Products & Compliance

FirstBank is constantly refining and developing its products and services to offer convenience in line with the changing lifestyles of Customers. The Bank, guided by the compliance regulations of the Central Bank of Nigeria, has bouquets of
products and services which are grouped as follows:

  • Current Accounts
  • Savings Account
  • Domiciliary Accounts
  • Term Deposits
  • Overdrafts
  • Debit Cards
  • Credit Cards
  • Prepaid Cards
  • Channels (digital & physical)
  • Financial Inclusion Services
  • Vehicle Finance
  • Mortgage
  • Working Capital Finance for Businesses
  • Import and Export Finance
  • Payment and Collection Solutions
  • Money Transfer Services
  • Services to other financial institutions

In developing and deploying these products and services, we adhere to regulatory guidelines set by the Central Bank of Nigeria (CBN). To ensure we operate within the regulatory framework, our Compliance Department regularly sensitises staff on regulatory policies via various platforms and
monitors to ensure strict adherence to guide the interest of Customers, and prevent the Bank from being sanctioned. This ranges from compliance to required KYC (Know Your Customers) for account opening, compliance to directives from Regulators, fulfilment of product offerings/benefits etc.

The Bank is noted for its exemplary regulatory compliance. For instance, in Money Transfer Services, apart from the license given by the CBN to our partner Money Transfer Organisations (MTOs), our Compliance Team conducts independent due diligence to ensure that the business and operations of the MTOs align with extant global laws and International best practices. This is meant to comply with Money Laundering and Counter Terrorism provisions. The payments of money transfers are also subject to pre and post-compliance controls, both at the send and receive sides in line with global best practice.

The Compliance Department, in collaboration with the relevant stakeholders, ensures that all products that support our payments and collections offerings are compliant with CBN regulatory policies and guidelines. Following strict guidelines, Branch Operations staff process transactions for our various products in accordance with the various policy guidelines and directives communicated from the regulatory authorities by the Compliance Team from time to time. This partnership has helped the Bank consistently comply with the policy guidelines from the various regulatory agencies in the payments and collections industry.

FirstBank conducts its electronic business in line with widely accepted policies and procedures to ensure security and protection of customer transaction information. We comply with Payment Card Industry Data Security Standard (PCI DSS), to optimize the security of cards and cash transactions and protect cardholders against misuse of their personal information. All our ATMs support Europay, MasterCard and Visa (EMV) levels and our Mobile Money platform is fully connected to the National Central Switch (NCS) to ensure interoperability and interconnectivity of the scheme. Our help desk is committed to prompt and efficient response and resolution of customer complaints within the defined turnaround time.

We remain compliant in staying true to our Brand Promise to Customers – “You First”.