First Bank of Nigeria: Founding Year, History, Founder, Services, Account Opening and Fees
First Bank of Nigeria, popularly known as FirstBank, is one of Nigeria's oldest and most established financial institutions. Since its establishment in 1894, the bank has played an important role in the development of banking, commerce and financial services in Nigeria.
Over the years, FirstBank has evolved from a bank established to support international trade into a financial institution offering personal banking, business banking, loans, electronic payments and digital financial services.
For individuals, entrepreneurs, students and businesses looking for banking services in Nigeria, understanding FirstBank's history, products, account requirements and digital channels can help them make informed financial decisions.
This guide explores FirstBank's founding year, founder, historical background, international presence, account types, loans, payment services, mobile banking, customer support and account-opening process.
First Bank of Nigeria: Founding Year, History, Founder, Services, Account Opening and Fees
Table of Contents
First Bank of Nigeria at a Glance
When Was First Bank of Nigeria Founded?
Who Founded First Bank of Nigeria?
Biography of Sir Alfred Jones
Historical Development of FirstBank
Country of Origin and Headquarters
Countries Where FirstBank Operates
Types of Accounts Offered by FirstBank
FirstBank Account Opening Requirements
Savings Accounts and Their Benefits
Loans and Financial Assistance
Money Transfers and Payment Services
FirstMobile App and Digital Banking
FirstOnline Internet Banking
FirstBank USSD Banking
FirstBank Customer Support
Official Website and Banking Regulator
How to Open a FirstBank Account
FirstBank Account Opening Fees and Charges
Benefits of Banking with FirstBank
Frequently Asked Questions
Conclusion
1. First Bank of Nigeria at a Glance
FirstBank is a Nigerian commercial bank that provides financial services to individuals, small businesses, large companies and public-sector institutions.
Here are some important facts about the bank.
Official name: First Bank of Nigeria Limited
Popular name: FirstBank
Founding year: 1894
Founder: Sir Alfred Jones
Original name: Bank of British West Africa
Country of origin: Nigeria
Headquarters: Samuel Asabia House, 35 Marina, Lagos Island, Lagos State, Nigeria
Parent company: First HoldCo Plc
Main regulator in Nigeria: Central Bank of Nigeria (CBN)
Official website: https://www.firstbanknigeria.com/
The bank's history and corporate information are available through its official website and history pages.
2. When Was First Bank of Nigeria Founded?
First Bank of Nigeria was established in 1894 under the name Bank of British West Africa (BBWA). Its original purpose was to support trade and commercial activities in West Africa.
At the time, merchants and trading companies needed reliable ways to deposit money, finance commercial transactions and transfer funds. The establishment of the bank helped provide financial services to businesses operating in the region.
FirstBank's development followed the growth of Nigeria's commercial economy. As trade expanded, the institution opened additional branches and gradually broadened its banking activities.
According to the bank's official historical account, it was registered on 31 March 1894, with paid-up capital of £12,000. Its early operations were based in Lagos, while the institution's original head office was in Liverpool, England.
Today, FirstBank is headquartered in Lagos and provides a broad range of retail and corporate banking services.
3. Who Founded First Bank of Nigeria?
First Bank of Nigeria was founded by Sir Alfred Jones, a British shipping magnate from Liverpool, England.
Jones recognised the need for a banking institution that could support trade and financial transactions in West Africa. His commercial background helped shape the original purpose of the bank.
The institution began as the Bank of British West Africa before undergoing several name changes and corporate transformations throughout its history.
Although Jones was the founder, FirstBank's later growth was driven by many bankers, business leaders, employees, investors and institutional changes. Its development over more than a century should therefore be understood as a long-term institutional achievement rather than the work of one individual alone.
4. Biography of Sir Alfred Jones
Sir Alfred Lewis Jones was a British businessman associated with the shipping and trading industries. He was born in Liverpool, England, in 1845 and became an influential figure in British commercial activity connected with West Africa.
His business experience exposed him to the challenges of moving goods, financing trade and conducting transactions across international markets.
Jones was associated with Elder Dempster, a shipping company that maintained important commercial links between Britain and West Africa. These business connections helped him understand the financial needs of merchants and trading companies operating in the region.
His career and contribution to banking
Jones's most significant contribution to Nigerian banking history was his role in establishing the Bank of British West Africa in 1894.
The institution helped provide a formal banking channel for commercial activity at a time when international trade was expanding. Its subsequent development contributed to the growth of organised banking in Nigeria.
His contribution can be understood in three main areas:
Supporting trade: The bank was established to facilitate commercial transactions and provide financial services for businesses involved in West African trade.
Developing banking infrastructure: The institution's growth and expansion helped extend banking services beyond its original location.
Creating a lasting financial institution: The bank survived numerous economic and political changes and eventually became First Bank of Nigeria Limited.
