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First Bank Holdings Plc promotes financial inclusion with its USSD banking tool

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First Bank Holdings Plc promotes financial inclusi

First Bank Holdings Plc, the parent company of First Bank Limited, has steadily improved the delivery of its services with the Unstructured Supplementary Service Data (USSD) banking tool.

The Bank’s USSD banking tool can be accessed when existing and non-existing customers dial the code *894#.

For existing customers, with the code, they can access diverse banking options, from card and account reconciliation issues to other financial services offered by the bank. However, non-existing customers can open an account with the bank by dialing the USSD banking code and following the message prompt, emphasizing the bank’s efficiency in banking the unbanked and promoting financial inclusion.

First Bank Limited has, over the years, catered to the financial needs of its customers through efficient use of the banking tool.

In 2021, through the use of the USSD banking tool, the bank has processed a total of 1.19 billion transactions worth N4.44 trillion, reflecting an average of 99 million transactions generating a revenue of N370 billion per month.

From January to date, however, through the USSD banking tool, 176 million transactions have been successfully processed, worth N701 billion.

The *894# USSD banking tool is mostly used by customers who are 15 to 55 yrs.

Reflecting the tool’s effectiveness, the number of USSD customer base has increased by 0.93% from January to date to over 13.40 million. In addition, First Bank, on the back of the effectiveness of the USSD banking tool, has been awarded as the Alternative Service Channels Bank of the Year.

Most recent features upgraded into the USSD banking tool to improve its efficiency are the Limit Enhancement, Security Feature Enhancement, Implementation of Pay attitude on USSD. One major advantage with the use of the USSD banking tool, is that it does not require Internet Connectivity, It is convenient, it is secured.

... First Bank Holdings Plc promotes financial inclusion with its USSD banking tool Read More on ... Naijaonpoint.

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Why cost of economy flight ticket may hit N100,000 soon

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Nigeria airport

The cost of flying economy class across domestic airlines in Nigeria is expected to hit N100,000 soon.

This is due to the rising operational costs occasioned by aviation fuel price hikes, foreign exchange shortages, among others.

This was disclosed by the Airline Operators of Nigeria (AON), through the Chairman, United Airlines, Professor Obiora Okonkwo on Wednesday.

What domestic operators are saying

Okonkwo said, “Obviously, it is inevitable. I can tell you that all the airline operators, in the last three months, have been losing money, a huge amount of money. There is too much stress on the operational fronts for them to break even.

“Even if the aviation fuel is made available, there must be a review to reflect the minimal operational cost. We are offering patriotic services to the nation and understand the essential part of it. We are part of this economic development process in Nigeria but it is coming at a very huge sacrifice.

“Nothing less than N100,000, between N100,000 and N120,000 base price, even with Jet A1 fuel at N400 – N500. That is what it is. In the industry, it is expected that you will gain some here and lose some here but the biggest challenge indigenous operators are having is that the cost of everything is high. You source money from the commercial bank rates. You source money from the black market. No moratorium for your loans and the banks and AMCON are quick to jump on you.”

The Chief Operating Officer, Ibom Air, Mr. George Uriesi, also explained that the local airlines had reached a point in their operational cost to take a drastic measures.

He said, “Something has to give in. It’s either the prices of fuel that come down or the prices of airfares go up from where they are. So far, the airlines have tried very much to work within the airfares as they are. All sides of the divide are aware that the airlines have done the best that they can do.

“I don’t know what tomorrow holds but at some point, if the airline doesn’t survive, it goes down, to the detriment of everybody-the people who work for the airline, the people who fly on the airline, the country’s economy, everything goes down. So, airlines are just trying to be stable and patriotic. That’s where we are.”

What you should know

  • Oil marketers under the aegis of the Major Oil Marketers Association of Nigeria (MOMAN) have identified solutions to the high price and scarcity of Jet A1 fuel popularly known as aviation fuel, across the country, according to Naijaonpoint.
  • The major marketers have said that the situation can abate if marketers are able to get foreign exchange at decent rates instead of sourcing from the parallel market.
  • This was made known by the Executive Secretary of MOMAN, Clement Isong, during an interview on Wednesday in Lagos.
  • Isong noted that a drop in the global oil prices and the adjustment of the international supply of crude to meet demand will help the prices come down to more acceptable levels.

... Why cost of economy flight ticket may hit N100,000 soon Read More on ... Naijaonpoint.

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Crypto Exchange Coinbase Slows Hiring Amid Market Downturn

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Leading U.S. crypto exchange Coinbase is slowing hiring, citing the current down cycle in the market as a reason to rethink its staffing strategy. The company’s management believes the move will allow the trading platform to match its hiring needs with its business goals.

Cryptocurrency exchange Coinbase has announced a change in its staffing plans. After previously aiming to triple its size heading into this year, the company now feels it’s prudent to slow hiring and reassess its personnel needs against its business goals, given the current market conditions. Quoted in a press release on Tuesday, Coinbase President and Chief Operating Officer Emilie Choi explained:

Choi further elaborated that Coinbase had made the decision in order to emerge stronger from this down cycle. She emphasized the step is part of managing the business to the scenarios the company had planned for, and assured the changes will not affect its expense outlook for the second quarter and the whole of 2022.

The digital asset exchange now intends to focus on integrating its recent hires and becoming more rigorous in determining its priorities. “We know this is a confusing time and that market downturns can feel scary,” the top executive noted while pointing out that the company has been through other, similar challenges in the past.

Choi’s announcement comes after Coinbase revealed in its earnings report earlier in May that it holds $256 billion in fiat and crypto assets on behalf of its customers. It also admitted that if the company declared bankruptcy, its users can potentially lose access to the crypto funds in their accounts as these could be subject to bankruptcy proceedings.

Do you expect other major crypto companies to reconsider their hiring plans? Tell us in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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