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Nigerian banks
should improve their brand value, as well as their customer care and
call centre services locally and internationally, while seeking to
deliver financial services and products to their customers, Foluso
Phillips, the chairman and CEO of Phillips Consulting has said.

Mr Phillips, who
stated this at the launch of ‘Flashwallet,’ a new product of Fin Bank
Plc, said improving customer care services in the banking industry
would go a long way in addressing some of the challenges customers
face, both in the country and outside.

“It’s not the logo,
but the brand value that matters,” he said. “We should be satisfying
customer demands and designing how we must change it to go along with
what customers are demanding for.”

Suzanne Iroche, the
group managing director of FinBank Plc, said the innovation of
‘Flashwallet’ is in recognition of the inherent risk and weaknesses
associated with the magnetic stripe cards and the Nigerian industry.

“Given the success
of FlashmeCash, (the flagship electronic and mobile banking product of
FinBank), and the bank’s commitment to remain the leader in the
e-products and retail segment of the banking industry, the bank is
today unveiling an innovative variant of the product with improved
capability and more value added benefits called the Flashwallet,” she
said.

Wooing the financially excluded

Flashwallet is an
electronic purse (Card) that allows holders to access their FlashmeCash
accounts across all the Interswitch-enabled Automated Teller Machines.
It is an EMV compliant card; chip and PIN-enabled.

The Chip and PIN
debit card tied to the bank’s FlashmeCash account is a tool that would
make customers access the funds in their accounts using the cards at
any Interswitch member banks’ ATM in a similar manner as the regular
ATM card. The innovated product enables the transfer of funds to other
accounts, purchase of GSM recharge PINs for direct use or for third
party use, payment of DSTV utility bill or MyTv among others.

Mrs. Iroche said
the bank introduced the card on April 30, 2009, well ahead of the CBN’s
directive to card issuers to migrate from the magnetic stripe cards to
chip plus PIN cards.

“Our general
e-business model has taken into consideration collaboration and
positive partnership towards the inclusion of the financially excluded
population, which is in line with the focus of the Central Bank of
Nigeria and the current world economic order,” she said.

Mr. Phillips
commended the bank on the launch of Flashwallet, adding that the bank
has been able to maintain its leadership position in e products in the
banking industry.

“It is a brilliant
idea,” he said. “Others can join you later. It is really about who gets
there first. It’s organisations like this that can stay ahead of the
game.”

Finance experts
have urged Nigerian banks to reach out to the people as mobile banking
is about outreach. They argue that through this medium, banks can move
people who don’t operate bank accounts into the banking society, and
thereby attract new customers.

Transactions via the Flashwallet costs N100, the bank management
said. It however added that there would be negotiations on the fees for
corporate organizations who wish to make large transactions via the
card. The bank management further stated that the default limit for
individual money transfers via the new product stands at N200, 000,
while corporate transactions would be based on negotiations with the
bank.