First Bank Introduces Retail Products for Businesses
First Bank of Nigeria Limited has unveiled a variety of retail products to sustainably enhance business operations in the country.
The products unveiled are Petroleum Dealership Finance (PDF), Operational Vehicle Finance (OVF) and Commercial Mortgage (CM).
According to the bank, the new products 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 for businesses to enhance the operations and sustenance of various businesses in the country.
The bank’s Group Head, marketing and Corporate Communication, Folake Ani-Mumuney, said, “As a bank woven into the fabric of society, we are delighted with the indelible mark and role we have played in boosting businesses in the country, irrespective of the economic sector. Our Commercial Mortgage, Operational Vehicle Finance and Petroleum Dealership Finance 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.
“To take advantage of the product, interested customer must have a valid DPR license, and maintain an account relationship with FirstBank or any bank for at least six months.
“The dealer must have been in business for at least 24 months and the account must have been operated satisfactorily without a history of returned cheques or previous default on facility or facilities granted.”
It added, “This variety of retail products are designed for operations and sustenance of various businesses in the country.”
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 finance the acquisition of business /office premises and warehouses with the building itself as collateral. With its competitive pricing, the 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 five years and must have maintained an active account with either FirstBank or any reputable bank for a minimum of 6 months.
OVF 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 two variants, comprising one to 24 months and two to 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 six months or 12 months with other banks.
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 12-monthly facility tenor with a cash flow lending option of up to N20 million is also available. The product is packed with lots of exciting benefits including access to up to N20 million without providing tangible collateral as it bridges the customers’ liquidity gap while also aiding the continuous replenishment of stock. The product also provides the opportunity to increase the volume of business as well as margins through consistent growth in turnover through credit financing.
To take advantage of the product, interested customer(s) must have a valid DPR license, and maintain an account relationship with FirstBank or any bank for at least six months. The dealer must have been in business for at least 24 months and the account must have been operated satisfactorily without a history of returned cheques or previous default on facility or facilities granted.
