First Bank, Globacom, Interswitch launch CashCard

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September 08, 2006/vanguard





First Bank Plc and  Globacom, in conjunction with the country’s leading switching company, Interswitch, have introduced an innovative card product called \'GloFirst\'.

GloFirst is a pre-paid debit card which allows users who do not have bank accounts to perform electronic transactions like bank account holders and debit card  users via the Glo Mobile network. This is the first time non-bank account holders will be able to use a payment card.

Unlike existing debit cards in the market, GloFirst is available to both bank account holders and the non-banking public.

The new product, which boosts the country’s electronic payment system, can be used for a variety of transactions, including withdrawing cash from Automated Teller  Machines (ATMs) and day-to-day purchase transactions in outlets with point-of-sale terminals (POS). Through Glo M-Banking, GloFirst users can have swift and  easy access to their bank accounts from their mobile phones and perform certain transactions such as checking account balances, transferring funds and ordering  checkbooks.

Globacom’s Chief Operating Officer, Mohamed Jameel, said, at the launch of GloFirst yesterday, that the card could be used for making purchases on the internet, in  retail stores, supermarkets, fuel stations, hotels and restaurants where cash card payments are accepted.

“GloFirst can also be used to withdraw money, check card balance, print mini statement, change Personal Identification Number (PIN) and transfer money to another  cash card or bank account”, he said.

According to him, the product can also be used to send and receive funds. “For example, parents can send money to their children in schools using GloFirst as long  as they are on the Glo network. The CashCard can also be used to buy airtime,” he added.

GloFirst is available to both existing and new subscribers to the network and affords subscribers the opportunity to do much more from their handsets.
“GloFirst provides our subscribers a simple, convenient and safe alternative to cash”, Jameel explained, adding that, “we are empowering Glo subscribers and,  indeed, all Nigerians to operate cashless transactions and secure their money.” The product helps control spending”.

Commenting on Gbobacom’s collaboration with First Bank and Interswitch, Jameeb stated that is to be expected as the three companies are truly innovative brands  and leaders in their fields.

In his welcome address, Managing Director/Chief Executive of FirstBank, Moyo Ajekigbe, represented by the bank’s Executive Director, Retail Banking (Lagos &  West), Remi Bababoba, said FirstBank is proud to be part of this innovative product which seeks to extend the frontiers of banking services to the majority of the  populace.

“GloFirst is in perpetuation of our tradition to champion efficient operation of the payment system, which is critical in any country’s economic growth-process.  GloFirst provides a convenient, speedy, safe, efficient and cost-effective payment system. Ultimately, this product enhances M-Banking pioneered by our partner,  Globacom. It will also bank the vast unbanked population through a variety of transaction windows,” Ajekigbe stated.

Ajekigbe lauded the tripartite partnership, adding that “Globacom and InterSwitch, as the fastest and most innovative telecommunication and card solutions operators  in the country respectively, are excellent choices for FirstBank. The leading bank in Nigeria, now acclaimed the best bank stock in West Africa and the most  capitalized company on the Nigerian Stock Exchange, is partnering with Globacom and Interswitch to realize our strategic goal of improving payment systems in the  country.”

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