First Bank Nigeria

In a highly competitive market, nothing beats first movers advantage. Infact, first movers advantage is in itself an interesting concept and if anything, First Bank has got that going for them.

For individuals that are big on stability, trust, and banking history, this is probably the bank for you.

It takes a lot of hard work and smart work to amass wealth and you should always do your due diligence before you hand over your wealth for any bank to manage, the reason why we will be doing a review of First Bank in this post and you will also be able to get all the information you need about First Bank Nigeria such as mobile banking, mobile banking app download links, transfer codes and others in this post, so don’t forget to bookmark this post so its always handy whenever you need it.

See Also: 13 Top Bank Secrets You Should Know

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Table of Content

Introduction to First Bank Nigeria

about first bank nigeria, bvn, subsidiaries, first bank of nigeria

The name is exactly what it implies. First Bank of Nigeria is Nigeria’s first and oldest bank established in 1894. It is also Nigeria’s biggest bank by total deposits and gross earnings and has over 750 locations across Africa.

FBN operates along four cores namely:

i. Retail Banking

ii. Corporate Banking

iii. Commercial Banking

iv. Public Sector Banking

First Bank of Nigeria also has a global footprint spread across the United Kingdom, Beijing, Johannesburg and Abu Dhabi.

First Bank employs over 7,000 staff according to Wikipedia, though there are only 4,217 employees recorded on the company’s Linkedin Page.

What We Like

  • stability
  • reliable
  • active loan calculator on their site

What We Don’t Like

  • They are not as fast in catching up to new trends like other banks. e.g. other banks have Magic Cash while First Bank doesn’t have that yet
  • You still have to visit a physical branch to activate some products, like internet banking

First Bank Nigeria Internet Banking

Internet banking as now become one of the easiest ways to bank. It’s a relief to know that you won’t have to wait on long queues common to most, if not all Nigerian banks.

FirstOnline is First Bank’s dedicated internet banking platform and you can now do whatever you want to do in a physical branch from the comfort of your home or office.

Follow the steps below to activate internet banking:

  1. Visit any First Bank branch and fill the internet banking form
  2. Provide them with your preferred user id
  3. Your login details will be sent to your preferred email address
  4. You will also be given a token – soft token cost N1,500 while token device cost N3,500
  5. Visit ibank.firstbanknigeria.com to login with your User ID and default password
  6. Change your password
  7. Select any four security questions from all the questions listed and provide answers to the four questions
  8. Create a unique TrueStamp (FirstBank security feature that allows you customize your login page and proves you are on an authentic FirstOnline site)
  9. Confirm your email address and you are set!

For individual account, the daily transfer limit is N1M to other banks and N5M to First Bank, while for corporate account,  the daily transfer limit is N5M to other banks and N1M to First Bank

Daily transfer limits can be increased by visiting a First Bank branch and filling an email indemnity form.

First Bank Mobile App

Instead of opening a mobile browser first, then typing in the internet banking URL, there is an easier way to access the same features as internet banking. Infact, the mobile app is everything in the internet banking only that you can assess it easier and faster.

Features of First Bank Mobile App

  • Download your bank statement
  • Pay Bills like PHCN, subscription service, etc.
  • Check account balance
  • Transfer funds
  • Confirm cheques
  • Pay staff salaries
  • Self-service option
  • Contact customer care

To start using the First Bank mobile app:

Download on Google play store

Apple store

Blackberry store

To activate the app:

  • Click ‘Register’
  • Enter your card details
  • You will receive an OTP on your registered phone number with the bank
  • Enter the code
  • Choose your password
  • Select your security questions and answer them
  • Create a 4-digit pin. This pin will be used to confirm your transactions so choose a number you can easily remember.

First Bank Nigeria Customer Care

You may contact First bank customer care through different channels to lodge complains such as dispense error, card issue, or unexplained charges to your account.

