FirstBank hosts 2017 Future of Finance, West Africa Summit…Wins Asian Banker Best Retail Bank in Nigeria Award for the Sixth Time.
In line with its commitment to the realization of a sustainable and competitive retail banking environment in West Africa, First Bank of Nigeria Limited, Nigeria’s most valuable bank brand has partnered with the Asian Banker International to host The Future of Finance, West Africa 2017 Summit. The event with the theme “Financial Inclusion in the Digital Age” held on Thursday, May 4, 2017, at Eko Hotels and Suites, Victoria Island, Lagos. Over 100 senior executives and managers in retail, technology, innovation, operations, fin-tech experts, strategic planners from West Africa and other regions’ retail banking and payments industries attended the event.
The Future of Finance, West Africa 2017 was a convergence of global advisory panel and experts in the digitisation of financial services to enhance the impact of innovation in cashless transactions like mobile banking, mobile payments, transfers, remittances, and virtual cards to facilitate sustainable strategies for retail banking services penetration to the unbanked, and further grow the SMEs and retail population in Nigeria and West Africa.
Gbenga Shobo, Deputy Managing Director, First Bank of Nigeria Limited, who was represented by the Bank’s Head of Digital Banking, Folashade Femi-Lawal in delivering the keynote address at The Future of Finance, West Africa 2017 Summit, stated that over the last two years, FirstBank has consistently deployed innovative technology and successfully stimulated customer adoption. “Our bank’s culture of consistent innovation gave birth to our lifestyle App, the FirstMobile App which has recorded one of the highest downloads since inception and beaten market incumbents in most industry metrics within one year of launch, ranking as Number 3. In view of the large numbers of the unbanked population in West Africa, we will continue to lead the discourse that will lead to new ways of thinking and innovation in bank products and services that will help financial institutions in the region to achieve better service delivery whilst improving their bottom-line”, he added.
FirstBank was also awarded the Best Retail Bank in Nigeria for the sixth consecutive time and Best Digital Bank in Africa at the event. These awards are in recognition of the Bank’s leading segmented approach and tailored products that helped it secure over 40% market share in mortgages and 60% share in loans to salaried employees. Also, as a multi-channeled bank with personalised customer experience propelled by analytics, FirstBank in 2016 witnessed a 20% increase in mobile wallet usage and 100% increase in the number of mobile banking app users.