Chinwendu Obienyi
For several decades, until recently, Nigeria as a predominant consuming society was not disposed to buying goods or making transactions with credit or debit cards.
The norm has been to operate exclusively without cash and this approach seems to be more conservative as Nigerians tend to think more carefully before spending their money. It is, however, not surprising to see that the tide has changed as many banks now extend credit or debit cards to qualified customers, courtesy of the need to drive cashless transactions – largely the only way to stay smart in business with cutting edge financial services across the board.
Many financial institutions and other retail institutions (like petrol filling stations and department stores) now offer customers’ credit or debit cards in order to turn them into more loyal clients. Hardly, therefore, would any well-meaning individual/institution contest any move that technology is very crucial and strategic to the economic growth and development of nations.
According to a report by the National Bureau of Statistics (NBS), a total volume of 557.08 million transactions valued at N34.02 trillion were recorded in the first quarter of 2019 as data on Electronic Payment Channels in the Nigeria’s banking sector.
The report further states that Nigeria Inter-Bank Settlement System (NIBSS) Instant Payments(NIP) dominated transactions as 232.81 million volume of NIP transactions valued at N24.17 trillion were recorded in Q1 2019. These figures can only mean that transactions have been made easier, and more interesting, the competitive edge of banks, relationship with customers, and the solution of basic operational and planning problems has been improved. However, some Nigerians are yet to be brought into the financial inclusion net as they remain unsatisfied with the product offerings of the banks, while others who are satisfied yearn for more propositions to improve on their current lifestyle.
Thus, there is still the incredible high demand for existing or new products and opportunities for huge profits in the market which cannot be so shortly explored, exploited and exhausted. For these set of customers, there is a need to provide an offering that guides their cashless transactions regardless of where they are across the world- something First Bank of Nigeria Limited recently provided.
The bank introduced the Visa Multi Currency Card, an All-in One-Card and first of its kind to be offered by any financial institution in Nigeria, linking to four currencies namely: Naira, United States Dollar, EURO and Pound Sterling accounts. FirstBank is the first in Africa to offer the Visa Multi-currency Card. With the Visa Multi-currency card, FirstBank customers – within and outside Nigeria – can now enjoy the convenience of having their local and foreign denominated accounts in any currency, linked to a single debit card.
The card comes with a Chip and PIN technology which can be used to make payment anywhere in the world and across all channels – ATMs, POS & Web and does not require cash collateral before issuance.
Speaking on the card launch, its Group Executive, e-Business & Retail Product, Chuma Ezirim, said the bank takes pride in pioneering the Visa Multi-currency Card in the country, while adding that it remains committed to providing products and services that are designed to ensure the banking convenience of its customers regardless of their location. “This card is designed to make traveling fun for our customers and ensure they have a seamless transaction experience during their vacation, tourism and other business-related trips around the globe,” Ezirim said.
For domestic purposes, spending limits will be up to N150,000 as well as $1,000 outside Nigeria on ATM channels while on POS, N2.5 million (current account holders) and N500,000 (savings account holders) while $2,500 will be the spending limit if one is outside Nigeria. Also speaking to Daily Sun recently, Chimerezie Chigozie, a business woman, noted that she was not aware of the benefits of the Visa Multi-currency card until she landed outside the shores of Nigeria and called her account officer for details.
She said: “I was not even aware that the card was in my purse on one of my business trips to U.S. When I got there, on offloading my bags, I discovered I had left my bag in the cab that took me to the hotel. It was then I checked my purse to be sure if there was money there, I saw the card and immediately called my account officer who said I could use that to buy some things pending the time I got my bag.
I quickly dashed to where I wanted to get goods and it did not even take up to minutes, I had paid and gotten my goods. I was very happy and I think FirstBank deserves kudos for bringing this initiative up, it means our financial institutions are moving with the current trend”. The Visa Multi Currency Card is not the only card that can be used by FirstBank customers as the Naira Master Card and Visa Gold Card also bring attractive features.
For the Naira Master Card, Customers can spend $5000 monthly with their FirstBank Naira Master Card on all channels, with a daily ATM cash withdrawal limit of $300 and also book airline trips. On the other hand, there is a higher daily spending limit on ATM ($1,000) , PoS ($10,000) and Web ($5,000) anywhere in the World, access to international emergency services with the Visa Gold Card.
Customers can activate or deactivate their cards for all types of transaction, using the Card-in-Control Service on Firstmobile or the USSD option (*894#). In recognition of the bank’s stride at reinventing itself, being at the summit of innovation while providing bespoke financial services to Nigerians, FirstBank has stayed true to its mantra – You First –, bagging notable awards beyond the shores of Nigeria. The bank recently won the Most improved Mobile Banking Application, Highest Transacting Bank (across Interswitch’s Solutions) and Highest Number of Verve Transacting Cards (Unique Cards). FirstBank processes about 25 per cent of monthly transactions on the Interswitch platform and has over 7.5million Verve Cards issued.
Receiving the awards on behalf of FirstBank, Folasade Femi Lawal, the Bank’s Head, Card & Messaging Business said “We are pleased to be recognized for these awards, especially as they add to the spice of an eventfulness 2019, the year of our 125th anniversary. The awards are indeed a reflection of the trust by Nigerians on our digital channels as we leave no stone unturned at reinventing ourselves, products and services with a view to remain steadfast at being a frontrunner at promoting digitization of the industry bearing in mind that we are that very institution that have since 1894 witnessed the various facets and growth that defines banking in the country. We commend Interswitch for their giant strides at being a gateway to promote a cashless Nigeria.
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