By Chinwendu Obienyi
Countries with well developed financial systems tend to grow faster over longer period, and a large body of evidence suggests that this effect is causal. This is because financial development is not simply an outcome of economic growth rather it contributes to this growth.
Additionally, it reduces poverty and inequality by broadening access to finance to the poor and vulnerable groups, facilitating risk management by reducing their vulnerability to shocks, and increasing investment and productivity that result in higher income generation.
Financial sector development can help with the growth of small and medium sized enterprises (SMEs) by providing them with access to finance. It also goes beyond just having financial intermediaries and infrastructures in place and entails having robust policies for regulation and supervision of all the important entities as well as well suited product offerings for different classes in the economy.
In Nigeria today, the pulse of the banking industry is determined by developments in five Tier-1 Banks, with First Bank of Nigeria Limited being one of them. In the ensuing rat race among these front-runner banks, recourse is being made to core competence, innovation, and boldness to explore and satisfy the specific needs of bank customers as these industry leaders cover new grounds in Nigeria, other parts of the African continents, and Europe.
This is the competition where the bank famous for its acronym “partnership beyond borders” has continued to stay on top of the ladder, in defiance of the growing difficult operating environment in Nigeria.
It is safe to say that in a market whereby products are innovated for savings account holders’, First Bank has provided a simple current account that can offer a customer all he or she needs to manage funds and day-to-day transactions with zero account maintenance charges – what Nigerians are yearning for. That current account is called First Current Plus (FCP) product.
Although the product has been in existence before now, the bank has revamped and designed it to meet the needs of high net-worth individuals, affluent as well as upcoming individuals. Also, the minimum opening and operating balance of N500,000 has now been slashed to N50,000 for individuals.
Hence it is quite commendable that despite 128 years of banking operation, the bank in spite of all the environmental, operational and industry challenges, has refused to be beaten by others in the sector.
Features
This product is exclusively available to individual customers and as earlier said, it's minimum opening and operating balance is N50,000. Also, the product has a zero account maintenance charge (AMC) subject to maximum of 10 withdrawals per cent with alternate channels withdrawals like ATM, POS terminal, Online Banking e.t.c inclusive.
This means that in any month that more than 10 withdrawals are made, default AMC is applied at prevailing rate on total withdrawal made. Hence, excess over the withdrawal limit (10) attracts AMC at N1/mille and applied on total debits on the account for that month.
An existing customer or a potential one can get internet and mobile banking, debit card issuance, SMS and e-mail alerts (at a prevailing fee). Others features include; USSD quick banking service for individuals, Clearing Cheque Book and Debit Card issuance.
Requirements
The account which is open to individuals such as traders, salary earners, high net-worth individuals, customers in the Diaspora, will need a valid means of identification (Drivers License, National ID Card or International Passport) alongside the duly completed application form, valid proof of address of residency e.g. Current Utility Bill not exceeding 3 months, two passport size photographs of the applicant and two satisfactory references.
How to apply
To open a FirstCurrent Plus account, download the individual account Opening Form. Complete the form and submit at the nearest First Bank branch.
Hence it is quite commendable that despite 128 years of banking operation, the bank in spite of all the environmental, operational and industry challenges, has refused to be beaten by others in the sector.
Addressing his listeners on the theme: Open Banking and its Derivative Opportunities in the Financial Ecosystem”, an event organised by the bank, the CEO, First Bank of Nigeria Limited, Dr Adesola Adeduntan, said the bank will continue to play its role in furthering conversations to refine regulatory frameworks and shape thoughts on industry and societal developments.
