FirstBank of Nigeria Limited has announced the introduction of a contactless naira MasterCard to its array of debit cards.
The move, according to the bank, was to promote convenience, ease of transactions and the security of funds.
According to a statement from the bank, FirstBank debit cards are acceptable nationwide and globally,adding that they can be used to withdraw cash and access value added services including bills payment, airtime recharge, flight and hotel booking among others.
“The FirstBank Contactless Naira Master Card enables quick pin-less purchases and is a fast secure way for customers to shop locally and globally.
“The contactless card can be used for making payments in the London transport network such as buses, tubes, trams, Dock and Light Railway (DLR) and the London Overground as well as in Grocery shops, supermarkets and Gas stations within London metropolis.
“The card is designed to enhance a cashless lifestyle by promoting increased card usage for lower value transactions. Payments are made by tapping the card on the POS machine with contactless functions for low value transactions; the card can also be used in a regular POS as a normal MasterCard,” it explained.
The daily limits for pin-less transactions are N3,000 for the contactless naira Mastercard and N10,000.00 for the contactless Platinum Debit MasterCard.
Furthermore, it revealed that the FirstBank Verve debit card is Chip & PIN secured for greater protection of customers’ funds and provides extra protection for web-based transactions with “Safetoken.”
“It is accepted wherever the Interswitch or Verve logo is displayed and can also be used to perform transactions via the Quickteller services menu on FirstBank ATMs. This Card is issued in 15 minutes at FirstBank branches, saves time and is very easy to obtain.
“With the FirstBank Expressions on Card, Customers now have the freedom to design the look and feel of their cards with their most cherished memories and spend with a card that is as unique as them,” it added.
Fidelity Bank doles out N16m to 13 customers
Fidelity Bank Plc on Tuesday splashed 13 customers with N16 million under the Get Alert in Millions Savings (GAIM) season three initiative.
Mrs Chijioke Ugochukwu, the bank’s Executive Director, Shared Services and Product, stated this at the third monthly prize presentation in Lagos that the promo was an initiated aimed at boosting financial inclusion and saving culture.
Ugochukwu said that the bank, through the GAIM, had made significant impact on its customers.
She said that the monthly draw produced 13 cash winners and 18 consolation prizes, comprising refrigerators, generators and television sets.
Ugochukwu said that the bank had also given out N50 million and 54 consolation prizes under the GAIM season three initiative.
According to her, N60 million remains outstanding for grab by lucky customers in the course of the promo, adding that the bank has also earmarked N110 million to be won by customers for the GAIM season three initiative.
Ugochukwu further disclosed that the bank had given N2.67 million worth of airtime to about 1,964 customers, comprising of first 100 accounts opened weekly.
She said that the savings promo allowed the bank to go into nooks and crannies of the country to enlighten people on financial inclusion.
Mr Richard Madiebo, the bank’s Divisional Head, Retail Banking, said that the bank had made banking easy through the promotion.
Madiebo called on Nigerians to take advantage of the initiative to open account with Fidelity Bank, assuring customers that they had the chance of winning N1 million, N 2 million and more.
Alhaji Oluwakareem Amodu, the Bale of Dankaka, Ajeromi Ifelodun Local Government Area of Lagos State, who won N1 million lauded the bank for the initiative, saying that he opened the account with N1, 000, describing he promo as genuine.
Mr Rahman Yusuf, a star prize winner of N 2, appreciated the bank for its kind gesture of instituting the promo.
“I want to say a very big thank you to Fidelity Bank for this opportunity. I did not believe in it until I got here and confirmed that I won,” Yusuf said.
Yusuf said he opened the account with zero balance..(NAN)
AMCON seeks buyers for Polaris Bank
The Asset Management Corporation of Nigeria (AMCON) is seeking new investors to take over nationalised lender, Polaris Bank after elections next month. It is also taking stock of the bank’s assets ahead of the sale, its spokesman, Jude Nwauzor, said yesterday.
“The election season has slowed down things,” Nwauzor, said.
Nigerians will vote on February 16 in a presidential election where incumbent Muhammadu Buhari is seeking a second term.
“We would advertise for Expressions of Interest from investors after elections and commence the sale process,” Nwauzor said.
Some of Nigeria’s banks have faced tough times since low oil prices put pressure on their business of lending to the oil and gas industry. The country emerged from a recession in 2017 but economic growth remains sluggish and this has weighed on credit growth.
Polaris Bank was set up last year to take over the assets of Skye Bank which collapsed and had its operating licence revoked by Nigeria’s central bank.
Polaris was then transferred to the state-owned bad bank for sale to investors. AMCON has previously sold three other nationalised banks.
The AMCON spokesman said the bad bank was seeking to recover debts owed to Polaris that were non-performing and had asked for proposals on repayment.
AMCON was set up in 2010 to take on non-performing loans from banks as part of the country’s efforts to resolve a financial crisis at that time.
CBN warns against rising debt, retains rate at 14%
All 11 members of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) yesterday, voted to retain the Monetary Policy Rate (MPR) at 14 percent and other key economic parameters in its first meeting in 2019.
The Governor of CBN, Godwin Emefiele, who made this disclosure in a communique read at the end of the meeting in Abuja, warned against the nation’s rising debt profile, even as he revealed that the nation’s foreign reserves now stand at $43.28 billion.
According to Emefiele, the Committee deliberated on external borrowing, where it noted the increase in debt level and thus called for caution.
He said the debt level, if not checked, could rapidly hit the pre-2005 Paris Club level. The Governor said that Committee recommended the Federal Government to sustain the pace towards addressing infrastructure deficit in Nigeria.
On monies being paid by the Finance Ministry in collaboration with the Debt Management Office (DMO) to the oil and petroleum marketers, Emefiele said there was an agreement that the banks would halt interest charges from July 2017 to date on loans they gave oil marketers.
“So, its an agreement we have and any bank who refuses to do so, the petroleum marketer through his association should please inform the Central Bank”, he said.
On output, the CBN Governor said the real Gross Domestic Product (GDP) grew by 1.81 per cent during the third quarter of 2018 from 1.5 per cent during the second quarter of 2018.
“The services and agricultural sector continued to drive output growth. However, the persistence of herdsmen attacks on farmers, cattle rustling and flooding in parts of the country affected agricultural and livestock output.
“The output for growth however remains fragile as the late implementation of the 2018 budget and the residual impact of flooding and security challenges constituted headwinds to growth.
“The committee therefore believes that effective implementation of the 2018 capital budget and the Economic Recovery and Growth Plan and improvements in the security situation and continued stability in the foreign exchange market will enhance aggregate demand and growth”, he added.
The communique further noted that the committee observed that the near-term risk to inflation remains the impact of flooding on agricultural output, insecurity on food producing belts of the country, exchange rate pass through to inflation due to weakening of oil price and campaign related spending towards the 2019 general election.
On the MTN penalty, he said: “I am glad to tell you in November we held a round of meetings with MTN officials even from South-Africa and by December we concluded those engagements and the matters were resolved. It resulted in notional I repeat it is not a fine, not a penalty, reversal of $53million amounting to about N19.5billion and this amount has since been paid by the MTN and terms of settlement of the matters have already been lodged at the Nigerian court”.
On the 41 items restricted from foreign exchange, he said the economic department of the CBN together with Economic and Financial Crimes Commission (EFCC) would investigate any company or any individual suspected of bringing these items either through any border or through smuggling of any means for money laundering and economic sabotage.
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