Via Phone

Tel: +234 700 FIRSTCONTACT (+234 700 34778 2668228)

Tel: +234 1 448 5500

Via Email

firstcontact@firstbanknigeria.com

Via Social Media

www.facebook.com/firstbankofnigeria/

ng.linkedin.com/company/first-bank-of-nigeria-plc

www.instagram.com/firstbanknigeria/?hl=en

@FirstBankngr

First Bank Nigeria Loan Application Process and Loan Rates

Getting a loan from First Bank can be as straightforward as it can be complicated depending on the type of loan you want to get and your credit history.

The standard interest rate on a personal or car loan is 26%

The standard interest rate on a mortgage is 19%

For a salary loan:

  • Your account must be domiciled in FirstBank
  • You must earn a minimum of N100,000
  • You can’t use more than 331/3 of your salary to fund your loan
  • Your employer will be accessed by the credit department
  • You must get a letter from your company’s Human Resources Department confirming that you are getting a loan

For a business loan:

  • Except in rare cases, your business must have been a year old. First Bank rarely gives loan to startups
  • To get a loan, you have to provide the bank with your cash flow analysis, bank statements, and other documents

Overdraft loans attract more interest but depending on your credit history and arrangement:

  • First Bank can issue you an overdraft for six months
  • Depending on arrangements, you pay the interest and principal on a monthly basis or only the interest is paid monthly
  • In case of the latter, the principal is paid at the end of the overdraft tenure

First Bank Nigeria Savings Account

The interest rate for 4.2% of the amount available in your account and the interest is only applied to your account if you do not make more than three withdrawals in any given month.

Note: the 4.2% interest rate is per annum so it is split into 12 months, that is, 4.2% divided by 12 months. If you make more than three withdrawals in a month, you miss the interest rate for that month. It is highly likely that you miss the interest rate for the whole since the point of a savings account is for you to access your cash when you need it.

Banks try to pull you in by promising good interest rates but the truth is their interest rates have too many conditions attached to it and these are just some of the secrets they don’t want you to know.

>Read 13 Top Bank Secrets You Should Know

First Bank Mobile Transfer Code: *894#

I hate the long bank queues and I would do anything to avoid them. As a matter of fact, I can’t remember the last time I visited a bank because it’s just a headache I’d rather avoid.

That is why First Bank’s FirstMonie is the best news you could receive if you do a lot of transactions or even a few. Combine FirstMonie with FirstContact (First bank’s customer care line) and you got yourself a bank from home.

To get started, you need to have an existing account with First Bank. Unlike Zenith Bank where you can immediately open an account in five minutes from your mobile phone, you would need to visit a physical First Bank branch to open an account. This is definitely disturbing to me. It behooves First Bank to capture customers who have zero interest in visiting a physical branch and the only way they can do that is to give them to option of opening an account from their mobile phones.

If you have an existing account, you can dial *894*0# to register for FirstMonie and follow the prompts to complete your registration. Find other *894# codes below:

*894*0# – To register a new account

*894*00# – Balance enquiry

*894*Accout Number# – To get your bank statement

*894*Amount*Account Number# – Transfer money to other banks

*894*Amount# – Load airtime for self

*894*Amount*Phone Number# – Load airtime for others

First Bank Nigeria Corporate Banking

There are different types of corporate account that you can set up in First Bank, depending on your turnover and how much transactions you make.

The First Current Plus Account is an account with a minimum opening and operating balance of N500k for individuals running the account and N5M minimum opening and operating balance for organizations. This account as zero COT, that is, you will not be charged for any transactions that take place using this account

The First Current Business Account has three tiers:

  • Premium
  • Silver
  • Gold

The Premium has a fixed monthly charge of N2,000 and a maximum debit turnover of N5M. The minimum account balance for this account is N15k

The Silver has a fixed monthly charge of N5,000 and a maximum debit turnover of N5M. The minimum account balance for this account is N20k

The Gold has a fixed monthly charge of N10,000 and a maximum debit turnover of N50M. The minimum account balance for this account is N50k