First Bank of Nigeria – Charges, Loans and Account Features

There’s a certain kind of confidence that comes with walking into a bank your parents trusted, your grandparents recognized and your generation still actively uses.

That’s exactly the feeling many Nigerians associate with First Bank of Nigeria.

From the busy streets of Lagos to small towns across the country, First Bank has quietly built a reputation that feels almost woven into Nigeria’s financial history. For many, it was the first bank account they ever opened. For others, it’s the reliable fallback when newer fintech platforms fail or glitch.

But beyond the nostalgia and brand recognition, what exactly makes First Bank still relevant in today’s fast-moving digital banking world? And is it truly the right choice for you?

Let’s break it down in a way that feels real, practical and worth your time.

First Bank is not just another financial institution. It is one of the oldest banks in West Africa, established in 1894. Yes, over a century of continuous operation. That alone tells you something about resilience.

Originally founded as the Bank of British West Africa, it later evolved into what we now know as First Bank of Nigeria. Today, it operates under its parent company, FBN Holdings Plc.

Over the decades, First Bank has grown into a financial powerhouse with:

• Hundreds of branches across Nigeria
• Presence in multiple countries including the UK and other African markets
• Millions of customers ranging from individuals to large corporations

What stands out most is its reputation. In a country where financial institutions come and go, First Bank has remained consistent. It has weathered economic downturns, policy changes and digital disruption while still maintaining trust.

That level of longevity is not accidental. It is built on structure, compliance and a deep understanding of the Nigerian financial ecosystem.

When people choose a bank, they’re not just choosing an app or a card. They’re choosing peace of mind. And this is where First Bank continues to shine.

Trust and legacy

There is a psychological advantage to using a bank that has existed for over 100 years. Many Nigerians simply feel safer knowing their money is in a long-standing institution.

Wide physical presence

Unlike many digital-only platforms, First Bank has branches almost everywhere. If something goes wrong, you can walk into a branch and speak to a human being. That matters more than people admit.

Strong infrastructure

From ATMs to POS systems, First Bank has built a robust infrastructure that supports everyday transactions across the country.

Corporate and business credibility

Businesses often prefer First Bank because of its reputation. When clients see a First Bank account, it signals stability.

Government and institutional integration

Many government-related payments and institutional transactions are seamlessly handled through First Bank.

In short, it’s not just about features. It’s about reliability when it matters most.

Account Types and Features

First Bank offers a wide range of account options tailored to different needs.

Savings Accounts

Savings accounts are the most common entry point.

They typically come with:

• Low opening balance requirements
• Interest earnings (though modest)
• ATM card access
• Online and mobile banking integration

These accounts are ideal for students, salary earners and anyone looking to store money securely.

Current Accounts

Current accounts are more suited for frequent transactions.

Features include:

• Higher transaction limits
• Cheque book access
• Business transaction flexibility

These accounts are often used by entrepreneurs, companies and professionals.

Business Accounts

First Bank has built strong offerings for SMEs and large businesses.

These include:

• Corporate accounts
• Merchant services
• POS solutions
• Trade finance support

For many Nigerian businesses, banking with First Bank is almost a default choice due to its credibility and reach.

Digital Banking Features

Despite its traditional roots, First Bank has adapted to digital trends.

Customers can:

• Transfer money instantly
• Pay bills
• Buy airtime and data
• Manage accounts remotely

This blend of old-school banking and modern convenience is part of what keeps it relevant.

Mobile App and Digital Banking Experience

Let’s be honest. Nigerians care deeply about how well a bank’s app works. No one wants to deal with failed transfers or delayed alerts.

First Bank offers its mobile platform through the FirstMobile app.

Ease of use

The app is relatively straightforward. It may not be the flashiest compared to fintech apps, but it gets the job done.

Transfers and payments

You can:

• Send money to any Nigerian bank
• Pay utility bills
• Buy airtime instantly

USSD banking

One of the strongest advantages is its USSD service (*894#).

Even without internet access, you can:

• Transfer funds
• Check balance
• Buy airtime

This is especially valuable in areas with poor connectivity.

