First Bank Nigeria - First Bank of Nigeria Plc – Free Tips

first bank lagos nigeria africa

First bank Nigeria - First bank of Nigeria Plc was established in 1894 as Bank of British West Africa. It metamorphosed into its current name in 1979. And true to its name, the bank has proved to be the first amongst its peers. It is now the biggest bank in Nigeria with assets over 700 billion Nigeria Naira.

Investors' confidence in the bank has resulted in steady and consistent rise in the bank's share price in the Nigerian stock market. In fact, more Nigerians have been made millionaires from transactions in first bank shares than perhaps from any other bank shares in Nigeria.

The bank's policy of giving bonus shares to existing shareholders every couple of shares has made this bank's shares a favorite among stock market investors in Nigeria. Besides, the bank does good business investing in major projects in Nigeria from manufacturing, to telecommunication, to Nigeria real estate, to education and agriculture.

The bank offers . . .

  • retail banking services
  • corporate banking services
  • E-banking services and
  • Card services

    The bank's customer service is good. Response time to inquiries is good.

    Inter-branch connectivity is good except for certain occasions when there are issues of network failure that can be annoying. On those occasions the ATM machines will not dispense cash and you cannot cash a cheque that is from another bank even if it's another first bank branch.

    But then this is not a problem peculiar to this bank. It's a common feature with virtually all the banks in Lagos Nigeria and, indeed, banks everywhere in Nigeria. The problem often is caused by the poor internet and network facilities in Nigeria.

    Many Nigerian network service providers have this terrible habit of charging cut-throat fees and providing network connectivity that is far from being perfect. Every so often, you find that the network just doesn't work.

    To be fair to the network providers, there has been some improvements but huge roadblocks still exist. The network providers blame part of the problem on lack of stable power supply in Nigeria - a situation that end up disrupting services provision.

    Whatever the case, there has been major paradigm shift and more Nigerians are patronizing the e-banking services of banks. And the network providers are learning from their mistakes and trying out new strategies.

    All in all, Nigeria is on the move.

    Yes, we are moving slowly. In fact, some say we are moving at snail's speed. But the good thing is . . . we are moving. And first bank of Nigeria is a prominent player in this shift by banks to offering more e-services.

    If you're currently not keyed into this new face of banking, it's time you join the train.

    The bank has had good success with issuing and managing loans. Recent promos has seen the bank offer winners mouth-watering cash prices as well as opportunities to buy household items and cars using what is called "no wahala loans".

    A friend was able to buy a brand new Toyota Corrola with one of this loan offers. And the repayment schedule has been fair. In fact, one good thing about this bank is that you get a loan repayment schedule that shows the repayment structure and amount over the life of the loan. That helps you plan your financial life after the loan.

    The bank's support for Lagos Nigeria real estate investing through its mortgage loan scheme has been amazing. A good number of Nigerians have been able to buy the property of their dreams through this means. And the mortgage loan scheme is not limited to Lagos real estate alone. Every investor all over Nigeria had a fair opportunity to invest in real estate anywhere in the country with mortgage loan from First Bank.

    A word of caution.

    Take bank loans only when you need to and be sure to read the fine prints below you commit to a loan from any bank. Don't signoff your life!

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