First Bank promotes diaspora remittances, rewards customers with N5 for every dollar received

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4 years ago

First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider, is rewarding customers with N5 for every dollar received through foreign remittances.

This N5 for a dollar incentive is paid to FirstBank’s customers regardless of their preference to collect the dollars as cash across the counter in any of the bank’s over 750 branches nationwide or as transfer into the customers domiciliary accounts.

The reward to customers is in line with the Central Bank of Nigeria’s ‘Naira 4 Dollar scheme’, driven to promote diaspora remittances into the country. For example, a customer that receives $10,000 gets N50,000 as reward. The scheme runs from Monday, 8 March – Saturday, 8 May 2021.

Speaking on the initiative, FirstBank’s CEO, Dr. Adesola Adeduntan, said “at FirstBank, we are pleased to participate in the CBN’s ‘Naira 4 Dollar scheme’ as it will contribute to deepening financial inclusion in Nigeria. Indeed, it’s an activity we are pleased to lead, whilst promoting access to funds across the nooks and crannies of the country in almost 127 years of our existence.

“We are delighted to be a gateway to promoting dollar remittances into the country and we encourage our customers, their loved ones and friends to use our international money transfer services which would enable them to enjoy the rewards of this promo, sustaining the increase in inflows of diaspora remittances into Nigeria consequently help in poverty reduction, income redistribution and enhancement of economic growth.

FirstBank pioneered international funds transfer and remittances over 25 years ago and has been at the forefront of promoting cross border payments in the country, having started the journey with Western Union Money Transfer. The bank’s wealth of experience and operation in over 750 locations nationwide gives it the edge in the market.

Only recently, the bank launched the First Global Transfer (FGT) product to promote international transfer of funds across its subsidiaries in sub-Saharan Africa. The Bank’s subsidiaries in Africa include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, FBNBank Senegal.