First Bank of Nigeria Limited has introduced debit card overdraft service to the Nigerian financial market. This, it said in a statement on Wednesday, would avail customers of instant cash to meet urgent transaction needs.
The bank said, “With this service, card users can now enjoy a higher level of banking convenience as they are enabled to complete card transactions seamlessly. The overdraft service can be accessed on Point-of-Sales, web and Automated Teller Machines worldwide with naira and dollar-denominated debit cards.”
It said the innovation was another avenue through which it could support the lifestyle of customers.
According to the Group Head, Electronic Business at First Bank, Mr. Chuma Ezirim, card usage was fast becoming a lifestyle for the average customer in Nigeria; and in order to improve the customer’s banking experience, the bank has continuously offered innovative and differentiated products.
He said, “The debit card overdraft service will assist in providing our customers the highest level of service when they consummate card transactions.”
The statement further explained, “This service reinforces the bank’s leadership in the provision of a full range of world-class debit card services and it is targeted at salary account holders as well as the Small and Medium Enterprises/individual account holders.
“Repayment options are flexible and the overdraft service will be valid for the three-year life span of the debit card. Customers signed up to this service will no longer need to worry about having insufficient funds when they initiate transactions with their debit cards.”