Economy

FirstBank launches Lit App, a revolutionary mobile banking application

Published

4 years ago

September 10, 2021

In furtherance of its commitment to spearhead value-driven mobile and digital banking in Nigeria, First Bank of Nigeria Limited has announced the launch of the LIT Application, created to revolutionise the culture and experience of mobile banking in Nigeria.

The state-of-the-art banking app is the first of its kind in the industry, exposing customers to a wealth of opportunities to promote their safety, convenience whilst ensuring they are at an edge in today’s digital banking world. It is a mobile banking app developed and owned by the Bank and configured with a wide range of exciting features to meet the needs of its dynamic customers.

The LIT application is not just about bills payment, funds transfer or airtime recharge, but also the app is equipped with several other exciting features that reiterate the Bank’s resolve to continually expand its digital architecture to modernise its interaction with customers, irrespective of where they may be across the world. These functions of the LIT app include: multiple transfers which allow customers to select several beneficiaries at once for a single transfer; account opening opportunities for non-customers as well as account management, enabling customers to identify their relationship managers for immediate assistance, should the need arise.

In addition, customers can generate bank statements with options to download as pdf or send an email whilst having receipts generated as far back as one wants. With the LIT app, customers are also able to log and manage their complaint(s) without having to visit the branch. The LIT app is not all about usage but rewards as users (customers) are rewarded for using the application.

Expressing his excitement, Dr. Adesola Adeduntan, CEO, First Bank of Nigeria Limited said “the LIT App is designed to strengthen our commitment to our customers, ensuring the continued safety of their funds and providing them with access to renewed transformative and adaptable solutions especially in today’s digital world. Developing the application is essential to make certain that our customers have more ways to seamlessly interact with us. The LIT App is the latest addition to the Bank’s robust electronic banking family, with others being the multiple global award-winning FirstMobile, *894# USSD Banking, FirstOnline internet banking, WhatsApp chat banking, amongst many others.”

About FirstBank

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 127 years.

With over 750 business locations and over 120,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 30 million customers. 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 a Representative Office in Beijing.

The Bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 12million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 4.5 million people on FirstMobile platform.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised 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 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years.

Our brand purpose is always to 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 the first choice in building your future”.

Our brand promise is always to 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.

Folake Ani-Mumuney
Group Head, Marketing & Corporate Communications
www.firstbanknigeria.com

Post Views: 12

Africa

U.S. Govt Reacts to Nigerian Minimum Wage

Published

22 hours ago

August 21, 2025

Precious Nwabuisi

The United States government has said that Nigeria’s new N70,000 minimum wage has lost real value due to the sharp fall of the naira, leaving millions of workers trapped in poverty.

According to the 2024 Country Reports on Human Rights Practices, released by the U.S. Department of State’s Bureau of Democracy, Human Rights, and Labour, the wage translates to just $47.90 per month.

The report noted that currency devaluation and weak enforcement have undermined the wage increase.

The report also revealed that many states are yet to implement the new wage law. Several governors cited financial challenges as the main excuse.

Even where the law exists, compliance remains poor because of limited labor inspectors and weak oversight from authorities.

Wage Devaluation and Exclusion

The report highlighted that firms with fewer than 25 workers are excluded from the minimum wage law, leaving millions of employees without protection.

This also explained that about 70 to 80 percent of Nigeria’s workforce operates in the informal sector, where wage and labor rights are almost never enforced.

This means a majority of Nigerians continue to earn far below the national benchmark, despite the government’s approval of N70,000 as the new minimum wage.

The U.S. report stressed that the naira’s sharp decline, trading above N1,500 to the dollar, had worsened the wage erosion. This has left workers unable to afford basic needs, pushing many deeper into poverty.

Human Rights and Labor Challenges

The document pointed out that weak enforcement of labor laws contributes to worsening poverty levels in the country.

Workers in the informal sector, such as street vendors, artisans, and small traders, rarely benefit from labor protections.

The report also noted that Nigeria’s minimum wage is rarely sufficient to cover basic food, housing, and transport needs.

This has further exposed structural gaps in the government’s approach to economic reforms and poverty reduction.

Governors Push Investment Platform

Meanwhile, the Nigeria Governors’ Forum (NGF) has launched a new investment initiative called NGF Investopedia.

The platform seeks to attract capital flows into bankable projects across all 36 states, with the goal of tackling Nigeria’s annual $100 billion infrastructure financing deficit.

The launch event in Abuja gathered governors, international partners, and investors. The forum described the platform as a long-term strategy to unlock growth opportunities across states and strengthen Nigeria’s subnational economies.

NGF Chairman and Kwara State Governor, Abdulrahman AbdulRazaq, said Nigeria must urgently leverage its human and natural resources to address poverty and joblessness.

“Here is Africa’s largest economy, endowed with abundant human and natural resources,” he said, stressing that state governments must play a bigger role in attracting investments and supporting local industries.

