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FNB to change Nigerian banking landscape

24 May 2013, 10:08

Johannesburg - South Africa's First National Bank (FNB) has pledged to transform Nigeria and Ghana's banking sector with its innovative banking technology.

This follows after FNB’s parent company, FirstRand Group, recently expressed interest in exploring opportunities in Nigeria and Ghana.

Responding to questions from CAJ News, FirstRand Group Head of Investor Relations, Sam Moss, said FNB was looking for an opportunity to acquire a platform in Nigeria to boost its business in Africa.

“Nigeria and Ghana are priority countries for expansion by FNB. Currently FNB’s parent company FirstRand Limited is awaiting regulatory approval for its offer to acquire MBG in Ghana and we see this as an excellent platform to launch FNB products and services into the market.

“FirstRand has also said it is looking for an opportunity to acquire a platform in Nigeria and its investment banking business, RMB, was recently granted an investment banking license,” Moss said.

Moss said its cell-phone banking and e-Wallet products were excellent examples of innovative solutions the company will offer in Nigeria and Ghana.

FNB already has investments in Namibia, Tanzania, Lesotho, Swaziland, Zambia and recently India.

It has established a leadership position in digital banking and innovative banking channels.

“Our products have been well received in the African markets where we currently have a presence and has created clear market advantages for our in-country subsidiaries.

"We believe that this should also be the case in Nigeria and Ghana, once we have an appropriate platform to leverage in those countries,” said Moss.

- CAJ News

Tags fnb firstrand

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