FirstBank, Globacom And Interswitch Launch GloFirst

2006-09-18 11:28:45 | Viewed 2374 times

Nigeria’s foremost bank, First Bank of Nigeria Plc and telecommunication giant, Globacom, have in conjunction with the country’s leading switching company, Interswitch, introduced an innovative card product called GloFirst, in Lagos on September 7, 2006. GloFirst is a pre-paid debit card which allows users who do not have bank accounts to perform electronic transactions like bank account holders and debit card users via the Glo Mobile network. This is the first time non-bank account holders will be able to use a payment card.

Unlike existing debit cards in the market GloFirst is available to both bank account holders and the non-banking public.

The new product which boosts the country’s electronic payment system can be used for a variety of transactions, including withdrawing cash from Automated Teller Machines (ATMs) and day-to-day purchase transactions in outlets with point-of-sale terminals (POS). Through Glo M-Banking, GloFirst users can have swift and easy access to their bank accounts from their mobile phones and perform certain transactions such as checking account balances, transferring funds and ordering checkbooks.

In his welcome address, Managing Director/Chief Executive of FirstBank, Moyo Ajekigbe, represented by the bank’s Executive Director, Retail Banking (Lagos & West), Remi Babalola, said FirstBank is proud to be part of this innovative product, which seeks to extend the frontiers of banking services to the majority of the populace.

"GloFirst is in perpetuation of our tradition to champion efficient operation of the payment system, which is critical in any country’s economic growth-process. GloFirst provides a convenient, speedy, safe, efficient and cost-effective payment system. Ultimately, this product enhances M-Banking pioneered by our partner Globacom. It will also bank the vast unbanked population through a variety of transaction windows," Ajekigbe stated.

Ajekigbe lauded the tripartite partnership, adding that "Globacom and InterSwitch, as the fastest and most innovative telecommunication and card solutions operators in the country respectively, are excellent choices for FirstBank. The leading bank in Nigeria, now acclaimed the best bank stock in West Africa and the most capitalized company on the Nigerian Stock Exchange is partnering with Globacom and Interswitch to realize our strategic goal of improving payment systems in the country."

Globacom’s Chief Operating Officer, Mohamed Jameel, said at the launch of GloFirst yesterday that the card could be used for making purchases on the internet, in retail stores, supermarkets, fuel stations, hotels and restaurants where cash card payments are accepted.

"GloFirst can also be used to withdraw money, check card balance, print mini statement, change Personal Identification Number (PIN), and transfer money to another cash card or bank account", he said.

According to him, the product can also be used to send and receive funds. "For example, parents can send money to their children in schools using GloFirst as long as they are on the Glo network. The CashCard can also be used to buy airtime," he added.

GloFirst is available to both existing and new subscribers to the network and affords subscribers the opportunity to do much more from their handsets.

"GloFirst provides our subscribers a simple, convenient and safe alternative to cash", Jameel explained, adding that, "We are empowering Glo subscribers and indeed all Nigerians to operate cashless transactions and secure their money." The product helps control spending".

Commenting on Globacom’s collaboration with First Bank and Interswitch, Jameel stated that is to be expected as the three companies are truly innovative brands, and leaders in their fields.

Mitchel Elegbe, the Managing Director of Interswitch, noted that apart from being convenient and trendy, the new product is safe, secure and reliable. "The user’s money is safe even if the card is lost," he added.

He noted that Interswitch, being the leader in switching technology, was pleased to partner with FirstBank, the largest and most successful bank in the country and Globacom, Africa’s fastest growing and most innovative telecommunications network. He added that, "First Bank, Globacom and Interswitch are united by a passion for excellence and for proffering solutions to our customers’ needs".

Elegbe said the card is suitable "for use by people who do not have a bank debit card (ATM card), and those who don’t wish to use their bank debit card to make purchases online and that it can be funded from any bank on the Interswitch network.

Globacom’s COO also said that GloFirst can be obtained, free of charge, at any First Bank branch or Glo World outlets located in strategic locations across the country. "All a customer needs to do is to fill up a form and the GloFirst card would be handed over to him", he said.

The customer is then required to change the initial Personal Identification Number (PIN) that comes with the GloFirst before he begins to use the card. A history of the GloFirst CashCard transactions is obtainable on the internet at www.mynigeriacashcard.com after the customer has registered.

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