First Bank boosts customers business with retail products

By Temitope Adebayo

First Bank of Nigeria Limited has announced its variety of retail products specifically designed to enhance the operations and sustenance of various businesses in the country.

The products, which includes; Petroleum Dealership Finance (PDF), Operational Vehicle Finance (OVF) and Commercial Mortgage will strengthen the capacity of businesses to meet their immediate and long-term needs which are required to continually impact the socio-economic development of the country.

Speaking on this development, the lender’s Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney,explained that FirstBank as a bank woven into the fabric of society, is delighted with the indelible mark and role it has played in boosting businesses in the country, irrespective of the economic sector.

Explaining the various retail products, she said: “Our Commercial Mortgage (CM), Operational Vehicle Finance (OVF) and Petroleum Dealership Finance (PDF) are integral to sustainably enhancing business operations while ensuring that our customers remain at an advantage in meeting their immediate and long-term business goals.”

She noted that the CM is designed to meet the funding needs of established small and medium-scale enterprises in viable businesses to acquire Business/Office Premises. “This product is structured to part finance the acquisition of business /office premises and warehouses as the building itself is collateral.”

According to her, with its competitive pricing entailing a tenor of 60 months, flexible repayment period as well as flexible collateral structure, the product is designed for SMEs across different sectors of the country including accounting, tech, legal and other specialised disciplines. To access the product, customers must have been in business for at least 5years and must have maintained an active account with either FirstBank or any reputable bank for a minimum of 6 months.

On the Operational Vehicle Finance (OVF), she said that it is intended to provide part finance to ease the acquisition of brand-new vehicle(s) essential for the day-to-day running of business activities. Its flexible tenure is in 2 variants, comprising 1 – 24 months and 2 – 36 months which is dependent on the brand of the vehicle.

“The product is also designed for SMEs as well as traders in all sectors of the economy with verifiable cash flow as they will be at an advantage in sustaining the distribution of goods from one location to another. To be eligible for the service, the customer must have been in business for at least 12 months and should have maintained a healthy and active bank account with either FirstBank for a minimum of 6 months or 12 months with other banks.”

Consequently, the Petroleum Dealership Finance (PDF) is created to offer working capital finance to filling stations with a DPR licence for the purchase of kerosene (DPK), petrol (PMS), and diesel (AGO). This product facilitates access to financing opportunities to purchase products at competitive rates. A 12months facility tenor with a cash flow lending option up to N20M is also available.