FirstBank Achieves PCI DSS Version 3.2 Recertification…reaffirms its leading position in the payment card industry
First Bank of Nigeria Limited, Nigeria’s most valuable bank brand, has successfully recertified to the Payment Card Industry Data Security Standard (PCI DSS) version 3.2, having been one of the first top-tier banks in Nigeria to obtain the PCI DSS certification in 2014. This recertification reaffirms the Bank’s leading position in the payment card industry in Nigeria. Recently, FirstBank was named the first financial institution in Nigeria and the West-Africa sub-region to issue 10 million cards to customers across the country. This makes FirstBank the second bank in Africa to achieve this feat. With this milestone, the Bank has maintained a 95% active card ratio and currently processes about 33% of card transactions in the entire banking industry.
The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure companies that process, store or transmit credit/debit card information, maintain a secure environment thereby guaranteeing the protection of cardholder data throughout the transaction process. The award of this certificate is a strong indicator that FirstBank consistently has its customers’ interest at the core of its business operations, is committed to securing customer information as well as maintaining a safe and secure environment for customer transactions. Consequently, the Bank presently has a card transaction volume of over 2700 per minute with one in every three card transactions being a FirstBank card.
According to the MD/CEO, First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan, the Bank’s recertification is a testament to the Bank’s high level operational standards and its strict adherence to international security standards and other regulations. ”In an era of increasing sophisticated attacks on systems; adhering to the PCI DSS represents an organisation’s best protection against cybercrime. FirstBank remains committed to excellent information security management and would continue to apply the PCI DSS in its business practices” he further stated.
It is worthy of note that FirstBank recently won three Interswitch awards in Electronic Payment as the fastest Mobile Penetration Bank across Africa, the Highest Card Transacting Bank and the Highest Issuer of Verve Cards. These are clear indications that the giant strides taken by the Sub-Saharan leading bank brand towards fostering its banking technologies are well aligned to the fast-paced technological advancement in today’s ever evolving financial ecosystem.
First Bank of Nigeria Limited (FirstBank) is Nigeria’s premier and most valuable banking brand, and largest financial services institution by total assets and gross earnings. With more than 12 million customer accounts, FirstBank has over 750 branches providing a comprehensive range of retail and corporate financial services. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as its Representative Office in Beijing.
Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimized risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.
FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row – 2011, 2012, 2013, 2014, 2015, 2016 – by the globally renowned “The Banker Magazine” of the Financial Times Group; and “Most Innovative Bank in Africa” in the EMEA Finance African Banking Awards 2014. Recently, for the sixth consecutive time, the Bank clinched the “Best Retail Bank in Nigeria” award by The Asian Banker. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.
Group Head, Marketing & Corporate Communications