Basic Features of Nigeria Debit Cards - Verve, MasterCard & Visa Debit Card

According to brands, there are currently three types of ATM debit cards for bank accounts in various banks. They are:

1. Verve Card
2. MasterCard
3. Visa Card.

These cards have their various features that makes them unique in their own ways. We'll look at these features briefly.

Verve Card

1. It is Flexible, can be used across multiple channels such as ATMs, Web and POS terminals. However it can only be used on "domestic" websites, (i.e. Nigerian sites) bearing the Interswitch or Verve acceptance mark, e.g. Quickteller. This means it can't be used for international payments.
2. It can be used for multiple Value-Added Services such as Airtime recharge, Bills payments, funds transfer using Quickteller, shopping, e.t.c.
3. Users get to enjoy discounts targeted at Verve cardholders. Visit their website 'Ververewards.com' to take a 'look and keep tips" of the exclusive collection of discounts for Verve cardholders and take advantage of the program’s benefits wherever you go.
4. Also, some banks may have some special offers and discounts for their customers having the verve card.
5. Your funds are protected from making foreign payments.
6. Probably cheaper to get. Some banks charge N700 for issuing Verve cards.

MasterCard

1. Some spending limits are applied which can save you from total funds drainage should your card get to the wrong hands. The limits can be lifted on request by the cardholder.
2. It is Accepted internationally, wherever the MasterCard logo is displayed. Meaning it can be used when traveling out of the country and on millions of websites , both domestic and foreign, with Mastercard support.
3. It is an EMV card with enhanced security that ensures safety of your funds and transactions, and In some cases, it provides extra protection for Web based transactions with “SecureCode” for International web transactions and Safetoken for local web transactions also.
4. It enables you to spend in Naira wherever you go in the world as any transactions you carryout are debited directly to your Naira account. Meaning no need to source for foreign exchange.The disadvantage of this is that as 'dollar($)' rises, you get debited high as for the present exchange rate
5. It is Accepted across multiple channels such as ATM, POS, Web, e.t.c.
6. Card validity period of 3 years from the date of issuance.
7. As a users you can enjoys discounts and special offers targeted at MasterCard cardholders by the company and also the bank you banking with. Please kindly visit the site here to download the Priceless Africa Mobile App to gain access to an exclusive collection of discounts specially packed for MasterCard cardholders to live a unique moment in their favorite cities and places, and also to carry the benefits the program as in stock wherever the client go.

Visa Card

1. It also has a spending limit which can be lifted by the cardholder on request to the bank.
2. It is an EMV (Chip & PIN) card with advanced security that guarantee safety of your funds and transactions. Some banks Visa Debit card is a dual currency card that allows you spend Naira during domestic transactions from your Naira account and Dollars during intentional transactions from your domiciliary account.
3. It's a globally acceptability for ATM withdrawals, payment at POS terminals, as well as via internet to pay for goods and services by millions of websites that accept Visa cards for payments either for domestic or international level.
4. Card validity period of 3 years from the date of issuance.

As far as most consumers are concerned, there is no real difference between the Mastercard and Visa card. They are both widely accepted in over more than two (2) hundred countries  on the ATM that has the Card Logo on them.


So you should go for a Card that best meets your requirements, so you don't get frustrated by any limitation which may probe you to waste resources by having multiple cards for just one bank account.

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How To Apply for A First Bank ATM Card

 After 'opening a savings account' with First Bank, it's most likely that you will need an ATM debit card linked to your new bank account in order to enjoy the benefits of ATMs.
Read: How To Open a First Bank Savings Account

You don't really need any document or item to apply for a debit card for your bank account, like you needed for opening the account.

All you need to do is get the application form for debit card from the customers service desk, and fill the form, ensuring that the entered information are similar to those used in opening your bank account.

In the form you about to fill, you would be needing to choose the type of debit card you want; whether 'MasterCard, Visa or Verve'. Though, Mastercard and Visa cards have advantage of acceptance for both domestic and foreign online transactions, unlike verve that supports only domestic transactions. So you may want to choose wisely.

Read: Type of First Bank account

Although, you can always apply for another '(extra) card 'for the same account afterwards. Meaning that you can use more than one type of ATM card with one bank account, but you will have to pay separately for each.

First Bank charges about 'N1,000' to issue an ATM card of your choice in the application form to you. Therefore, you will need to have a minimum of one thousand Naira in your account for a successful application.

A new ATM card would be linked to your account by the customer Centre. After which you card with be activated and your 4-digit PIN assigned to it by you - either inside the bank or at any of the branch's ATMs.

