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Mobile Banking: First Bank Pegs Transaction Limits At N1 million

Contributed:
First Bank of Nigeria has announced that it has increased transaction limits on its FirstMobile app to a maximum daily limit of N150,000.00 without the use of a token and a total daily transaction limit of N1 million.
This development was expected to boost convenience and ease of banking as well as enhance customers’ digital banking experience in line with the bank’s commitment to offer value-added services that suit the lifestyles of its customers.
Communications Week reports that FirstBank had launched FirstMobile as part of its drive to leverage evolving technology in providing cutting-edge banking services to its customers and the mobile banking app which is secure and easy to use, allows users to carry out banking transactions on the go from their mobile phones anywhere in the world.

A statement from the bank at the weekend explained that the banking app comes with a user-defined transaction pin which is an extra security feature and customers can also perform the following actions on the enhanced app: change transaction PIN, reset transaction PIN, synchronise token, and change their log in pin – mPIN.

“With the integrated lifestyle mobile banking app, customers can enjoy real-time mobile banking services such as domestic funds transfer from self-owned accounts to FirstBank accounts and other banks’ accounts; make quick airtime purchase for self and others on all mobile networks; bills payments; cheque services including confirm cheque and stop cheque; flight booking; and quick account services such as account balance inquiry, statement view and much more,” the statement added.

In December 2016, FirstMobile recorded a milestone in its user numbers with the attainment of one million active users while over N1.3 trillion transaction volume had been consummated using the FirstMobile app since its launch in 2015.

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According to Mrs. Folasade Femi-Lawal, head, Digital Banking at FirstBank, the bank will continue to leverage evolving technologies to support consumers’ lifestyle by providing them with a suite of financial options in a convenient and highly secure environment.

FirstBank’s digital innovations were rewarded with awards in 2016 which include the Asian Banker award for Best Mobile Payments and the Global Finance Digital Bank of Distinction award.

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