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FirstBank Named Best Retail Bank in Nigeria

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First Bank of Nigeria Limited has once again clinched “The Best Retail Bank in Nigeria Award” for the fourth consecutive time at the just-concluded Asian Bankers International Excellence in Retail Financial Services Awards in Singapore.

The event is organised annually by the Asian Banker Magazine and the award is renowned for its rigorous and transparent process in selecting outstanding financial institutions in retail banking.

According to the Asian Banker, FirstBank has continued to dominate the retail space with over 40 percent of the market share in retail customer deposits. With increased customer and deposit base in 2014, Firstbank remains the largest retail lender in the country with more than 20 percent market share in gross loans.

The bank also saw a 17 percent cost-to-income ratio, earning a profit of $7523,770 in 2014 with total assets amounting to $7.8 billion.

With the largest footprint in the country in terms of network and product offering, FirstBank provides something for everyone. The bank grew its credit cards issuance by 350 percent in 2014, in addition to launching credit products for individuals and small businesses.

First Bank is now focusing on using its mobile banking business to offer banking services to the unbanked population in Nigeria.

The Spokesperson of FirstBank and Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney, said the award is an indication of the effectiveness of the bank’s various transformation programmes, which are aimed at raising the bar in developing and delivering unique retail financial products to all level of customers.

She added that FirstBank has in place, a robust retail banking strategy that enables the bank to review its retail products and processes to ensure that the needs and lifestyles of customers are met.

“We are delighted at this award and indeed our recent ranking as the Most Valuable Bank Brand in Nigeria is an indication of the recognition of our modest achievements in recent time”.

Ani-Mumuney added that the bank is relentlessly deepening its retail dominance with the launch of innovative products and services, tailored to suit the changing times and ever-growing customer base.

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