Jones died in 1909, but the institution he founded continued to evolve and became an important part of Nigeria's financial history.
5. Historical Development of FirstBank
FirstBank has experienced several important changes since 1894. The following timeline highlights major stages in its development.
1894: Establishment
The Bank of British West Africa was established under the leadership of Sir Alfred Jones to support trade and commerce in West Africa.
1896: Expansion into Ghana
The bank's historical records identify the opening of an international branch in Accra in 1896, marking an early stage of its regional expansion.
1898: Expansion into Sierra Leone
The institution opened a branch in Freetown, Sierra Leone, extending its presence in West Africa.
1912: Acquisition of the Bank of Nigeria
FirstBank's predecessor acquired the Bank of Nigeria, which had previously been known as the Anglo-African Bank. The transaction represented an important step in the institution's expansion.
1957: Change of Name
The Bank of British West Africa became the Bank of West Africa.
1966–1969: Further Corporate Changes
Following a merger with Standard Bank in 1966, the institution adopted the name Standard Bank of West Africa Limited. In 1969, it was incorporated locally as Standard Bank of Nigeria Limited.
1979: First Bank of Nigeria Limited
The bank adopted the name First Bank of Nigeria Limited.
1991: Public Limited Company
The institution became First Bank of Nigeria Plc.
2012: Corporate Restructuring
The bank returned to the name First Bank of Nigeria Limited following a restructuring that separated its commercial banking business from the holding company's other businesses.
These milestones demonstrate how the institution evolved in response to changes in ownership, regulation, trade and the Nigerian economy.
6. Country of Origin and Headquarters
FirstBank originated in Nigeria, where its banking operations began in Lagos in 1894.
Its current headquarters is located at:
Samuel Asabia House
35 Marina
Lagos Island, Lagos State
Nigeria
Lagos is one of Nigeria's principal financial and commercial centres. Its location has helped the bank serve businesses, government institutions, traders and individual customers.
The bank operates within Nigeria's regulated financial system and is subject to applicable Nigerian banking laws and Central Bank of Nigeria regulations.
7. Countries Where FirstBank Operates
FirstBank has expanded beyond Nigeria through subsidiaries and other international offices. Its international footprint has changed over time, so readers should distinguish between countries where it operates a licensed banking subsidiary and countries where it maintains a representative office.
The bank's published corporate information identifies operations or offices associated with the following locations:
Nigeria
United Kingdom
Democratic Republic of the Congo
Ghana
The Gambia
Sierra Leone
Guinea
Senegal
France, through its UK subsidiary's Paris office
China, through a representative office in Beijing
The exact structure and status of individual subsidiaries can change. The presence of a representative office does not necessarily mean customers can open ordinary local bank accounts there.
For customers outside Nigeria, it is advisable to visit the official website for the relevant country or subsidiary to confirm available products, eligibility requirements and regulatory status.
8. Types of Accounts Offered by FirstBank
FirstBank offers different account options to meet the needs of individuals, businesses and customers who require international banking services.
Savings Account
A savings account is designed for people who want to keep money safely while maintaining access to their funds.
It may be suitable for students, salary earners, families and individuals saving for future expenses.
Current Account
A current account is intended for customers who need to carry out regular financial transactions.
It can be useful for salary earners, professionals, traders and businesses that make frequent payments and transfers.
Domiciliary Account
A domiciliary account allows eligible customers to hold money in a foreign currency, subject to the bank's account terms.
It may be useful for people who receive foreign payments, conduct international business or need to hold eligible foreign currencies.
Corporate and Business Accounts
Businesses can apply for accounts designed to manage company funds, receive customer payments, pay suppliers and conduct other business transactions.
The documents required depend on the business structure and applicable regulations.
Diaspora Banking Accounts
FirstBank provides diaspora account-opening options for eligible customers abroad, including certain naira, domiciliary, savings and current account options.
Applicants should check the official diaspora banking portal for the requirements applicable to their country of residence.
9. FirstBank Account Opening Requirements
The documents required depend on the type of account, the applicant's age, residency, identity documents and applicable regulatory requirements.
For an ordinary individual account, applicants may be asked to provide:
A valid means of identification, where required.
A Bank Verification Number (BVN), where applicable.
A National Identification Number (NIN), where applicable.
A valid phone number.
An email address, where required.
A residential address and supporting information.
A passport photograph, where required.
Additional identity or verification documents requested by the bank.
For business accounts, the bank may require business registration documents, tax information, identification of directors or beneficial owners, and other company records.
Customers should not assume that every account requires exactly the same documents. Some entry-level accounts may have simpler requirements than fully verified accounts.
Applicants should confirm the current requirements directly with FirstBank before starting the process.
10. Savings Accounts and Their Benefits
A FirstBank savings account can help customers organise their finances and set money aside for future needs.
