FirstBank grants customers N68.06b PLAS, N40.04b FirstAdvance
By Jeph Ajobaju, Chief Copy Editor
FirstBank granted N68.06 billion Personal Loan Against Salary (PLAS) and N40.04b First Advance to its customers in 2021 and looks to increase the outlay in 2022 with N22.11 billion PLAS and N13.78 billion FirstAdvance already granted.
The bank joined the global commemoration of Workers’ Day on 1 May by celebrating its “working customers” across its social media handle, including Instagram (https://instagram.com/firstbanknigeria?igshid=YmMyMTA2M2Y=).
It is also highlighting PLAS and FirstAdvance, two products specifically designed to put workers in Nigeria – irrespective of their descent/nationality – at an advantage.
FirstAdvance
FirstBank grants a salary advance called FirstAdvance to interested and eligible customers whose salary accounts have been domiciled with FirstBank for a minimum of two (2) months, or salary earners willing to move their salary account to the Bank under its terms & conditions.
For details, click: https://www.firstbanknigeria.com/personal/loans/salary-loans/firstadvance/
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FirstBank PLAS
First Bank creates opportunities for salary account holders to unlock the wealth in their accounts. And this can be achieved through its Personal Loan Against Salary (PLAS) scheme.
Salary account holders can access up to N30 million to help them pursue capital projects, carry out renovation works on their properties, acquire assets, give their children the best education and other fulfilling accomplishments.
The scheme offers options to top-up and refinance existing loans at competitive rates. FirstBank says these flexible options were created to offer convenience and reward customer “as we stay true to our brand promise of ‘YOU First’.”
PLAS also helps customers meet rent obligations, vacation trips to choice destinations and pay for professional examinations to take their career to the next level.
With PLAS, Nigerian salary earners are assured of a funding partner in FirstBank to fulfill their dreams.
PLAS is available to employees whose salary accounts are domiciled with FirstBank.
For detail, click: https://www.firstbanknigeria.com/firstbank-plas-personal-loan-against-salary-unlocking-the-wealth-in-salary-account/
Breakdown of FirstAdvance and PLAS granted
| S/N | Areas of analyses (where applicable) | PLAS | FirstAdvance |
| 1 | Volume of transactions in 2021 | 51,202 | 1,790,735 |
| 2 | Volume of transactions (January 2022 to date) | 13,236 | 580,363 |
| 3 | Value of transactions in 2021 | 68,065,734,178.22 | 40,043,490,535 |
| 4 | Value of transactions in (January 2022 to date) | 22,119,997,034 | 13,786,739,426 |
| 5 | Number of users/customers (Product accessibility rate) – in 2021 | 50,987 | 215,376 |
| 6 | Number of users/customers (Product accessibility rate) -January 2022 to date | 13,224 | 180,133 |
| 7 | Key awards and recognition | None | None |
| 8 | Recent feature, updates and upgrades to enhance customer satisfaction- | 1.Pre and Post Loan Maturity SMS to borrowing customer’s reminding them of imminent loan maturity or already matured and overdue loans. 2.Self-Liquidation Option where customers can initiate loan repayment on their own before maturity date at NO COST by dialing *849*11# and follow the prompt. 3.FirstAdvance is now available on FirstBank Lit App. Inclusive of the earlier deployed USSD and FirstMobile App access options. . | |
| 9 | Competitiveness of pricing/charges, in relation to the industry- | Very competitive | |
| 10 | Top 3 USPs | 1.Very competitive pricing 2.Loan amount of up to N70M 3.Repayment tenor of up to 72 months | 1.Ease of loan access. Loan disbursement happens within a minute. 2.No documentation required. 3.Very competitive pricing. |
Customers’ testimonials and appreciative messages
Below are the testimonials and appreciative messages from the customers of FirstBank on its FirstAdvance product:
| Customer Name | CEVM Survey FirstAdvance Testimonials |
| Zoakah Ayuba Ibrahim | Keep up the good work. |
| Ozobodo Anthony Chidera | Everything has been ok. Keeping the good work |
| Ezeriwe Chidiebere Alex | For now am very ok with the service I get, so grateful to FirstAdvance. |
| Azuka Thankgod | You have an excellent service. Keep it up |
| Omorodion Aaron Babatunde | Keep the good work going cos u save people lives one way or the other |
| Ndonah Nehemiah Shunom | It’s just perfect |
| Udo Iniobong Joseph | for now its on point! |
| Idrisa Musa | Keep the good work |
| Abdullahi Ahmad Maijamaa | Honestly! I’m fully satisfied with this service and I don’t see any default so far. |
| Aremu David | IT’S THE BEST. |
| Oyelade Moses Ibikunle | You are doing great by now. I’m satisfied. |
| Oyeniyi Oluwaseyi Elijah | It’s a fantastic idea from the bank and I love it |
