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First Bank is Nigeria’s number 1 – Financial Times

Posted by on 2005/05/24 | Views: 1495 |

First Bank is Nigeria’s number 1 – Financial Times


First Bank of Nigeria Plc has, once again, been adjudged the best bank in Nigeria and seventh in the whole of Africa, according to the year 2004 report of The Banker, a publication of the Financial Times of London in which 100 top banks in Africa were ranked.

First Bank of Nigeria Plc has, once again, been adjudged the best bank in Nigeria and seventh in the whole of Africa, according to the year 2004 report of The Banker, a publication of the Financial Times of London in which 100 top banks in Africa were ranked.

This is coming on the heels of the bank’s firming up of an agreement to provide Master Card services in the country, deployment of about 100 Automated Teller Machines (ATMs) and linkage with numerous Point-of-Sale (POS) payment terminals across the country, among other e-banking initiatives.

According to The Banker, the criteria for picking First Bank as the number one in the country include Tier 1 Capital, asset base, capital-asset ratio, profit growth, profit on capital, returns on assets and cost-income ratio.

Attesting to the giant steps the bank has made in electronic banking, a South African University don, Professor Joe Amadi-Echendu, also commended the bank for its bold and leading initiative in deploying Information Communication Technology ICT, in its operations across the country.

Amadi Echendu, a Professor of Engineering Technology Management, University of Pretoria, South Africa, said First Bank’s ability to deploy sophisticated ICT banking systems is particularly noteworthy when one considers the prevailing poor infrastructure which, more or less, presents a sizeable barrier to business operations in Nigeria.

As a foremost Inter Switch member bank, First Bank provides an avenue for the populace to use debit cards, which can be used on all payment terminals (ATMs, POS,etc) deployed by Inter Switch and Cards Technology Limited (CTL), both switch networks. First Bank’s leading role in IT deployment in banking is based on the bank’s belief that these e-banking services are excellent developments that will contribute greatly to the evolution of the e-payment strategy and the extension of the services available to their customers.

Inter Switch Limited, a transaction switching and processing company that provides online, real-time interactive commerce solutions announced the signing of an interconnect Memorandum of Understanding with Cards Technology Limited (CTL), the first company in Nigeria that has been approved by Master Card International to become a Master Card Service Provider (MSP). The aim of this partnership is to extend the value available on both networks to member banks.

By this agreement, debit cards issued by Inter Switch member banks can be used on all payment terminals (ATMs,POS, etc) deployed by Cards Technology Limited (CTL) and vice versa. In addition, Inter Switch would be able to process all Master Card transactions. Currently, Inter Switch has an online, real-time integration to 22 banks and by this connection, all entities on the Inter Switch network have the basic infrastructure to enable inter bank transaction.

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Fay(Katy, Texas, US)says...

Actually translates to bravehearted.