The inauguration of First Global Transfer (FGT) to deepen international funds transfer across FirstBank’s subsidiaries in sub-Saharan Africa promotes safe, timely and efficiency in services delivery.
The redefining of the bank’s operations through name and logo changes opens way for better brand clarity, uniformity and consistency across all its markets. These moves are expected to impact more positively on customers and their businesses as they explore the benefits that come with Africa and global markets connectivity.
Africa and United Kingdom have for centuries, shared so many things in common. From banking, trade to services delivery, the regions recognise the power of synergy and how partnerships can support business and economic development.
The need to expand banking beyond the shores of Nigeria has motivated FirstBank to take some strategic measures.
The inauguration of First Global Transfer (FGT) to promote international transfer of funds across the bank’s subsidiaries in sub-Saharan Africa- FirstBank DRC, FirstBank Gambia, FirstBank Sierra-Leone, FirstBank Senegal, FirstBank Ghana and FirstBank Guinea.
The First Global Transfer (FGT) initiative was designed to ensure safe, timely and improved efficiency in the transfer of funds across the network of FirstBank subsidiaries in Africa. The FGT is not restricted to the bank’s customers alone but it is also open to every individual resident in the country the funds transfer is originating from.
Intending users of the initiative are to visit any of the bank’s branches in Nigeria or subsidiaries in Africa to enjoy the service. For example, with First Global Transfer, individuals and customers in Sierra-Leone can walk into any FirstBank branch to send money to the bank’s customers in Nigeria , Gambia, Ghana, DR Congo, Senegal or Guinea.
Speaking on the initiative, CEO, FirstBank, Dr. Adesola Adeduntan, said “today’s customer is influenced by the technological advancement shaping businesses across various industries and our First Global Transfer (FGT) initiative is one of those advancement created to impact every individual in our host community in Africa, whilst promoting the ease and swift transfer of money from one country to another for business or personal activities.”
“With the launch of African Continental Free Trade Area (AfCFTA) on January 1, 2021, the First Global Transfer (FGT) is indeed very timely as it will play an essential role in stimulating business activities across borders, thereby impacting the growth and development of the continent. I enjoin everyone to visit any one of our branches nearest to you in Nigeria or our subsidiaries in Africa and send money to your loved ones or business partners with FirstBank or FBNBank account(s),” he stated.
Also, First Bank of Nigeria Limited recently commenced a phased corporate name change for its subsidiaries in the United Kingdom and Sub-Saharan Africa.
FBNBank UK, FBNBank Sierra Leone, FBNBank Gambia and FBNBank DRC are the first set of subsidiaries effecting the name alignment.
In a statement, First Bank of Nigeria Limited Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney, said the institutions are now known and addressed as FirstBank UK, FirstBank Sierra Leone, FirstBank Gambia and FirstBank DRC.
She disclosed that the Ghana, Senegal and Guinea subsidiaries will be next in the phased name change implementation.
According to the bank, the name change is being implemented to align the subsidiaries with the parent brand and to enjoy the strong heritage and brand equity built by FirstBank Nigeria in its 129 years of banking leadership.
This will further enhance the quality-of-service delivery resulting in better brand clarity, uniformity and consistency across all the markets where the Bank operates.
A leading financial inclusion services provider, FirstBank Group is committed to its nation-building goal. It has taken giant performance strides on its unique growth trajectory as it continues to build distinctive capabilities through partnerships and the constant drive to reinvent itself.
Speaking on the name change, Adeduntan, said ” the name change which coincides with FirstBank’s 129th founding anniversary (March 31st, 2023) is indeed a milestone reflective of our resolve to continuously provide the gold standard of excellence and value as we put our customers First.”
Continuing, he said the new identity of the subsidiaries contributes to an enhanced brand presence. It helps our customers and stakeholders better appreciate the value of the diversified products suites, competitive pricing and extensive business networks the FirstBank Group offers.
“These include our commitment to boosting cross-border businesses including trade and investment opportunities essential to enhancing trade relations amongst countries, thereby strengthening the economies of host communities and reducing poverty,” he concluded.
