Mobile Money and Telcos | |
Mobile Money and Telcos | |
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Thursday, April 23, 2020 / 07:30PM / Firstbank / Header Image Credit: Firstbank
Amid shuttering of
social activities especially commercial services, through various lockdown
measures to contain the coronavirus pandemic, FirstBank has proven
that as long as its customers require services, the Bank will be waiting right
in front of them.
As key enablers of
the economy, banks are providers of essential services to customers and
communities.
Sequel to the
pandemic outbreak, the Minister of Finance, Budget and Planning and the
Governor of the Central Bank of Nigeria obtained Presidential approval to
permit critical financial services to function during this period.
CBN further urged
the general public to limit their use of cash and avail themselves of
alternative payment channels such as mobile banking, internet banking, mobile
money, Point of Sale (POS), and USSD banking; assuring that financial
institutions will remain operational during this period and therefore people
should guard against panic withdrawals from their banks.
The assumption that
banks will be able to deliver services during this period, was no doubt
predicated on the fact that institutions like FirstBank already had a fully
functional digital infrastructure, to serve its customers through electronic
channels.
In a statement to
customers, FirsBank's CEO Dr. Adesola Adeduntan, categorically made this
promise to them: "COVID-19 will not slow us down".
"These are
unprecedented times," acknowledges Adeduntan "We therefore promise that now
more than ever we will remain steadfast, showing up for all Nigerians; we would
always be there for you.
"As I reflect on the
last two weeks, I am comforted by the resilience of our people. I look back at
our commitment and contribution to keeping commerce going and enabling
businesses."
These reassuring
words of Dr. Adeduntan, do not go without tangible proofs of the bank's
unrelenting efforts to stay ahead of the situation many customers feared would
cripple banking transactions and further exacerbate the pains brought on by the
pandemic.
Indeed, since the
enforcement of the lockdown measure, regular and unique ancillary services
continue to be seamlessly delivered by FirstBank.
The impressive
achievements of FirstBank in service delivery, during this unexpected
disruption to lives and businesses on a global scale, has been nothing short of
the extraordinary.
Or how would you
explain over 53,000 agents bringing banking services right to your doorsteps,
processing over 5 million transactions with different and large monetary values
in the week preceding 10 April.
How about an
approximate 2.5 million withdrawals amounting to N35billion across FirstBank's
ATMS in a single week?
On record, FirstBank's
larger corporate customers have done over 1,700 transactions successfully on
the bank's e-bills platform worth N6.8billion during this challenging period.
Nigerians with
FirstBank cards have used them 21 million times for payments or withdrawals,
worth N268 million.
Customers have made
transfers over 10 million times with a total value of about N615billion naira
across FirstBank's digital channels all in one week.
How does a bank get
all these done under the prevalent lockdown and disruption of regular routine?
"Expertise and
resilience are in our DNA," explains the Bank's CEO, "we are working tirelessly
to ensure that your banking transactions continue seamlessly and will remain
so; COVID-19 will neither slow us down nor defeat us.
We are holding up
our side, and now more than ever we will uphold our promise to you to be here
for you and put You First."
Indeed, the capability
of banks to render uninterrupted digital services and investment advisory
across many channels, especially during a crisis, projects economic stability.
More than ever
before, the importance of the services banks provide to individuals and communities
extends beyond commercial interests, especially now that cash withdrawals far
outstrip deposits.
As an unprecedented
challenge to financial institutions like banks, the current coronavirus
pandemic serves as a litmus test for them to prove their role as systemic
stabilizers, delivering services at least in part for social good.
As the crisis lingers
with no end in sight, FirstBank staff remarkably are in place to attend to
customers' needs, in spite of the social distancing measure.
The bank continues
to maintain all pre-existing channels of communication including receiving
emails through its firstcontact@firstbanknigeria. com address and urging
customers to contact their Relationship Managers or Private Bankers for banking
services guidance and advisory.
Despite the extra
efforts banks may put into rendering uninterrupted services in times like this,
they are doing nothing more, than to meet the expectations of customers and
maintain economic stability.
From a tactical
level, financial institutions like banks can do a lot to reduce consumer and
business stress, because as deposit gatherers, credit grantors, and payment
facilitators, banks play a vital role in the functioning of the economy.
However, delivering
solutions tailored to each individual customer at this critical time, also
engenders trust and brand loyalty.
"We recognize our
role in keeping the engine going, keeping society going and recognize further,
it is our responsibility to remain at the forefront of this; true to our name
and in keeping with the incontrovertible fact that we are fully woven into the
fabric of society. Our unparalleled network and total coverage of this nation
serve us all well at this time ensuring service across the country via our
safe, user friendly and convenient alternative channels are available for you
24/7," says Adeduntan.
While Nigeria is
Africa's largest economy, large portions of the economy are in the informal
sector and depend constantly on cash movement.
As the financial
consequences mainly for MSMES become more serious due to paucity of inflows,
(some major players in the economy - oil, aviation and tourism too are not
spared) people will expect their banks to look out for them and protect them
from imminent financial catastrophe.
Indeed, bank clients
would like to see the pandemic brought under containment as soon as possible,
in order to resume work and commercial activities. For them, a stable and
reliable financial partner like FirstBank that has shown resilience and
reliability would be an institution that can be leveraged on, to get business
back on track and rolling as fast as possible, once this is over.
Adeduntan in
concluding his statement says to the bank's customers: "Rest assured that we
are in this together, and together we will emerge stronger at the end of this
period because this too shall pass. We have all it takes; your support,
patronage and trust. We will always put You First".
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