Products & Compliance

At FirstBank, the journey from product conceptualization to product launch is borne out of our clear understanding of varying customer needs, market dynamics and our deeply rooted culture of compliance to extant regulations. This has sustained our dominance in the financial industry while serving Nigeria for over a century through the colonial, military and democratic governance systems. The operations of the bank are highly regulated by three major regulatory entities; the Central Bank of Nigeria, Nigerian Deposit Insurance Corporation and Securities & Exchange Commission. We are regulated by similar entities in the subsidiary markets.

‘Compliance’ is viewed as every staff’s responsibility, the Product Managers are regarded as the first line of defense for the protection of customer/bank interest while creating and managing products. Our Compliance team is saddled with the critical responsibility of regulating the Product ecosystem by ensuring that enacted policies and processes are strictly adhered to by stakeholders through the Product lifecycle. These stakeholders playing in the ecosystem include; the product teams, IT, vendors, branches, relationship management teams etc. The Compliance team also functions as a second level check providing comfort to the bank’s management team. Other roles of the compliance team include;

  • Ensuring that products and services are compliant to extant regulations
  • Ensuring product features are reviewed to align with the changes in regulation
  • Ensuring that stakeholders are adequately trained to observe relevant regulatory guidelines in the discharge of their duties such as;

– KYC (Know Your Customer) requirements

– Foreign Account Tax Compliance Act

– Anti-Money Laundering and Combating the Financing of Terrorism

– Special Control Unit Against Money Laundering requirements etc.

 

The CBN’s approval is obtained before any product or service is deployed to the market or adjustments and enhancements are made to the features of an existing product. As part of our product enrolment process, the customer’s consent must be obtained before a product is activated or renewed, this could be in digital or written form. Our bouquet of Products and services can be summarized as follows;

  • Deposit Liability Products – Savings, Current, Domiciliary, Term Deposit Accounts
  • Asset Products – Digital Lending, Overdrafts, Term & Time Loans, Mortgage, Device & Vehicle, Financing, Agent Credit
  • Card Products – Debit & Prepaid Cards, Credit Cards,
  • Messaging – Transaction alert services, Inquiry services.
  • Digital & Physical Channels – USSD (894 Banking), FirstMobile App, FirstOnline, ATM, POS, QR & Web Acceptance Services
  • Financial Inclusion Products & Services – Agent Banking and Firstmonie Wallet
  • Money Transfer Services
  • Payments & Collections Services

In terms of innovation and improvement in financial technology, we leverage partnerships with licensed FINTECHs to co-create affordable and compelling products and services, governed by standard SLAs, regulatory framework and data protection policies such as Data Masking, Data Inventory Framework, Security certificates etc. We also adhere to international best practices whilst conducting our electronic business to ensure the security and protection of customer data and funds. We comply with the 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 are Europay, MasterCard and Visa (EMV)-compliant.  Our Digital platforms are fully connected to the National Central Switch (NCS) to ensure interoperability and interconnectivity of the scheme.

Our high sense of responsibility to our stakeholders has equally guided us to deploy resilient and time-tested internal policies and controls, some of which has earned us an enviably reputation as a most compliant institution in all the markets where we operate.

The FirstContact, our helpdesk, is committed to an efficient and prompt response to enquiries and resolution of customer complaints within stipulated timelines. We have also commenced the deployment of self-serviced customer complaint modules on our channels which will soon be available to customers. We believe this will be of great value as self-logged issues will be digitally routed to the respective Product teams for an instant resolution and engagement where applicable.

Though we continually seek innovative ways to efficiently meet the needs of our customers and remain competitive in the industry, compliance remains our topmost priority to ensure the safety and protection of our customers while adopting and using our products and services. This is staying true to our Brand Promise to Customers – “You First”.

FirstBank Privacy Policy for IBM DNA E-Learning

YOUR PRIVACY FIRST

At First Bank Nigeria Limited, we put you first and are thus committed to protecting and respecting you privacy. We are committed to being transparent about how we collect, process, share and manage data about you (our customers and staff).

  1. FIRSTBANK AND YOU

This privacy policy stipulates the bank’s approach to handling your data and your rights in the course of providing you with the IBM DNA learning platform to meet your needs.

  1. YOUR PERSONAL INFORMATION

In the course of consuming the services provided to you by IBM through FirstBank, we collect information you provide us via online registration forms and correspondence by mail etc. The information we collect may include but not limited to identity information, location, contact information and education level.

  1. CONSENT

We don’t ask for your personal information unless we need it to provide services for you. You will be considered to have given our consent to FirstBank for processing your personal data when;

  1. USE OF YOUR INFORMATION

FirstBank will process our information for the following purposes;

FirstBank will limit the collection and use of your personal information for the stated purposes.

