FirstBank, Globacom and Interswitch launch
GloFirst
Nigeria’s foremost bank, First Bank of Nigeria
Plc and telecommunication giant, Globacom, have in conjunction with
the country’s leading switching company, Interswitch, introduced an
innovative card product called GloFirst, in Lagos on September 7,
2006.
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.
In his welcome address, Managing Director/Chief
Executive of FirstBank, Moyo Ajekigbe, represented by the bank’s
Executive Director, Retail Banking (Lagos & West), Remi Babalola,
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.
"GloFirstis 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."
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 Globacom’s collaboration with First
Bank and Interswitch, Jameel stated that is to be expected as the
three companies are truly innovative brands, and leaders in their
fields.
Mitchel
Elegbe, the Managing Director of
Interswitch, noted that apart from being convenient and trendy, the
new product is safe, secure and reliable. "The user’s money is safe
even if the card is lost," he added.
He noted that Interswitch, being the leader in
switching technology, was pleased to partner with FirstBank, the
largest and most successful bank in the country and Globacom,
Africa’s fastest growing and most innovative telecommunications
network. He added that, "First Bank, Globacom and Interswitch are
united by a passion for excellence and for proffering solutions to
our customers’ needs".
Elegbe
said the card is suitable "for use
by people who do not have a bank debit card (ATM card), and those
who don’t wish to use their bank debit card to make purchases online
and that it can be funded from any bank on the Interswitch network.
Globacom’s COO also said that GloFirst can be
obtained, free of charge, at any First Bank branch or Glo World
outlets located in strategic locations across the country. "All a
customer needs to do is to fill up a form and the GloFirst card
would be handed over to him", he said.
The customer is then required to change the initial Personal
Identification Number (PIN) that comes with the GloFirst before he
begins to use the card. A history of the GloFirst CashCard
transactions is obtainable on the internet at
www.mynigeriacashcard.com after the customer has registered.