Your PIN should be something you can easily remember and privy to yourself only, and/or those you trust. Because your pin is one of the safety measures put in place by banks to secure your account and the money in that account.


You can start using your ATM card for transactions after assigning a Pin to it.

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TYPES OF FIRST BANK SAVINGS ACCOUNT IN NIGERIA

It is no longer rumor or news on how to open a First Bank saving account in Nigeria. Nevertheless, this article will explain types of First Bank savings account in Nigeria and the type that is also suitable for your financial needs.

Good things about this type of First Bank Savings account are kind of hybrid savings account that runs on a savings platform with current account features for your convenience. Is that not good? 

Types of First bank Savings account in Nigeria

• Normal Savings account
•  FirstSavings Plus account
•   FirstInstant Accoun
•  KidsFirst Account
• MeFirst Account
• ExplorerFirst Account

Normal Savings account

We all know this type of account. As its implied, its is the Normal saving account that you can open easily without too much documents and yet with accumulative interest at the end of the month.

Documents Requires for this type of Normal Saving account

• Normal Savings account opening Application Form.

• A valid means of identification (Drivers License, National ID Card or International Passport)
• A valid proof of address of residency e.g. current Utility Bill not exceeding 3 months
•   You two passport size photographs.

To open this FirstSavings Plus account type:

Complete the form at any First Bank branch nationwideand with the above listed required documents.

FirstSavings Plus account

As a customer, if you open this type of account called FirstSavings Plus account of First Bank Plc, you are allowed to issue cheques to the third party. You can also pay cheques and dividend warrant in account holder’s name.

You can also allows Intersol withdrawals from any FirstBank Branches nation-wide.

Other Benefits of FirstSavings Plus accounts are as follows:

·        As a customer, you are allowed to issue cheques to the third party.

·        You can pay cheques and dividend warrant in account holders name.

·        Allows Intersol withdrawals from any FirstBank Branches nation-wide.

Documents Requires for this type of FirstSavings Plus account

• FirstSavings Plus account opening Application Form.
• A valid means of identification (Drivers License, National ID Card or International Passport)
• A valid proof of address of residency e.g. current Utility Bill not exceeding 3 months
• Two satisfactory references
• Two passport size photographs of Applicant.

To open this FirstSavings Plus account type:

• v Download the FirstSavings Plus Account Opening Form. You can get the form link here
• Complete the form and with the above listed required documents, and lastly, submit at the nearest FirstBank branch nationwide.

FirstInstant Account

 FirstInstant Account is a type of First Bank savings opening products that First Bank of Nigeria designed for the unbanked and underbanked people to enable them to enhance financial inclusion.

Features and Benefits of FirstInstant Account

• You must have a minimum opening balance of N1,000 only
• You must have minimum operating balance of N500 only
• This type of Account opening requires only two ( 2) passport photos
• Deposit to this type of Account must not exceed maximum of N20,000 per transaction and;
• The maximum allowed balance on this type of account is N200,000.
• A daily lodgement must not exceed maximum  of N20,000
• Also, customers must provide full documentation when the account balance reach maximum of Twenty thousand Naira only( N200,000)
• This type of account has a regular savings interest rate of 3.6%.
• This account can also be opened as a Salary Account.
• Its has an easy documentation on account opening
• No limit on number of withdrawals

To open this FirstInstant account type:

·         Complete the form at any First Bank branch nationwideand with the above listed required documents.

KIdsFirts Saving Account Type 

KidsFirst is the type of Saving Account created to encourage an exciting new account opening for children that are aged 0-12. 

You can see that First Bank Plc take their young customers seriously, so they have better offer for young generation in other to serve them better. So, at the First Bank Plc – “At FirstBank, Kids come First”

Features of Kids First Account

• This type of saving account is opened in the child’s name and operated by the parent or guardian.
• First Bank offers those child’s Gift items & Scholarships
• The minimum account opening or operating balance of N1,000
• They have Automatic Transition to MeFirst  account when the child attains the age of 13
• This type of account is easing and convenience to operate an online banking
• The accunt can receive Cheques or Dividend warrant which is up to N200,000 to the account

Other kidsfirst Account Benefits

• The Child get trendy of gift item when the account is opened with a minimum of N10,000.00 and above.

To open this KidsFirst account type:

·         Complete the form at any First Bank branch nationwideand with the above listed required documents.

