Fidelity Bank Rewards Customers

Nnamdi Okonkwo, MD, Fidelity Bank


FIDELITY Bank Plc has rewarded another set of 34 lucky customers in its ‘Save-4-Scholarship’ promo with a total of N11.1 million. Some other customers also won consolation prizes which included generators and refrigerators.

At the end of the draw, the customers of the bank that emerged star prize winners by winning N1 million each were Zainab Tijani (northern zone) and Richard Nwite (South-West Zone). While, Austin Terlumun, Sunday Izuchukwu, Ofodire Chibuike, Anodebe Chinyere, Nnamdi Ani, Samuel Happiness, Udoh Emmanuel, Bernadine Okechukwu and Chukwudi Nwakamma won N500,000, respectively. There were other customers from across the country who won N210,000 each.

Speaking at the event held in Lagos, I. K. Mbagwu, executive director, Lagos and South-west directorate of the bank, said the bank had earmarked a total of N80 million for the promo which was conceived to support the educational needs of customers. According to him, a total of 200 winners are expected to emerge throughout the duration of the promo. “So far we have given out about N65 million,” he said.

Mbagwu also said the scheme was designed to support and encourage savings. “Education is something everybody needs to invest in and so should not be taken for granted. We are very happy to be contributing to the development of education in Nigeria because we know the impact it is going to have on the society. “Since we started this promo, our savings deposits have almost doubled and we are quite pleased with the outcome and we hope to continue designing promos to support our customers.”

Sterling Bank Warns Customers Against Fraudsters

Yemi Adeola, CEO, Sterling Bank
Yemi Adeola, CEO, Sterling Bank

STERLING Bank Plc has advised organisations and other bank customers to protect information about their financial transactions, particularly their electronic payment cards to avoid falling prey to fraudsters. The bank gave the advice in a statement, following the perceived increase in Automated Teller Machine, ATM, related frauds within and outside the shores of the country, which had led to financial losses by bank customers.

Shina Atilola, group head, strategy and communications, Sterling Bank, recently expressed displeasure that fraudsters had taken advantage of the cashless policy to penetrate electronic payment systems globally. He explained that although the card payment system in Nigeria was based on the “Chip and PIN” technology, which is adequately protected, some other countries have not fully adopted this technology.

“What is use in some countries is the magnetic strip technology, which makes it easy for fraudsters to clone customers’ cards and fraudulently make use of their card information.  “Also, some people do not exercise sufficient caution in the manner they handle their debit and credit cards as they either expose it to unauthorised persons or give it out to other people to make withdrawals or transact on their behalf,” he said.

Atilola explained that when information on an electronic payment card are compromised, the card-holder becomes vulnerable to fraudulent activities. “In countries where the chip and PIN technology has not been fully adopted, such as the USA and China, card information such as the card number on the face of the card and the Card Verification Value, CVV, – the set of numbers at the back of the card – can be used to perpetrate fraud even without the customer’s PIN. Therefore, it is not just about keeping the PIN secure, the card number and the CVV should also be protected.”

He also advised customers to exercise additional caution when carrying out transactions, saying that it may be difficult for any bank to assume responsibility when a customer is hit by fraudsters.

— Jan. 26, 2015 @ 01:00 GMT


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