First Bank is Nigeria’s oldest bank. Founded in 1894 — before Nigeria was a country — it has outlasted colonial administrations, military governments, currency changes, and every banking crisis the country has experienced in 130 years. That longevity is not trivial. It represents an institutional depth and a government relationship that no bank founded in the 1990s or any fintech platform can replicate.
But longevity is not the same as excellence. In 2026, First Bank competes in a market where GTBank, Zenith, Access, Kuda, and OPay are all fighting for the same customers with better apps, faster transfers, and more compelling savings products. The question this review answers is not whether First Bank has survived — it obviously has. The question is whether it deserves to be on your phone and in your financial stack in 2026.
What First Bank Is in 2026
First Bank of Nigeria Limited — now a FirstHoldCo Company — is Nigeria’s premier and most valuable banking brand, and largest financial services institution. It operates as a full CBN-licensed commercial bank with deposits insured by the NDIC up to ₦5,000,000 per depositor.
With over 750 branches and more than 3,000 ATMs across Nigeria, First Bank has one of the most extensive physical networks in the Nigerian banking sector — significantly larger than GTBank (250+ branches) and Zenith Bank (500+ branches). For Nigerians in states and local government areas where digital banking still has gaps, First Bank’s physical presence is a genuine practical advantage.
The bank operates in over 10 African countries and maintains a subsidiary in the UK, making it one of the more internationally connected Nigerian banks for customers with cross-border needs.
First Bank Account Types
Current Account
A full-feature transaction account supporting all banking channels — FirstMobile app, internet banking (FirstDirect2.0), USSD (*894#), ATM, POS, and branch. No transaction volume limits for fully verified accounts. Suitable for salary receipt, large transfers, and business operations.
Savings Account
First Bank offers multiple savings account variants:
Regular Savings Account: Standard savings earning modest interest in the 1% to 4% per annum range — the same low-rate reality shared by all traditional Nigerian commercial banks. Not the right tool for growing money.
FirstSave: A target savings product allowing customers to lock money for a defined period at higher interest rates. Designed for goal-based saving.
KidsFirst Account: A savings account for children under 18, designed for parents saving on behalf of minors.
Student Account: Designed for secondary and tertiary students with simplified documentation requirements, no minimum balance, and student-friendly terms.
Domiciliary Account
First Bank’s domiciliary account supports USD, GBP, and EUR holdings. FCY Intra-Bank Transfers — transferring foreign currencies between First Bank accounts — are now supported directly from the FirstMobile app. For Nigerians regularly handling foreign currency, First Bank’s domiciliary account is a credible CBN-licensed option backed by the bank’s international network.
Corporate and SME Banking
First Bank has a strong corporate banking track record — trade finance, letters of credit, and business credit lines. For SME owners needing a traditional bank partner with branch presence across all states, First Bank’s extensive network is among the strongest.
First Bank USSD Code: *894# (Quick Banking)
*894# is a quick, convenient, secure and easy way to perform banking transactions — transfer money, check balance, buy airtime, pay bills and more — anytime and anywhere, using any type of phone without internet access.
The primary First Bank USSD code is *894#, which allows customers to perform banking transactions directly from their phones without internet access. First Bank USSD works on all mobile phones and networks across Nigeria, making it ideal for offline banking.
Key USSD shortcuts:
| Service | USSD Code |
|---|---|
| Main menu | *894# |
| Check account balance | *894*00# |
| Mini statement | *894*AccountNumber# |
| Transfer to First Bank account | *894AmountAccountNumber# |
| Transfer to other banks | *894AmountAccountNumber# (follow prompts) |
| Buy airtime for yourself | *894*Amount# |
| Buy airtime for others | *894AmountPhoneNumber# |
| Apply for FirstCredit loan | *894*11# |
| Pay bills | *894# → Pay Bills |
| Open First Bank account | *894# → Open Account |
| Block account / card | *894# → Security Options |
Activation: Customers can activate *894# in three steps: dial *894*0#; enter a four-digit Personal Identification Number (PIN) linked to the account. The service works on any mobile phone — smartphone or basic handset — on any Nigerian network.
Beneficiary accounts are credited instantly with alert notifications. *894# makes banking services available across all GSM networks on any type of handset or device — iPhone, Android, Blackberry, and even basic feature phones. It requires no internet service connection and can be used in remote locations across Nigeria.
FirstMobile: The Mobile App
FirstMobile is the official mobile banking smartphone application from FirstBank. It provides convenient access to both financial and non-financial transactions by FirstBank account holders via their mobile phones/devices. New customers can download the app and open a First Bank account while existing customers with Verve or Naira Mastercards can register and begin using the app without visiting a physical branch.
Key FirstMobile features in 2026:
Higher ₦25 million transfer limit, OTP via email, consumer loans in-app, smarter card services, and Send Money Across Africa (PAPSS) for seamless local-to-local transfers to other African countries.
The ₦25,000,000 daily transfer limit is the highest confirmed single-app limit among Nigerian traditional banks — higher than GTBank’s standard limit and matching OPay’s Tier 3 ceiling. For high-volume business users, this is a meaningful practical advantage.
What FirstMobile does well: The recent app updates have improved receipt generation, FCY intra-bank transfers, and the loan application experience. Card delivery and activation without a branch visit is now supported.
What FirstMobile struggles with: User reviews on the App Store describe First Bank as “that giant elephant” that is “sometimes useless” — the apps should be “seamless and easy hustle free.” App crashes, slow loading, and failed transactions during peak periods are the most consistent user complaints. First Bank’s USSD *894# remains the reliable backup — and for many users, the primary channel.
First Bank Transfer Charges in 2026
First Bank-to-First Bank transfers: Free on FirstMobile and internet banking for internal transfers.