MeFirst Saving Account opening

This type of account enable child as he moves through the teenage years. This account is design to meet customer’s special needs and also teach on how to spend and save money, while also engaging them with other fun activities.

The MeFirst account is for teenagers between the ages of 13 - 17 years

Features of MeFirst Account type

• Account is opened in the child’s name and operated by the parent/guardian.
• Minimum Account opening/operating balance is N1,000.
• Automatic transition to XploreFirst Account when the teenager attains the age of 18 years.
• Pre-paid card for the child (in 5 design options) on which parents/ guardians can load weekly/monthly allowances

Benefits of MeFirst Account type

• Gift item will be to the teenager when the account is opened.
• The Account holder qualify for raffle draws to win N300,000 when account balance  is on average of N150,000 for 12 months.
• Cheques & Dividend warrants lodgment into the account.

To open this MeFirst account type:

·         Complete the form at any First Bank branch nationwide and with the above listed required documents.

XplorerFirst Account Opening

This product is targeted at the youths between the ages 18 – 24 years as they evolve from their teenage years into adulthood and become independent

Features of XplorerFirst Account type

• You must attain a minimum of opening balance of N1,000.
• You must maintain minimum operating balance of N200.
• Automatic migration to regular savings account when the account holder graduates.
• Flexible means of identification

Benefits of XplorerFirst Account

• Discounted cost of Verve Debit Card
• Annual Youth scholarship award of N150,000 to 18 undergraduates from the six geo-political zones across the country.
• Participation in a bi-annual XploreFirst Essay and Quiz Competition to win “Youth of the Year”, with cash prizes, a fun filled year, and other attractive benefits. Runners up would also win cash prizes.
• Access to business startup capital upon graduation.
• Cheques/Dividend warrants lodgment
• Participation in all savings loyalty campaigns

To open this XplorerFirst account type:

·         Complete the form at any First Bank branch nationwide and with the above listed required documents.

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HOW TO OPEN A DOMICILIARY ACCOUNT IN NIGERIA

If you are ever wiling to open a foreign currency account, then the best will be a domiciliary account. Virtually, all banks in Nigeria opens a domiciliary account for their customers when requested. Are you looking for a bank that specifies more on domiciliary account? Then, I think you should have heard of the bank called Guaranty Trust Bank (GTB). To open a domiciliary account in Nigeria, check the steps below.

REASONS FOR  NIGERIANS TO OPEN AND OWN A DOMICILIARY ACCOUNT?

There are many advantages of opening a domiciliary account as a Nigerian. It makes you to be able to transfer money to your friends, family and loved ones across the country. You can make a request from your bank to send a designated amount of money to another account either within or to another bank.

OPENING A DOMICILIARY ACCOUNT IN NIGERIA – IT HAS NEVER BEEN EASIER THAN THIS!!

The following document will need to be in place in order to open a domiciliary account in Nigeria:

·         ANY UTILITY BILL: Come along with any utility bill (e.gs are PHCN, WATER CORPORATION BILL, or NITEL BILL)

·         Two passport photograph

·         100 dollars or 50 pounds ($50 for Gtbank)

·         REFERENCE LETTERS OR ATTESTATION LETTERS: You must come along with 2 attestation letters. The people who are going to write this letter are customers who already have a domiciliary account with the same bank you are opening the domiciliary account with.

·         MEANS OF IDENTITY: You can come along with either of the following – driver’s license, national identification card, tax clearance card, or international passport.

FILL THE FORM PROPERLY

In the process of filling the form, make sure you go through all the available currencies present in the form. By doing this, you won’t have to engage in filling a new form every time you need a transaction in new currencies.

WHAT IF YOU HAVE A CURRENT ACCOUNT

Already owing a current account with banks like GTB, also makes it easier because they have your information file and it makes the requirement reduced to only 2 passport photographs in lieu of other documents.

TRANSACTION FEE: Charges from the bank vary from one bank to another. GTB charges 1% from any domiciliary transaction been made.

AVALIABLE ACCOUNT BALANCE:  GTB allows you to operate under zero balance, which  simply means that you can withdraw all your money without complain or issues.

BENEFITS OF OWNING A DOMICILIARY ACCOUNT IN NIGERIA.

• You can make international transactions with the account.
• It give you the opportunity to transfer money to any bank around the world.
• You will always find your account having an interest rate of 0.40% per year as long as the account balance is not lower than 50 pounds or 100 dollars.
• You can use the account to trade binary or forex trading.
• It makes you to be able to withdraw your money in any currency.
• A credit card will also be issued to you for making payment onine anywhere in the world.

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