As the 'Cashless Lagos' scheduled to commence on January 1, 2012 and expected to reduce the cost of managing cash draws near, FirstBank Plc says it has invested huge resources in alternative channels to ensure that customers get the best in service delivery. FirstBank, by virtue of its array of electronic payment channels, has restated its commitment and preparedness to implement CBN's cashless policy. Some of the solutions include FirstPay, FirstMobile, FirstAlert, and FirstOnline, among others.
BusinessDay gathered that financial institutions are all making significant strides in the area of deploying electronic channels in preparation for the take-off of cashless policy pilot in Lagos. Chuma Ezirim, head of e-Business Group of First Bank told Business Day recently that FirstBank is offering customers these safe, convenient and secure alternative banking channels to facilitate the drive towards a cashless economy, as well as promote financial inclusion. According to him, the bank's alternative channels will ensure that customers enjoy effective service when the pilot begins.
He said that the FirstBank has various products that enable payments, transfers, cash deposits, and purchases via the Internet, mobile phones, Point of Sale Terminals (Pos) and automated teller machines (ATMs). "First Bank raised the bar in technology-driven banking through a suite of highly secure electronic banking products and the recent introduction of the biometric ATM. The deployment of the new biometric solution provides convenience and security to the Bank's diverse customer segments, and aligns with the financial inclusion strategy of the CBN to address the unbanked population."
FirstMobile is a network independent mobile phone solution that provides financial services and other value added services using the mobile phone and a payment card (Debit – prepaid cards). FirstMobile enables you to carry out transactions while on the move. It provides convenience as you can carry out some banking transactions from your mobile phone without getting to the bank branch. From a security perspective, all transactions on FirstMobile require the subscriber's PIN. Thus, even if an unauthorized person has possession of your phone, he cannot make any transaction unless he knows your PIN.
On the other hand, FirstPay is a web-based payment platform that is designed and developed to allow customers directly effect payment instructions from their offices anytime in a very secure and efficient manner. Since this solution to the challenge of physical transactions is available over the web, payments and authorizations can be done regardless of location, as long as there is internet connectivity. Commenting on the benefits of the solution, Ezirim said it enables corporates initiate and conclude payments without relying on the branch to process on their behalf, efficient and timely payment of beneficiaries especially time critical payments, and approval of payments can be done from anywhere in the world regardless of the location of the authorizers.
Lastly, FirstOnline is FirstBank's Internet Banking Service. Industry analysts are all agreed that banking is no longer limited to branches; the internet provides a safe and convenient alternative. On the benefits, Ezirim said, "Normal banking can be time consuming, as customers sometimes have to wait in queues to request for statements or to do transactions. But with Internet banking, transfer of money (funds) from one account to another within FirstBank can be done within minutes. Customers can access these accounts in the bank more efficiently. They can carry out financial transactions comfortably from home or the office as long as they have Internet access. Bank account can be accessed any time (24 hours a day and 7 days a week) and from anywhere (at any location). Customers can easily transfer money from their accounts or receive money into their accounts electronically", he concluded.
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