First Bank named best retail bank

First Bank of Nigeria Limited says it has received “The Best Retail Bank in Nigeria Award” for the fourth consecutive time at the just-concluded Asian Banker International Excellence in Retail Financial Services Awards in Singapore.

Organised annually by the Asian Banker magazine, the award is renowned for its rigorous and transparent process in selecting outstanding financial institutions in retail banking, the lender said in a statement.

It quoted the Asian Banker as saying that First Bank had continued to dominate the retail space with over 40 per cent of the market share in retail customer deposits, adding that it remained the largest retail lender in the country with more than 20 per cent market share in gross loans, with increased customer and deposit base in 2014.

The bank also saw a 17 per cent cost-to-income ratio, earning a profit of $752,770 in 2014 with total assets amounting to $7.8bn, the statement said.

First Bank was said to have grown its credit cards issuance by 350 per cent in 2014, in addition to launching credit products for individuals and small businesses.

According to the statement, First Bank is now focusing on using its mobile banking business to offer banking services to the unbanked population in the country.

First Bank’s spokesperson and Group Head, Marketing and Corporate Communications, Mrs. Folake Ani-Mumuney, said the award is an indication of the effectiveness of the bank’s various transformation programmes, which are aimed at raising the bar in developing and delivering unique retail financial products to all levels of customers.

According to her, the bank has put in place a robust retail banking strategy that enables it to review its retail products and processes to ensure that the needs and lifestyles of customers are met.

“We are delighted that this award and indeed our recent ranking as the most valuable bank brand in Nigeria is an indication of the recognition of our modest achievements in recent time”, she said.

Ani-Mumuney added that the bank had continued to deepen its retail dominance with the launch of innovative products and services, tailored to suit the changing times and ever growing customer base.

“Emerging the ‘Best Retail Bank in Nigeria’ for 2015 after a stringent three-month evaluation process is a clear indication of the effectiveness of our strategy with regards to sustaining business services and retail financial products which, has helped to positioned our customers as first at all times,” she said.