First Bank of Nigeria Limited has granted scholarships worth N2.7 million to 18 students, who emerged winners in its XploreFirst promo, an 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).
Speaking at the event, the bank’s Group Executive, e-Business and Retail Products, Mr. Chuma Ezirim, said the initiative “is a FirstBank savings account variant designed specifically for students between the age range of 18 to 29 years.”
The Group Executive said a minimum amount of 0.00 naira was required to open the account and the account holders were to maintain a minimum balance of N100 to run the account.
He said the initiative was one of the special benefits of the account, saying the 18 winners that emerged at the final draw would be offered yearly scholarships of N150, 000 each.
Ezirim said that the initiative was 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”, he said.
Ezirim noted that the initiative would be sustained by the bank in the future in line with the Central Bank of Nigeria (CBN) financial inclusion mandate.
Also speaking, Head, Youth/Women Banking, FirstBank, Mr. Olufemi Odumuboni, said that the promo dynamics was centered at making people engage in financial discipline.
Odumuboni said that winners were selected based on certain principles that made them eligible to qualify for the draw.
He explained that apart from the N2.7 million set aside for the scholarships, the bank had splashed about N900, 000 to customers that emerged winners at the various monthly draws for data on their mobile phones.