A Widening Gap

The contrast between the U.S. report on wage decline and the governors’ push for investment highlights Nigeria’s economic paradox.

While authorities promote foreign capital inflow, millions of workers continue to survive on wages that have lost most of their value.

With inflation rising, food prices soaring, and the naira weakening, the gap between earnings and cost of living keeps widening.

Unless enforcement improves and the informal sector is integrated into wage protections, the N70,000 benchmark may remain symbolic rather than effective.

Post Views: 87

Economy

Global Card: Fidelity Bank Hits Milestone As Fidelity Naira Card Accepted Globally

Published

3 days ago

August 18, 2025

Tim Elombah

Fidelity Bank may have hit another milestone the Fidelity Naira Card is now accepted globally.

This was disclosed in a message sent to Diaspora Digital Media (DDM) via email on Monday.

According to the statement entitled “Your Fidelity Naira Card Now Works Globally; Shop, Pay and Withdraw with Ease!“, customers can buy favourite global brands online using their Fidelity Naira Card.

The band also stated that they can equally pay at POS terminals abroad and make cash withdrawals at ATMs as they travel.

The message reads:

“We’re excited to let you know that your Fidelity Naira Card is now enabled for global use — so you can shop, spend and withdraw internationally with confidence.

“Here’s what you now enjoy every quarter:

*Channel*	*Transaction Limit*
ATM Withdrawal abroad	$500
Online/Web & POS Payments	$ 1,000

“What does this mean for you?

Shop your favourite global brands online
Pay at POS terminals abroad with ease
Withdraw cash at ATMs when you travel.”

The statement, however, noted that the $1,000 quarterly limit applies to all international transactions combined, including ATM withdrawals, online purchases, and POS payments.

The bank urged customers who may need assistance with setting card limits or activating their cards for global use, to contact the bank’s customers care “Centre Trueserve”, which is available round the clock, whether in Nigeria, or outside the country.

“Your world, your card — spend smart, spend globally with Fidelity,” the message concludes.

Post Views: 221

Economy

Abia pays 340 sacked polytechnic workers, otti vows justice
DDM News

Published

4 days ago

August 18, 2025

Amaechi Okoro

(DDM) – The Abia State Government has paid 340 former staff of Ogbonnaya Onu Polytechnic, Aba, who were disengaged between 2018 and 2021.

Governor Alex Otti announced the payment while briefing journalists at Government House, Umuahia.

DDM gathered that the Governor explained that out of 461 sacked workers, 340 had received their entitlements, while the balance would be settled after a verification process.

He said the state would not only pay but also review the circumstances of their dismissal.

According to him, anyone unfairly removed from service would be reinstated to ensure justice is served.

The Governor’s statement comes after years of protests and petitions by affected workers, who accused past administrations of victimization and negligence.

Many of the disengaged staff had spent years without salaries, pensions, or benefits, forcing some into hardship and ill-health.

Otti assured that his government would not abandon them and pledged to treat workers fairly, regardless of political affiliations.

He further commended the management of Ogbonnaya Onu Polytechnic for attracting a N2 billion intervention fund from Tertiary Education Trust Fund, TETFund.

According to him, such funding would help reposition the institution and improve the learning environment for students.

On the $125 million Islamic Development Bank loan recently approved for Abia State, Otti dismissed fears of debt traps.

He explained that the only challenge that might arise would be foreign exchange instability, but maintained that the loan was a low-risk facility.

The Governor insisted that the facility would be managed responsibly and transparently to support development projects.

Otti also revealed that his administration had spent about N14.43 billion on retrofitting 61 public schools as of June 2025.

He dismissed allegations by an APC group claiming that N54 billion budgeted for schools had been squandered.

According to him, the opposition was spreading propaganda to discredit his administration’s achievements in education.

He emphasized that the projects were visible across the state and could be verified by residents and the media.

In the health sector, the Governor directed the Commissioner for Health, Professor Enoch Uche, to commence the construction of an isolation and treatment centre.

The facility will be located at the Abia State Specialist Hospital, Amachara, as part of plans to strengthen public healthcare.

Otti said his government was determined to deliver projects that would directly impact citizens instead of indulging in wasteful spending.

He added that Abia had chosen a new path of transparency, accountability, and people-centered leadership.

The Governor maintained that the era of abandoned projects and fake promises in Abia was over.

Post Views: 113

Economy

BREAKING: Emiral hosts Warri business summit, dinner party, unveils elixir for natural health solution
DDM News

Published

6 days ago

August 16, 2025

Amaechi Okoro

Warri Business Summit and Dinner Party

(DDM) – Warri, Delta State, is set to witness a major business and lifestyle gathering as Emiral brand hosts its highly anticipated Business Summit and Dinner Party.

The event, scheduled for Saturday, August 16th, 2025, will begin at 11 AM at the Jubilee Retreat and Conference Centre, behind Mother of the Redeemer Catholic Church in Warri.

Organizers say the summit is designed to bring together professionals, entrepreneurs, and business leaders for a full day of networking, business insights, and celebration.

