FirstBank ties upward climb to innovations, reinvention of services

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FirstBank of Nigeria Limited says its steady upward climb in corporate Nigeria ties to its innovations and reinvention of products and services targeting how to sustainably satisfy customers’ needs and aspirations.

FirstBank through its FBN Holdings leads Nigeria’s banking industry with a portfolio of assets in excess of N4.17 trillion as 2015. It has held tightly to that position with a steady growth as one of Nigeria’s most stable banks.

Managing Director of First Bank, Dr. Adesola Adeduntan, on the sidelines of the second anniversary of FirstGem, a female focused product in Lagos, told News Agency of Nigeria (NAN) that the bank remains committed to putting the customers first, thus, it  has consistently invested in services and products that enhance banking experience for customers.

His words: “At FirstBank, our purpose is to put our customers and stakeholders at the heart of our business.For over 124 years of our existence, we have focused on providing excellent financial services to meet the needs of our esteemed customers.We continue to improve on our products and also create new ones that suit their specific financial needs.The reason why we have been successful is our ability to inventand reinvent ourselves.You can only be successful like that when you put your customer at the centre piece of all your actions. That is the secret of our success.

“In designing our FirstGem product, we are very clear on the space we want to occupy.”

Adeduntan further said that FirstGem had been designed on the path of what was discovered two, three years ago to fill the gap in ensuring women achieve active participationin economic development.He noted that FirstGemis not just a product but a complete lifestyle support designed solely for women.

Also speaking, Dr.Doyin Salami, Lagos Business School, urged investors in the Nigerian stock market not to panic about the forthcoming elections, assuring them the market would rebound after the general elections.

Salami said that Nigerians should stop dwelling on uncertainties surrounding 2019 elections, noting that election would come and go.

Speaking on the topic “New frontiers for businesses in 2019”: Salami said that Nigerians should tap into sectors with huge activities instead of dwelling on 2019 elections.

“Election is coming and it comes with uncertainties, there are over a 150 million Nigerians and I’m sure that their lives will continue after the election.

“I’m optimistic of where we are, election will come and go and we hope we don’t fight aftermath of the election. Whoever wins will manage the economy,”
Salami said.He further opined that the stock market which had gone down presently by about 15 percent would rebound after the elections.Salami added that Treasury Bills would offer higher returns next year, noting that people with risk averse could invest in it.Salami said that Nigerians should look inwards and tap into opportunities provided by the fast movingsectors with huge activities.According to him, the sectors are agriculture, manufacturing, telecommunications and ICT, healthcare and oil and gas.

Salami said that experience and knowledge would help entrepreneurs to identity new frontiers for business in 2019.He noted that many businesses collapsed because of lack of understanding and wrong pricing.

Also speaking, MsArunmaOteh, World Bank Vice President and Treasurer, identified Nigeria’s greatest challenge as extreme poverty, inequality, climate change, anti globalisation and high population, among others.

Oteh said that Nigeria would not achieve sustainable growth without tackling these challenges with strong sense of urgency.She said that one way to tackle these problems was to broaden economic participation by closing the gender gap.

Oteh said that globally, countries were losing $160 trillion in wealth because of differences in lifetime earnings between women and men.She said that “this amounts to an average of $23,620 for each person in the 141 countries studied by the World Bank Group”.Oteh noted that women were important for economic development and were the economic power house for society today.


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