Foremost financial institution, First Bank of Nigeria Limited has offered scholarships worth N2.7 million to 18 students who emerged winners in its XploreFirst promo.
The XploreFirst promo is the bank’s initiative, designed to boost savings culture and promote financial inclusion among students.
The winners, who were drawn from the six geopolitical zones, received a sum of N150,000 each. They emerged through an electronic draw conducted by Tequila on behalf of the bank and supervised by KPMG Nigeria, National Lottery Regulatory Commission, Lagos State Lottery Board and Consumer Protection Commission (CPC).
The bank’s Group Executive, e-Business and Retail Products, Mr. Chuma Ezirim who spoke at the event, said; “The initiative is a FirstBank savings account variant designed specifically for students between the age range of 18 to 29 years. A minimum amount of 0.00 naira is required to open the account and account holders are to maintain a minimum balance of N100 to run the account.”
“The initiative is one of the special benefits of the account, the 18 winners that emerged at the final draw will be offered yearly scholarships of N150,000 each. The initiative is targeted at youths, especially those in tertiary institutions and informal sector to enhance savings culture and drive financial inclusion across the country.”
“Customers were offered yearly scholarships of N150, 000 as incentives to maintain a certain amount of deposit, in this case, N10, 000 in their account over a 30-day period to qualify for the monthly draws and giveaways. Customers who successfully maintained the set balance over the six months period were eligible to win the jackpot of N150, 000, the grand finale prize”.
“The initiative will be sustained by the bank in the future in line with the Central Bank of Nigeria (CBN) financial inclusion mandate.”
Also, the bank’s Head, Youth/Women Banking, Mr. Olufemi Odumuboni, said; “The promo dynamics is centered at making people to engage in financial discipline. Winners were selected based on certain principles that made them eligible to qualify for the draw.”
“Apart from the N2.7 million set aside for the yearly scholarships, the bank has splashed about N900,000 to customers that emerged winners at the various monthly draws for data purchase for their mobile phones. Also, winners from the monthly draw selected from the bank’s six geopolitical zones, won N5, 000 each for data purchase for their mobile phones.”