  1. INFORMATION SHARING AND DISCLOSURE

To ensure access to the e-Learning platform and in furtherance of your own learning objectives, FirstBank and our partners may share data you provide us with our service partners specifically in scope of this engagement to support your learning objectives. Data will be processed within systems owned and operated by any of the parties involved in the delivery of the e-learning service to you. The processing may occur in locations (some outside Nigeria) with different levels of data privacy maturity but from where these services are most effectively rendered.

  1. YOUR RIGHTS UNDER THIS POLICY

The following rights are available to you under this policy:

I disagree. Opt Out

FirstBank Privacy Policy for Roducate

YOUR PRIVACY FIRST

At First Bank Nigeria Limited, we put you first and are thus committed to protecting and respecting you privacy. We are committed to being transparent about how we collect, process, share and manage data about you (our customers and staff).

  1. FIRSTBANK AND YOU

This privacy policy stipulates the bank’s approach to handling your data and your rights in the course of providing you with the Roducate learning platform to meet your needs.

  1. YOUR PERSONAL INFORMATION

In the course of consuming the services provided to you by Roducate through FirstBank, we collect information you provide us via online registration forms and correspondence by mail etc. The information we collect may include but not limited to identity information, location, contact information and education level.

  1. CONSENT

We don’t ask for your personal information unless we need it to provide services for you. You will be considered to have given our consent to FirstBank for processing your personal data when;

  1. USE OF YOUR INFORMATION

FirstBank will process our information for the following purposes;

FirstBank will limit the collection and use of your personal information for the stated purposes.

  1. INFORMATION SHARING AND DISCLOSURE

To ensure access to the e-Learning platform and in furtherance of your own learning objectives, FirstBank and our partners may share data you provide us with our service partners specifically in scope of this engagement to support your learning objectives. Data will be processed within systems owned and operated by any of the parties involved in the delivery of the e-learning service to you. The processing may occur in locations (some outside Nigeria) with different levels of data privacy maturity but from where these services are most effectively rendered.

  1. YOUR RIGHTS UNDER THIS POLICY

The following rights are available to you under this policy:

I disagree. Opt Out

E-Learning Roducate Registration

If you are 18 years and above, kindly complete the form below.

If you registering for someone below 18 years, please provide your details under Parents/Guardian

Name of student:

Gender:
MaleFemale

Age:

Email address:

Mobile telephone number:

Name of School:

State:

For Parent / Guardian

Name of parent/ Guardian of child under 18:

Email address:

Mobile telephone number:

E-Learning IBM-DNA Registration

If you are 18 years and above, kindly complete the form below.

If you registering for someone below 18 years, please provide your details under Parents/Guardian

Name of student:

Gender:
MaleFemale

Age:

Email address:

Mobile telephone number:

Name of School/location:

For Parent / Guardian

Name of parent/ Guardian of child under 18:

Email address:

Mobile telephone number:

FirstBank Privacy Policy for Curious Learning

YOUR PRIVACY FIRST

At First Bank Nigeria Limited, we put you first and are thus committed to protecting and respecting you privacy. We are committed to being transparent about how we collect, process, share and manage data about you (our customers and staff).

  1. FIRSTBANK AND YOU

This privacy policy stipulates the bank’s approach to handling your data and your rights in the course of providing you with the Curious Learning platform to meet your needs.

  1. YOUR PERSONAL INFORMATION

In the course of consuming the services provided to you by Curious Learning through FirstBank, we collect information you provide us via online registration forms and correspondence by mail etc. The information we collect may include but not limited to identity information, location, contact information and education level.

  1. CONSENT

We don’t ask for your personal information unless we need it to provide services for you. You will be considered to have given our consent to FirstBank for processing your personal data when;

  1. USE OF YOUR INFORMATION

FirstBank will process our information for the following purposes;

FirstBank will limit the collection and use of your personal information for the stated purposes.

  1. INFORMATION SHARING AND DISCLOSURE

To ensure access to the e-Learning platform and in furtherance of your own learning objectives, FirstBank and our partners may share data you provide us with our service partners specifically in scope of this engagement to support your learning objectives. Data will be processed within systems owned and operated by any of the parties involved in the delivery of the e-learning service to you. The processing may occur in locations (some outside Nigeria) with different levels of data privacy maturity but from where these services are most effectively rendered.

  1. YOUR RIGHTS UNDER THIS POLICY

The following rights are available to you under this policy:

I disagree. Opt Out

E-Learning Curious Learning

For Parent / Guardian

Name of parent/ Guardian of child

Email address:

Mobile telephone number:

Parents should kindly complete the form below for their wards.

Name of student:

Gender:
MaleFemale

Age:

Name of School/location:

Kindly visit playstore to download the app to start learning