Nigerias tier-1 financial institution, First Bank of Nigeria Plc has opened its first digital lab in the country. The lab is established to provide “faster and more efficient” banking products to its customers.

The financial institution launched the digital lab on Thursday, July 5, 2018, at the “Yabacon Valley,”  Yaba, Lagos mainland.

The Bank in a statement issued before the launch said the digital lab is designed to rapidly stimulate innovative solutions to real-life challenges.

What is the FirstBank digital lab all about?

FirstBank said it is designed to serve as a platform for FirstBank to collaborate and advance with the rapidly evolving Financial Technology (FinTech).

The innovation hub is created so the financial institution can contribute more fully to the FinTech space in Nigeria and technology at large.

“In a bid to satisfy its customers within the country’s budding, technology-savvy massive online population, the FirstBank Digital Lab will bring together technologies and methods to transform ideas into feasible solutions in record time,” the statement read.

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“FirstBank over the years has led the Nigerian financial service industry through the delivery of excellent financial services and this has always served as a reassurance to its esteemed customers that their interest remains the core of its business.”

First Bank is the premier Bank in West Africa and the leading banking services solutions provider in Nigeria. With some 14 million customer accounts, FirstBank provides a comprehensive range of retail and corporate financial services with over 750 business locations. It banking innovations include the *894 USSD transaction code, FirstMoney App, a seamless mobile app for transaction, among others.

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