The bank’s outstanding performance is evidenced in the numerous awards and recognitions bestowed on the institution. These awards include Best Private Bank for Sustainable Investing in Africa 2023 by Global Finance Awards; Best Corporate Bank in Western Africa 2022 by Global Banking & Finance; Best CSR Bank Africa by International Business Magazine in 2022; and ranked as number one in Nigeria in terms of Overall Performance; Profitability; Efficiency and Return on Risk by the Top 100 African Bank Rankings 2022 released by The Banker Magazine from the stables of Financial Times.
In addition, in Euromoney Market Leaders, an independent global assessment of the leading financial service providers conducted by Euromoney Institutional Investor Plc., the Bank was crowned: Market Leader in Corporate and Social Responsibility (CSR); Market Leader in Environmental, Social and Governance (ESG); Highly Regarded in Corporate Banking and Digital Solutions and Notable: in SME Banking.
Very significantly, FirstBank Group implemented a change of name and logo of its subsidiaries in the UK and across the Sub-Saharan Africa – DRC, Ghana, Guinea, Senegal, Sierra Leone and the Gambia. This change is from ‘FBN Bank’ to ‘FirstBank’ and henceforth, the subsidiaries are now known and addressed as FirstBank UK, FirstBank Ghana, FirstBank Guinea, FirstBank Senegal, FirstBank DRC, FirstBank Sierra Leone and FirstBank Gambia.
Analysts said the name and logo change are appropriate to ensure brand clarity, eliminate name confusion, safeguard brand uniformity and consistency across all markets where the Bank does business.
The use of, and association with the FirstBank brand name by the subsidiaries is expected to further strengthen its brand equity, leveraging the parent brand and heritage as well as other brand monolithic benefits of the FirstBank Group’s performance strides which includes its unique growth trajectory as it continues to build distinctive capabilities through partnerships in a new era of a return to greater and better times ahead.
Also, FirstBank Group is not only safe and secure, but also has remained dynamic and innovative in meeting its stakeholders needs.
The FirstBank Group provides value to customers through diversified products suite, competitive pricing and large business network spread across three continents which enhance cross-border businesses activities across multiple locations and impacting indigenous businesses and institutions.
At 129 years, FirstBank Group remains woven into the fabric of the society; committed to its nation-building goal, resilient and enduring driven by the constant desire to reinvent itself. FirstBank UK recently turned 40 – in 2022. This is indeed a milestone which throws weight on the projected longevity of other subsidiaries in Africa.
FirstBank’s veteran status in the Nigerian Banking space is a key strength that attracts business due to the knowledge, experience, and strength of the Firstbank brand. Its subsidiaries across Africa and UK thrive on this history and knowledge.
Lekki Gardens redeems N3.48b CP
Lekki Gardens has successfully redeemed and repaid all subscribers of its N3.48 billion Series 1 (Tranche A) Commercial Paper (CP) issuance.
The instruments comes under the N25 b billion Commercial Paper Programme approved by FMDQ Securities Exchange Limited last June. The company lauded the market for the support and confidence reposed in its brand and operations.
The Managing Director and Chief Executive Officer of Lekki Gardens, Dr. Richard Nyong, while speaking on the successful CP redemption said expressed gratitude to the market for the support.
He said : “We are happy to have fully redeemed and repaid all subscribers to our first Commercial Paper issuance. This redemption is another testament to the strength and resilience of our business despite the very challenging operating environment”.
He explained that the past year was characterised by major headwinds which included the sustained increases in construction material prices, unprecedented rise in energy costs, further weakening of the local currency, rising inflation and interest rates among other factors. But we continue to take all necessary measures to remain focused and adaptable to sustain the brand’s consistent growth and performance over the years.”
The company’s debut into the local Debt Capital Market was in 2021 when it raised N3.5 billion in 3-year tenured Private Notes under the Private Corporate Bond (PCB) window of the FMDQ. The company has to date successfully met all coupon payments in line with the terms of the notes.
Lekki Gardens intends to pursue further capital-raise opportunities in the domestic capital market to support its growth strategy. The company remains committed to delivering value to its various stakeholders and is confident in its capacity and ability to continue to blaze the trail in her sector.
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