Firstbank, Paypal Partner To Make Online Shopping ConvenientBusiness, Featured, Latest News Tuesday, July 22nd, 2014
With a PayPal account tied to their Firstonline account, Firstbank customers can pay on millions of websites without sharing their credit card details.
Accessibility, convenience, security, trust and cost effectiveness are key defining features of the partnership between First Bank of Nigeria Limited (FirstBank) and Pay Pal.
This partnership was announced on Monday by the two organisations at the launch which heralded their exclusive relationship.
FirstBank, Nigeria’s best banking brand, has become the only financial partner of PayPal in Nigeria.
The partnership will enable FirstBank card holders and businesses enjoy increased transaction limits, receive instant verifications, make online payments and transfer funds across the world in 193 countries and regions globally.
This synergy between FirstBank and PayPal gives the bank an edge over other institutions in Nigeria, which have access to the PayPal platform.
FirstBank Internet-banking customers can now open a PayPal account from their FirstOnline account and use their FirstBank debit or credit card to shop and pay online on millions of websites around the world from their PCs or smartphones, without having to share their card details with the seller and with the added reassurance of PayPal Buyer Protection.
According to FirstBank spokesperson, Folake Ani-Mumuney “The acceptance of FirstBank Cards on PayPal platform is a significant boost to our continuous initiatives to drive innovation in banking services and as part of our promise to always put customers at the heart of our business.
The partnership will provide convenience for our customers planning their summer shopping or carrying out money transfers across our various alternative channels.
FirstBank cards are accepted in over 200 countries and on millions of POS terminals and ATMs around the world. This implies that FirstBank Cardholders are never stranded in any part of the world where they decide to shop or do business,” She added. We are delighted to be able to bring PayPal to all our customers in Nigeria in a partnership that is consistent with our drive to support the push towards a cashless society in Nigeria and lead innovation in development of secure online payment systems. For all FirstBank customers opening a Paypal account using our FirstOnline platform is faster, easier and will only take a few minutes, as the customer has already been verified by FirstBank.’ Folake stated
Commenting on the partnership, Efi Dahan, PayPal’s Regional Director for Africa and Israel, said; “Millions of Nigerians already shop on Websites in the US, UK or China, but many find their card is rejected or have concerns about entering their credit card details on the Website of a seller based overseas. PayPal is used by hundreds of millions of people around the world to make international payments because PayPal payments are trusted by international retailers and we don’t share your financial details with anyone.
“This exclusive partnership with FirstBank is a major milestone in PayPal’s Africa growth story and we hope to make more announcements together in future as our partnership develops.”
Once registered with PayPal, Nigerians have the option to pay for a variety of products and services online, thereby joining over 200 markets around the world who already use PayPal.
PayPal can be used to pay for digital subscriptions, games, music or video services and for travel.
To pay with PayPal, account holders provide sellers with their email address and either a password or mobile PIN. PayPal then authorizes the payment based on available funds and eligible purchases are covered by PayPal Buyer Protection.
For more information on the event visit www.firstbanknigeria.com or follow #FirstBankPayPal
At PayPal, we put people at the center of everything we do. Founded in 1998, we continue to be at the forefront of the digital payments revolution, giving people direct control over their money. Through our innovations, we make life better for our over 148 million active accounts in 26 currencies and across 203 markets, processing more than 9 million payments daily. An eBay Inc.(Nasdaq: EBAY) company, PayPal is the faster, safer way to pay and get paid. The service gives people simpler ways to send money without sharing financial information, and with the flexibility to pay using their account balances, bank accounts or credit cards.
Visit www.paypal-media.com for more information and follow us on Twitter, Facebook, YouTube, LinkedIn and our PayPal-Forward blog.
First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, is Nigeria’s leading financial services institution by total assets and gross earnings and one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa). Since its establishment in 1894, the Bank has consistently built relationships with customers focusing on fundamentals of good corporate governance, strong liquidity, risk management and strong capitalization.
FirstBank operates an extensive distribution network with over 750 business locations (623 branches, 61 quick service points and 69 cash centers/agencies), over 2,397 ATM’s and over 9 million customer accounts. The Bank provides a comprehensive range of financial services and has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, Banque International de Credit (B.I.C) in the Republic of Congo, International Commercial Bank (ICB) in Ghana, The Gambia, Guinea, Sierra-Leone and Senegal as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi.
FirstBank is the recipient of many awards. The Bank has been named “The Best Bank Brand in Nigeria” three times in a row – 2011, 2012, 2013 – by the globally renowned “The Banker Magazine” of the Financial Times Group. FirstBank’s brand purpose is to always put its stakeholders, customers and partners at the heart of its business, even as it is poised to standardize customer experience and excellence in financial solutions across Sub Saharan Africa, in consonance with its brand vision “To be the partner of first choice in building your future”. The brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on the FirstBank’s inherent values of passion, partnership and people, to position its customers first in every respect.
For three consecutive years, 2012, 2013 and 2014, FirstBank was named the “Best Retail Bank in Nigeria” by the Asian Banker International Excellence in Retail Financial Services Awards. Other recent awards include the “Best Bank in Nigeria” in the Euromoney Awards for Excellence, “Best Bank in West Africa” and “Most Innovative Bank in Africa” in the African Banker Awards, “Best Bank in Nigeria” in the EMEA Finance African Banking Awards for the fourth time, “Best Foreign Exchange Services in Africa” in the EMEA Finance Treasury Services Awards, “Best Banking Group in Nigeria” by World Finance Banking Awards, and “Best Financial Reporting Company” by Africa Investor.
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