Reliability

While not perfect, First Bank’s systems are generally stable. And when issues arise, there are multiple support channels available.

Charges, Fees and Transparency

This is where many Nigerians become cautious.

Transfer fees

First Bank charges standard interbank transfer fees, typically in line with Central Bank guidelines.

Maintenance fees

Current accounts may attract maintenance charges depending on usage.

Card and service fees

ATM card issuance, SMS alerts and other services may come with small fees.

Hidden charges?

Not exactly hidden, but some users feel certain deductions are not clearly communicated upfront.

The key takeaway here is simple: First Bank is not the cheapest option. But many customers accept the fees in exchange for reliability and access.

Offers, Benefits and Opportunities

As of March 2026, First Bank runs periodic and targeted campaigns rather than constant public promotions.

These typically include:

• Savings and deposit campaigns where customers maintaining higher balances may qualify for rewards or recognition
• Transaction-based incentives tied to POS usage, transfers and digital banking activity
• Salary account programs that offer exclusive benefits to customers receiving consistent income through First Bank

These offers are often communicated directly via SMS, email or within the app – meaning many users miss out simply because they are not actively checking.

Loan Opportunities That Go Beyond Small Credit

This is where First Bank truly stands out.

Customers can access:

• Salary-backed loans with structured repayment plans
• Personal loans for major expenses
• SME financing for business expansion
• Corporate funding solutions for larger enterprises

Unlike many digital lenders that cap loan amounts, First Bank offers scalable financing – the more credible your financial history, the more access you gain.

Digital Banking and Payment Benefits

First Bank continues to push digital adoption through:

• Reliable mobile banking and USSD (*894#) services
• Seamless interbank transfers
• POS and merchant payment solutions

From time to time, the bank introduces reduced transaction costs or incentives tied to digital usage, especially during peak financial periods or targeted campaigns.

Business and Investment Opportunities

For entrepreneurs and professionals, this is where First Bank becomes more than just a bank.

You gain access to:

• Structured SME support programs
• Trade finance for import/export businesses
• Investment and wealth management services
• Advisory support for business growth

This is particularly valuable if you are thinking long-term rather than just day-to-day transactions.

The Hidden Advantage Most Users Ignore

Here’s what many Nigerians overlook.

Banking consistently with First Bank helps you:

• Build a trusted financial profile
• Qualify for larger loans over time
• Access institutional and government-backed financial opportunities
• Handle high-value transactions with credibility

That, in itself, is a far more powerful “offer” than short-term bonuses.

Is First Bank Right for You?

You should consider First Bank if:

• You value trust and long-term reliability
• You need access to physical branches
• You run a business or handle large transactions
• You prefer a bank with strong institutional backing

You may prefer alternatives if:

• You want zero or minimal transaction fees
• You prioritize modern app experience
• You rarely visit physical branches
• You prefer fully digital banking

There’s no universal answer. It depends on how you use your money daily.

In the end, banking with First Bank of Nigeria is not just about features or flashy upgrades. It is about stability in a system where reliability matters more than anything else.

For over a century, First Bank has remained a constant – adapting to change while still maintaining the trust that millions of Nigerians rely on every day. That kind of consistency is not something you can easily replicate.

What makes First Bank particularly valuable is how it balances tradition with modern banking needs. You get the security of a long-established institution, combined with the convenience of digital tools that allow you to manage your finances anywhere.

It may not always feel like the fastest or most exciting option, but when it comes to getting things done without unnecessary complications, it delivers where it counts.

Beyond everyday transactions, the real advantage lies in how you use the bank. Building a strong financial history, maintaining steady account activity and taking advantage of its structured services can open doors to bigger opportunities. From accessing loans to supporting business growth or managing large financial operations, First Bank quietly positions you for long-term financial progress.

At the end of the day, the right bank is the one that aligns with your goals. If you value trust, accessibility and a system that has stood the test of time, First Bank remains a solid choice. And when used strategically, it becomes more than just a place to keep money – it becomes a foundation you can build your financial future on.