Potential benefits include:
Keeping personal funds in a bank account.
Receiving eligible transfers and payments.
Accessing supported electronic banking channels.
Using an eligible debit card.
Monitoring balances and transactions.
Building a consistent savings habit.
Interest rates, minimum balances, withdrawal conditions and applicable charges depend on the account type and the bank's current terms.
Before opening an account, customers should review the applicable conditions and compare them with their financial needs.
11. Loans and Financial Assistance
FirstBank provides different credit products for eligible individuals and businesses.
Depending on the product, these may include:
Personal loans.
Salary-backed loans.
Vehicle financing.
Education-related loans.
Business and SME financing.
Invoice discounting.
Trade and distributorship finance.
Bank guarantees and other commercial credit facilities.
Loan approval is not automatic. The bank may assess an applicant's income, repayment ability, employment status, business performance, credit history, documentation and other eligibility conditions.
Before accepting a loan, customers should understand the interest rate, repayment schedule, total borrowing cost, fees, collateral requirements and consequences of missed payments.
For current loan products and application requirements, visit the official FirstBank website.
12. Money Transfers and Payment Services
FirstBank supports a range of domestic and international banking transactions through its available channels.
These services may include:
Transfers between FirstBank accounts.
Transfers to other Nigerian banks.
Eligible international transfers.
Bill payments.
Airtime and data purchases.
Debit card payments.
ATM withdrawals.
Point-of-sale transactions.
Business collections and payment services.
Transfer limits, charges, processing times and supported currencies vary according to the service and applicable regulations.
Customers should confirm the recipient's details before authorising a transfer and keep their transaction references for future enquiries.
13. FirstMobile App and Digital Banking
FirstMobile is FirstBank's mobile banking application, designed to give customers access to supported banking services through compatible mobile devices.
Depending on the customer's account and the app's current features, services may include:
Checking account balances.
Viewing transaction history.
Transferring funds.
Paying bills.
Buying airtime and data.
Managing eligible payment cards.
Accessing other available digital banking services.
To get started, customers should locate the official FirstMobile app through a trusted app store, confirm the publisher and follow the bank's registration and verification instructions.
Never share your PIN, password, one-time password or other confidential authentication information with anyone claiming to be a bank representative.
14. FirstOnline Internet Banking
FirstOnline is FirstBank's internet banking platform for customers who prefer to access banking services through a web browser.
Depending on account eligibility and the services enabled, it may allow customers to:
Check balances.
View account statements.
Transfer money.
Pay supported bills.
Purchase airtime or data.
Manage selected banking transactions.
Customers should access internet banking through the bank's official website and avoid entering their credentials through links sent by unknown people.
15. FirstBank USSD Banking
FirstBank provides USSD banking through the short code *894#.
USSD banking is particularly useful for customers who need access to supported services without using mobile internet.
Available services may include checking balances, transferring funds, buying airtime and carrying out other supported transactions.
Customers should use their registered phone number and follow the on-screen instructions. Service access, transaction limits and charges depend on the applicable terms.
Before using a USSD code found on another website, confirm it through FirstBank's official channels.
16. FirstBank Customer Support
Customers can contact FirstBank when they need help with account opening, transfers, card problems, digital banking, complaints or other banking matters.
The bank provides customer support through its official website, branches and published contact channels.
Its published contact information includes:
FirstContact: 0700-FIRSTCONTACT (0700-34778-2668228)
Other published numbers: 01-4485500 and 0708-062-5000
Online complaints portal: https://complaints.firstbanknigeria.com/
Because contact details can change, confirm the latest numbers on the official website before calling.
When reporting a failed transaction, provide the relevant transaction reference and date, but never disclose your PIN or password.
17. Official Website and Banking Regulator
FirstBank's official Nigerian website is:
https://www.firstbanknigeria.com/
Its corporate history and additional information can also be found at:
https://firstbankgroup.com/ng/home/about/our-history/
The principal banking regulator in Nigeria is the Central Bank of Nigeria (CBN), which oversees banks and other regulated financial institutions within its statutory responsibilities.
Official regulator website: https://www.cbn.gov.ng/
FirstBank's UK subsidiary is separately subject to applicable UK financial regulation. Customers should check the regulator and legal entity relevant to the country where they are opening an account.
18. How to Open a FirstBank Account
Customers can begin the account-opening process online or visit a FirstBank branch, depending on the account type and eligibility requirements.
Step 1: Visit the Official Website
Go to https://www.firstbanknigeria.com/ and look for the account-opening options.
Step 2: Choose an Account Type
Select the account that best matches your needs, such as a savings, current, business or eligible diaspora account.
Step 3: Prepare Your Documents
Gather the identity documents and personal or business information required for the selected account.
