First Bank is poised to meet the new capital requirement by the end of October 2025. The Managing Director and Chief Executive Officer of First Bank Group, Olusegun Alebiosu, disclosed this yesterday while commissioning the First Bank Digital Xperience Centre in Area 10, Garki, Abuja.
So far, 14 banks had met the requirement as of the end of September. FirstBank will meet the CBN recapitalisation before the end of this month (October). Our shareholders are desirous of ensuring we meet the requirements,” Alebiosu said.
There is also hope for FirstBanks branches that were shut down as a result of armed robbery or banditry. Specifically, Alebiosu hinted that branches in Egbe and Isanlu that were attacked recently would be opened soon, as the communities have established military bases aimed at restoring security and a conducive atmosphere for businesses to thrive.
“Armed robbery, banditry and kidnapping are threatening banking services, especially in the rural areas. We had to shut down operations in places like Egbe and Isanlu in the Yagba area of Kogi state, where policemen, security personnel and passersby were killed. But with the establishment of an army barracks in Egbe, we will soon review the situation with a view to restoring services there,” he stated.
He reiterated the desire of FirstBank to simplify banking services through its Digital Xperience Centres, saying the initiative puts customers at an advantage in experiencing world-class innovative banking services, thereby exploring the future of banking firsthand.
“It is designed to cater to the growing and evolving needs of consumers and the banking public, enabling customers to navigate the digital landscape with confidence. The initiative aligns with the Bank’s commitment to delivering exceptional customer experiences and staying at the forefront of financial innovation,” he said.
The managing director explained that the future is digital and that the bank is building a bank of the future where services are paperless, automated, and available 24/7, allowing customers to bank anytime, anywhere.
He hinted that the bank aims to provide seamless self-service experiences where customers can transact without visiting physical branches.
On the cybersecurity measures that have been put in place to ensure data credibility, Alebiosu said the bank was investing heavily in cybersecurity and AI-driven fraud detection systems through triple-layer verification that includes biometrics, phone verification and OTPs to prevent unauthorised access.
He stated that the bank’s expansion to rural areas is driven by its more than 600 branches and over 300,000 agents.
