s financial inclusion and cashless transaction drive have resulted in over 228 million users on its USSD banking service.

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Purpose and Values

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011–2016). This was by the globally renowned “The Banker Magazine” of the Financial Times Group.

The “Best Retail Bank in Nigeria” for eight consecutive years (2011–2018). This was by the Asian Banker International Excellence in Retail Financial Services Awards.

Also, “Best Bank in Nigeria” by Global Finance for 15 years.

Additional Information

Their brand purpose is to always put customers, partners, and stakeholders at the heart of our business. This is even as they standardize customer experience and excellence in financial solutions across sub-Saharan Africa.

This is inconsonance with the brand vision “To be the partner of the first choice in building your future.”

The brand promise is to always deliver the ultimate “gold standard” of value and excellence. They anchored this commitment on their inherent values of passion, partnership, and people, to position You First in every respect.

Vision

To be Africa’s bank of the first choice

Mission

To remain true to our name by providing the best financial services possible.

History

Since its establishment in 1894, First bank has consistently built relationships with customers. This is by  focusing on the fundamentals of good corporate governance. Also, with strong liquidity, optimized risk management, and leadership.

Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy. This was by playing key roles in the Federal Government’s privatization and commercialization schemes.

With its global reach, First bank, provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria. Also, an internationally competitive world-class brand and a credible financial partner.

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Foundation

Sir Alfred Jones, a shipping magnate from Liverpool, England found the Bank. With its head office originally in Liverpool, the Bank began business on a modest scale in Lagos, Nigeria.

This was under the name, Bank of British West Africa (BBWA). In 1912, the Bank gained its first competitor.The Bank of Nigeria (previously called Anglo-African Bank) which was established in 1899 by the Royal Niger Company.

In 1957, the Bank changed its name from Bank of British West Africa (BBWA) to Bank of West Africa (BWA).

Additional Information

In 1966, following its merger with Standard Bank, UK, the Bank adopted the name Standard Bank of West Africa Limited. The year 1969, they incorporated locally it as the Standard Bank of Nigeria Limited in line with the Companies Decree of 1968.

In 2012, the Bank changed its name again to First Bank of Nigeria Limited as part of a restructuring resulting in FBN Holdings Plc (“FBN Holdings”).

This was having detached its commercial business from other businesses in the First bank Group. This complied with the new regulation by the Central Bank of Nigeria (CBN).

First bank had 1.3 million shareholders globally. This was quoted on The Nigerian Stock Exchange (NSE), where it was one of the most capitalized companies.

Also, it had an unlisted Global Depository Receipt (GDR) program. All of which were transferred to its Holding Company, FBN Holdings, in December 2012.

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FAQs on First Bank of Nigeria

Below are the frequently asked questions on First Bank of Nigeria

1. What is the code to borrow money from First Bank?

The First Bank instant loan USSD code is *891*11#.


2. What is the interest rate for First Bank Salary loan?

The interest rate of First bank is 2.5% flat, per month.


3. Which bank gives personal loan easily?

HDFC Bank customers can get Personal Loans with minimal or no documentation.


4. What is a nano loan?

Nano Finance means lending, purchasing, discounting or re-discounting bills.


5. Does First bank give loan to salary earners?

The product is meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last six months or more.


6. What is digital loan?

As the name suggests, a digital loan is one that you can avail online. 


7. Is microfinance a bank?

Microfinance is a banking service provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services.


8. Can loan app block my BVN?

They will share your BVN with the authorities and they will blacklist you from using further loan products


9. How much is a 100k loan per month?

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $477.42 a month


10. Do u need credit to get a loan?

There are no minimum credit scores that will guarantee approval for a loan 


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