Step 4: Complete the Application
Fill in the application form accurately. Ensure that your name, date of birth, contact details and other information match your supporting documents.
Step 5: Complete Verification
Follow the bank's identity verification instructions. You may need to provide additional documents or visit a branch.
Step 6: Receive Your Account Details
Once your application is approved and the account is opened, follow the bank's instructions to access your account and activate any available digital banking services.
Step 7: Review Your Account Terms
Check the account's charges, transaction limits, minimum balance conditions and other applicable terms.
Official online starting point: https://ibankonline.firstbanknigeria.com/digital-account-opening
The availability of fully online account opening depends on the applicant's circumstances and the selected account.
19. FirstBank Account Opening Fees and Charges
Customers often want to know whether FirstBank charges a fee to open an account.
The cost depends on the account type and the bank's current terms. Account opening, minimum opening balance, account maintenance, debit cards, transfers and other transactions may be treated differently.
Before publishing a specific amount, check the bank's current tariff guide and the terms for the particular account.
| Item | What to verify |
|---|---|
| Account opening | Whether an opening deposit or initial funding is required |
| Minimum balance | Whether the account has a minimum balance condition |
| Account maintenance | Applicable periodic charges, if any |
| Debit card | Issuance, replacement and related charges |
| Bank transfers | Applicable transfer fees and taxes |
| ATM transactions | Withdrawal limits and applicable charges |
| International transfers | Currency conversion, transfer and intermediary bank fees |
| Loan applications | Interest, processing fees, insurance and other applicable costs |
Fees and taxes may change due to bank policy or regulatory updates. Do not rely on an old tariff or an unverified social media post.
For the most accurate information, consult the official website, current tariff documentation or a FirstBank customer service representative before opening an account.
20. Benefits of Banking with FirstBank
FirstBank has several characteristics that may appeal to customers looking for a commercial bank.
Long operating history: The institution has operated since 1894 and has a long-standing role in Nigeria's banking industry.
Multiple banking channels: Customers can access eligible services through branches, mobile banking, internet banking and USSD.
Personal and business services: The bank serves individuals, small businesses, larger companies and public-sector organisations.
International connections: Its subsidiaries and international offices support selected cross-border banking activities.
Different account options: Customers can explore savings, current, business and foreign-currency account options, subject to eligibility.
Payment and credit services: The bank provides payment services and credit products for qualified customers.
The best choice of bank depends on the customer's needs, location, fees, access to services and eligibility. Prospective customers should compare the relevant terms before making a decision.
21. Frequently Asked Questions
When was First Bank of Nigeria founded?
FirstBank was established in 1894 under the name Bank of British West Africa.
Who founded FirstBank?
The bank was founded by Sir Alfred Jones, a British shipping magnate from Liverpool, England.
Where is FirstBank's headquarters?
Its headquarters is at Samuel Asabia House, 35 Marina, Lagos Island, Lagos State, Nigeria.
Is FirstBank a Nigerian bank?
Yes. First Bank of Nigeria Limited is a Nigerian commercial bank with a long history of providing financial services in Nigeria.
Can I open a FirstBank account online?
Some account types can be initiated online. The process and eligibility depend on the account, your documents and the bank's verification requirements.
What do I need to open a FirstBank account?
Requirements depend on the account type but may include identification, BVN or NIN where applicable, contact details and other verification documents.
Does FirstBank provide loans?
Yes. It offers credit products for eligible individuals and businesses. Approval and terms depend on the particular product and the applicant's circumstances.
Does FirstBank have a mobile app?
Yes. FirstMobile is one of the bank's digital banking channels. Customers should use the official app listing and follow the bank's registration instructions.
What is FirstBank's USSD code?
FirstBank's published USSD banking code is *894#. Confirm the latest instructions and applicable charges with the bank.
What is FirstBank's official website?
The official Nigerian website is https://www.firstbanknigeria.com/.
Which regulator supervises FirstBank in Nigeria?
The Central Bank of Nigeria is the principal regulator of banks in Nigeria.
Conclusion
First Bank of Nigeria has a long and significant history in the development of banking in Nigeria. Founded by Sir Alfred Jones in 1894, the institution began by supporting commercial activity and developed into a bank offering a wide range of financial services.
Today, FirstBank provides banking solutions for individuals and businesses through traditional branches and digital channels. Its services include savings and current accounts, transfers, payments, loans and internet banking, subject to the relevant terms and eligibility requirements.
Anyone considering opening a FirstBank account should verify the current requirements, fees and available services through the bank's official channels.
For readers of Global Bank Hub, understanding a bank's history is only the beginning. Comparing its account options, digital services, charges and customer support can help readers make more informed banking decisions.
Do you currently use FirstBank, or are you planning to open an account? Share your experience or questions in the comments section. Your contribution may help other readers understand the bank better.
