First City Monument Bank (FCMB) has introduced a set of new features on its mobile app, led by a reward points system that turns everyday transactions into tangible benefits for customers.

With this update, FCMB shifts the focus from routine banking to value creation, giving customers a stronger reason to engage, transact, and stay within its digital ecosystem.

At the centre of the upgrade is the Reward Points feature, which allows customers to earn and redeem points on transactions made in the app. The more customers use the platform, the more value they unlock, creating a direct link between daily banking activity and real-life rewards.

Beyond the rewards, the enhanced app introduces a Regal Premium Lifestyle Subscription that offers users access to curated lifestyle benefits across travel, dining, and entertainment, plus a three-month free transfer for new-to-bank customers.

Customers can now access mutual fund investments directly within the app, helping them grow wealth without multiple platforms. This feature reinforces FCMB’s commitment to empowering customers with accessible financial tools.

To improve customer experience, the app now includes “Chat with Temi”, an intelligent in-app support feature that delivers instant assistance and quicker issue resolution.

Speaking on the update, Oladipo Alabede, divisional head, Payments and Solutions, said: “At FCMB, we are constantly innovating to meet the evolving needs of our customers. These features are designed to provide convenience, reward loyalty, and empower our customers to do more with their finances, right from their mobile devices.”

In line with its financial inclusion drive, FCMB has simplified account upgrades from Tier 1 to Tier 2, allowing customers to access enhanced banking services without visiting a branch.

Additionally, the introduction of instant virtual card request and activation ensures customers can immediately create and use secure digital cards for online transactions.

Adetunji Lamidi, divisional head, Personal Banking, emphasised the Bank’s digital transformation journey: “These upgrades reflect our technology-driven strategy to build a smarter, more intuitive banking platform. By integrating intelligent support systems like Temi and enabling instant services such as virtual card activation, we are redefining convenience and accessibility in banking.”

This comprehensive upgrade reflects FCMB’s ongoing commitment to innovation, customer focus, and digital excellence, positioning the mobile app as a one-stop platform for seamless, rewarding, and future-ready banking.

Customers are encouraged to update or download the FCMB Mobile App today from their app store to use these new features and take full control of their financial journey.

Nigeria has accessed the first tranche of its $5 billion derivatives financing arrangement with First Abu Dhabi Bank (FAB), drawing about $1.5 billion under the deal approved by the national assembly in March.

This is despite caution by the International Monetary Fund (IMF)  against proceeding with the proposed $5 billion structured Total Return Swap (TRS) financing program with First Abu Dhabi Bank.

IMF said that the complex derivative-based financing agreements are often opaque and carry hidden financial risks.

According to Bloomberg on Friday however, the federal government received the funds in the past two weeks through a structured total return swap (TRS) transaction with the United Arab Emirates’ largest lender, citing people familiar with the matter.

On March 31, the national assembly approved President Bola Tinubu’s request to secure up to $6 billion in external borrowing.

The borrowing plan comprised two facilities from the United Arab Emirates (UAE) and the United Kingdom, including a structured TRS financing programme of up to $5 billion from First Abu Dhabi Bank.

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Tinubu had said the proposed borrowing would increase Nigeria’s public debt stock, which stood at $110.3 billion (about N159.2 trillion) as of December 31, 2025.

The drawdown comes despite concerns raised by Fitch Ratings over the financing arrangement.

Fitch warned that while such transactions can provide liquidity, diversify funding sources and lower borrowing costs, they often fall outside conventional debt-reporting frameworks and could weaken transparency and legislative oversight.

The rating agency also said the structure could expose Nigeria to additional foreign exchange risks if domestic bond yields rise or the naira depreciates.

Also, the International Monetary Fund has cautioned that the derivative-based financing arrangements are often opaque and complex, making it difficult to assess the full extent of governments’ debt obligations.

PalmPay has reinforced its commitment to responsible data governance and customer information protection through a specialised two-day data protection workshop for employees and the launch of its internal Privacy Champions Programme, an initiative designed to strengthen awareness, accountability, and responsible data handling across the organisation.

The initiative comes at a time when data protection is increasingly critical following recent reports of recorded 281,500 compromised user accounts in the first quarter of 2026, ranking 34th among the world’s most breached countries, according to a new quarterly data breach analysis by cybersecurity firm, Surfshark.

Facilitated by the Nigeria Data Protection Commission (NDPC) and leading Data Protection Compliance Organisation (DPCO) TechHive Advisory, the two-day workshop equipped employees with practical knowledge on privacy governance and data protection obligations, incident awareness, and the role each employee plays in protecting personal data.

The initiative forms part of  PalmPay’s ongoing efforts to   advance compliance with the Nigeria Data Protection Act (NDPA) 2023. It also reflects the company’s continued investment in safeguarding customer information and fostering a culture where privacy remains everyone’s responsibility.

The Privacy Champions Programme establishes a network of employee representatives across business functions who will support awareness, promote best practices and help strengthen the organisation’s privacy culture. By integrating privacy considerations into day-to–day activities the initiative aims to further enhance accountability and reinforces customer trust.

Speaking on the initiative, Managing Director of PalmPay, Chika Nwosu, stated: “At PalmPay, protecting customer information is fundamental to maintaining the trust our customers place in us everyday, and remains central to our operations. Statistically, 10 out of 100 Nigerians have been affected by data breaches.

Hence, we have a greater responsibility to ensure that personal information is collected, processed, stored, and protected responsibly. This specialised training reflects our continued investment in strengthening internal awareness and ensuring our teams remain equipped to uphold the highest standards of data privacy and protection.”

As a digital financial services platform serving millions of users, PalmPay reaffirmed that privacy and data protection remain embedded in its operational culture, with continuous investments in data governance practices.

PalmPay also encourages customers to remain vigilant and adopt safe digital practices, including protecting account credentials, exercising caution when sharing personal information online, and reporting suspicious activities promptly. The company maintains that building a secure digital ecosystem requires a shared commitment from organisations, regulators, and users alike.