FirstBank Boosts Business Operations Of Customers

The Evangelist
October 24, 2022
By Chima NWOKOJI

Bank of Nigeria Limited has announced its variety of retail products specifically designed to enhance the operations and sustenance of various businesses in the country.

The products, Petroleum Dealership Finance (PDF), Operational Vehicle Finance (OVF) and Commercial Mortgage, would strengthen the capacity of businesses to meet their immediate and long-term needs which are required to continually impact the socio-economic development of the country.

According to Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications, FirstBank, “As a bank woven into the fabric of society, we are delighted with the indelible mark and role we have played in boosting businesses in the country, irrespective of the economic sector.

“Our Commercial Mortgage (CM), Operational Vehicle Finance (OVF) and Petroleum Dealership Finance (PDF) are integral to sustainably enhancing business operations while ensuring that our customers remain at an advantage in meeting their immediate and long-term business goals.”

Commercial Mortgage (CM), according to the lender, is designed to meet the funding needs of established small and medium-scale enterprises in viable businesses to acquire business/office premises.

This product is structured to part-finance the acquisition of business/office premises and warehouses as the building itself is collateral. With its competitive pricing entailing a tenor of 60 months, flexible repayment period as well as flexible collateral structure, the product is designed for SMEs across different sectors of the country including accounting, tech, legal and other specialised disciplines.

To access the product, customers are expected to have been in business for at least five years and must have maintained an active account with either FirstBank or any reputable bank for a minimum of six months.

Operational Vehicle Finance (OVF) is intended to provide part finance to ease the acquisition of brand-new vehicle(s) essential for the day-to-day running of business activities.

Its flexible tenure is in two variants, comprising one to 24 months and two to 36 months which is dependent on the brand of the vehicle.

The bank said the product is also designed for SMEs as well as traders in all sectors of the economy with verifiable cash flow as they would be at an advantage in sustaining the distribution of goods from one location to another.