FIRSTBANK BOOSTS THE BUSINESS OPERATIONS OF ITS CUSTOMERS WITH A BOUQUET OF RETAIL PRODUCT OFFERINGS
14 October 2022
First Bank of Nigeria Limited has announced its variety of retail products specifically designed to enhance the operations and sustenance of various businesses in the country. The products: Petroleum Dealership Finance (PDF), Operational Vehicle Finance (OVF) and Commercial Mortgage will strengthen the capacity of businesses to meet their immediate and long-term needs which are required to continually impact the socio-economic development of the country.
Commercial Mortgage (CM) is designed to meet the funding needs of established small and medium-scale enterprises in viable businesses to acquire Business/Office Premises. This product is structured to part finance the acquisition of business /office premises and warehouses as the building itself is collateral. With its competitive pricing entailing a tenor of 60 months, flexible repayment period as well as flexible collateral structure, the product is designed for SMEs across different sectors of the country including accounting, tech, legal and other specialised disciplines. To access the product, customers must have been in business for at least 5years and must have maintained an active account with either FirstBank or any reputable bank for a minimum of 6 months.
Operational Vehicle Finance (OVF) is intended to provide part finance to ease the acquisition of brand-new vehicle(s) essential for the day-to-day running of business activities. Its flexible tenure is in 2 variants, comprising 1 – 24 months and 2 – 36 months which is dependent on the brand of the vehicle. The product is also designed for SMEs as well as traders in all sectors of the economy with verifiable cash flow as they will be at an advantage in sustaining the distribution of goods from one location to another. To be eligible for the service, the customer must have been in business for at least 12 months and should have maintained a healthy and active bank account with either FirstBank for a minimum of 6 months or 12 months with other banks.
Petroleum Dealership Finance (PDF) is created to offer working capital finance to filling stations with a DPR licence for the purchase of kerosene (DPK), petrol (PMS), and diesel (AGO). This product facilitates access to financing opportunities to purchase products at competitive rates. A 12months facility tenor with a cash flow lending option up to N20M is also available. The product is packed with lots of exciting benefits including access to up to N20million without providing tangible collateral as it bridges the customers’ liquidity gap while also aiding the continuous replenishment of stock. The product also provides the opportunity to increase the volume of business as well as margins through consistent growth in turnover through credit financing.
To take advantage of the product, interested customer(s) must have a valid DPR license, and maintain an account relationship with FirstBank or any bank for at least 6 months. The dealer must have been in business for at least 24 months and the account must have been operated satisfactorily without a history of returned cheques or previous default on facility or facilities granted.
According to Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank: “as a bank woven into the fabric of society, we are delighted with the indelible mark and role we have played in boosting businesses in the country, irrespective of the economic sector. Our Commercial Mortgage (CM), Operational Vehicle Finance (OVF) and Petroleum Dealership Finance (PDF) are integral to sustainably enhancing business operations while ensuring that our customers remain at an advantage in meeting their immediate and long-term business goals.”
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 128 years. With over 750 business locations and over 189,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 30 million customers. The Bank has an international presence through its subsidiaries, FBNBank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
The Bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 12million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 4.5 million people on FirstMobile platform.
Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.
FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is always to put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of the first choice in building your future”. Our brand promise is always to deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.