Emiral, a fast-growing name in the health and wellness industry, is also using the occasion to showcase its flagship product, Emiral Elixir.

DDM gathered that the elixir is marketed as a natural health solution crafted with 100% organic ingredients sourced from Africa and Asia.

According to the company, the product detoxifies the body, burns excess fat naturally, and strengthens the immune system.

The firm says consistent use of the elixir can help prevent and assist in the treatment of multiple health conditions.

These include stroke, fibroid, fertility challenges, arthritis, asthma, various cancers, epilepsy, diabetes, hepatitis, prostate disorders, high cholesterol, liver and kidney complications, fungal infections, sickle cell anemia, and high blood pressure.

The brand further highlights its effectiveness in easing food poisoning and hangover symptoms.

One of the unique features of Emiral Elixir is the inclusion of hydrogen water in its formulation.

Emiral insists this scientific addition preserves the potency of the natural ingredients and aids in transporting medicinal benefits to the cellular level.

The company describes the elixir as a holistic wellness solution, balancing hormones, improving gynecological health, and enhancing skin appearance.

It is also promoted as effective in reducing pain, bloating, and heavy bleeding in women, while providing overall vitality for daily living.

The Warri summit, therefore, is not just a product promotion but a strategic platform for Emiral to strengthen its identity as a premium lifestyle brand.

Industry watchers believe the gathering highlights how Nigerian businesses are merging health, innovation, and entrepreneurship to serve a growing wellness-conscious population.

Emiral says its mission is to foster a community that values knowledge, health, and connection through business-focused events.

Observers argue that the timing is crucial, as Nigerians increasingly embrace natural health solutions amid rising awareness of the dangers of processed supplements.

The brand is positioning itself to compete in a global market where organic and plant-based remedies are gaining momentum.

DDM notes that Warri, a city traditionally known for oil and commerce, is also becoming a hub for health-focused enterprises and entrepreneurial summits.

With Emiral’s outreach, the city could further consolidate its reputation as a centre for innovation in southern Nigeria.

For more details about Emiral Elixir and its distribution, the company has urged interested participants to contact its representatives through official channels.

As expectations rise ahead of the summit, Emiral appears poised to make a bold statement about natural wellness and sustainable business growth in Delta State.

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Post Views: 139

Economy

Okonjo-Iweala clarifies Tinubu visit amid backlash over economy comments
DDM News

Published

6 days ago

August 15, 2025

Amaechi Okoro

(DDM) – The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has issued a clarification following backlash over her comments on Nigeria’s economy during her visit to President Bola Tinubu.

Dr. Okonjo-Iweala explained that her recent statements had been misunderstood and that she recognizes the economic hardships Nigerians are currently facing due to reforms.

She emphasized the importance of implementing social safety nets to aid vulnerable populations who are being affected by these reforms.

During her meeting with President Tinubu at the State House in Abuja, which took place alongside Trade Minister Jumoke Oduwole, discussions focused on Nigeria’s economy and strategies to cushion citizens from the adverse effects of ongoing reforms.

The WTO Director-General highlighted the launch of the Women Exporters Fund for the Digital Economy, a collaborative initiative between the WTO and the International Trade Centre aimed at empowering Nigerian women to create and sustain jobs.

She revealed that Nigeria was among four countries globally selected to benefit from this fund, with 67,000 women applying and 146 winners slated to receive direct financial and technical support to boost their businesses.

According to Okonjo-Iweala, the fund is designed to help women weather economic challenges while fostering growth and employment.

While acknowledging the efforts made by President Tinubu and his administration to stabilize the economy, she reiterated that economic stability alone is insufficient.

She stressed that the next critical step is economic growth and the urgent need for social safety nets to support those impacted by the government’s reforms.

In her own words, Dr. Okonjo-Iweala stated, “We need to grow the economy and put social safety nets in place so that people feeling the pinch of the reforms can have some support to weather the hardship.”

Her comments came in the wake of criticism suggesting that she had overly praised the administration, but she clarified that she was acknowledging the progress made while underscoring the continuing struggles faced by many Nigerians.

Opposition voices, such as the African Democratic Congress, had accused the government of distorting the WTO chief’s remarks to paint an overly positive picture of the economy.

They pointed out that despite a so-called stable economy, widespread poverty, unemployment, and inflation remain critical issues that must be urgently addressed.

The World Trade Organisation leader’s visit to President Tinubu also coincided with the launch of impactful economic initiatives aimed at empowering women business owners and reinforcing digital trade, demonstrating her commitment to inclusive economic development.

Dr. Okonjo-Iweala’s clarifications spotlight the complex realities of Nigeria’s current economic condition, where reforms have brought certain stability but also significant hardship necessitating comprehensive social programs and growth measures.

Her remarks call on the government to balance reforms with proactive support for Nigerians struggling with poverty and joblessness to build a more resilient, inclusive economy over the coming years.

Post Views: 229