Abuja: First Bank of Nigeria Plc is undergoing significant innovations in its payment platforms and processes to ensure customer satisfaction, according to Mr. Olusegun Alebiosu, the Chief Executive Officer of the bank. Alebiosu made this statement on the sidelines of the 18th Chartered Institute of Bankers of Nigeria (CIBN) Annual Banking and Finance Conference in Abuja.

According to News Agency of Nigeria, Alebiosu emphasized that the bank's move aims to create a safe, secure, and efficient payment system aligned with its customer-centric approach. The innovations are also targeted at reducing fraud and enhancing the cybersecurity of the bank's platforms. The CEO highlighted the bank's commitment to continued investment in digital fraud management and control to ensure better customer protection.

Alebiosu noted that First Bank's substantial investment in safeguarding its platforms from cybercriminals has resulted in one of the best cybersecurity networks in the banking industry. He revealed that First Bank accounts for 20 percent of payment systems in Nigeria through the Nigeria Inter-Bank Settlement System Plc (NIBSS), showcasing the bank's innovative capacity and efficiency in its payment system.

Despite having a large platform, Alebiosu stated that the bank experiences one of the lowest fraud incidences. To address numerous customer transaction complaints, the bank has expanded its workforce to manage these issues effectively.