First Bank to other banks (NIP): Standard CBN NIP fees — ₦10 for amounts up to ₦5,000, ₦25 for ₦5,001 to ₦50,000, and ₦50 for amounts above ₦50,000.
Stamp duty (from January 2026): ₦50 on all transfers of ₦10,000 and above — applies to all Nigerian banks and fintechs.
USSD charges: Standard network provider USSD session fees apply. Airtime and data purchases via USSD may be exempt from per-session charges depending on the network.
Card maintenance: Standard quarterly naira card maintenance fee — approximately ₦50/month (₦600/year). Card replacement costs ₦1,000 to ₦1,500.
SMS alerts: Per-message SMS fee or monthly bundle option. Switch to email alerts to avoid SMS charges.
FirstCredit: First Bank’s Digital Loan Product
FirstCredit is a quick, hassle-free loan accessible via *894# or FirstMobile. No collateral or documentation required. You can get up to ₦300,000 depending on your account activities. The maximum tenor is 30 days. The interest rate is 8% flat and insurance fee is 5% per transaction.
The real cost of FirstCredit:
FirstCredit charges a flat interest rate of 8%, with an additional 5% insurance fee, which is taken upfront on loan disbursal. In case of default, a penal charge of 1% monthly and a daily interest of 0.3% apply.
On a ₦100,000 FirstCredit loan:
- 8% flat interest: ₦8,000
- 5% insurance fee (deducted upfront): ₦5,000
- You receive: ₦95,000 (after insurance deduction)
- You repay: ₦108,000 in 30 days
The effective cost is higher than the headline 8% suggests because the 5% insurance fee is deducted from the disbursement upfront. You borrow ₦100,000, receive ₦95,000, and repay ₦108,000. The true cost-of-credit on ₦95,000 received over 30 days is approximately 13.7% — steeper than Carbon’s best rate, comparable to FairMoney’s mid-range rates.
Only four loan options are offered at a time. You must have been in a relationship with the bank for at least 6 months to qualify.
How to apply: Dial *894*11# or open FirstMobile → Loans → FirstCredit. No branch visit, no documentation, no collateral.
FirstAdvance: Developed to give customers faster cash. Loan Against Salary is available to salary account holders — tenor spans 36 months with competitive interest rates. For longer-term structured borrowing against your salary, this is an alternative to the 30-day FirstCredit product.
What First Bank Gets Right in 2026
The widest physical network in Nigeria. Over 750 branches and 3,000+ ATMs across Nigeria. In states and LGAs where other banks have zero presence, First Bank has been there for decades. For Nigerians who regularly need cash deposits, in-person dispute resolution, or banking in underserved areas, no other bank matches this coverage.
Full NDIC protection on a 130-year-old institution. First Bank’s institutional depth — operational since 1894, through every Nigerian financial crisis — provides the most conservative possible institutional stability. For large deposits and corporate accounts, this is meaningful.
₦25,000,000 daily transfer limit on FirstMobile. The highest confirmed single-app daily transfer limit among Nigerian traditional banks. Business owners and high-volume users are not constrained.
FCY transfers via app. FCY intra-bank transfers are now supported directly from FirstMobile — a recently added feature that brings First Bank’s digital dollar capabilities in line with competitors.
Pan-African transfers via PAPSS. Send Money Across Africa via PAPSS — seamless local-to-local transfers to other African countries — positions First Bank as the strongest option for Nigerians with regular cross-border payment needs within Africa.
What First Bank Does Not Get Right
FirstMobile app reliability. The app is improving but still draws consistent poor reviews for crashes, slow loading, and failed transactions. Every First Bank user should know *894# as a backup. This is not new — it has been First Bank’s most persistent digital banking weakness for years.
Customer service. Like most large Nigerian traditional banks, First Bank’s dispute resolution, fraud complaint handling, and account restriction processes are slow and frustrating. The physical branch network is a partial offset — you can walk in — but this is cold comfort in a world where digital resolution should be available.
Savings interest rate. At 1% to 4% per annum on standard savings accounts, First Bank offers no competitive advantage over any other traditional bank — and is far below fintech platforms. Move savings to OPay, PiggyVest, or Cowrywise immediately after salary credit.
FirstCredit’s effective cost. The 5% upfront insurance fee makes FirstCredit more expensive than the headline 8% rate suggests. For loan amounts, FairMoney, Carbon, or Branch often offer better effective rates for equivalent short-term borrowing.
First Bank vs The Competition
| Feature | First Bank | GTBank | Zenith | Kuda |
|---|---|---|---|---|
| Monthly maintenance fee | None | None | None | None |
| Card maintenance fee | ~₦50/month | ~₦50/month | ~₦50/month | Free |
| Internal transfers | Free (app) | Free (app) | Free (app) | 25 free/month |
| Daily transfer limit (app) | ₦25,000,000 | Standard | Standard | Lower |
| USSD code | *894# | *737# | *966# | Yes |
| Savings interest | 1% – 4% p.a. | 1% – 4% p.a. | 1% – 4% p.a. | 15% p.a. |
| Digital loan | FirstCredit (8% + 5% insurance, 30 days) | Consumer loans | Payday loan | Kuda Borrow |
| Domiciliary account | Yes | Yes | Yes | No |
| FCY in-app transfers | Yes (recent update) | Yes | Yes | No |
| Pan-African transfers | Yes (PAPSS) | No | No | No |
| Branch network | 750+ (largest) | 250+ | 500+ | No branches |
| NDIC-insured | Yes (full) | Yes (full) | Yes (full) | Yes |
| App reliability | Weak (improving) | Moderate | Moderate | Better |
| Founded | 1894 | 1990 | 1990 | 2019 |
Amaka’s First Bank Setup
Amaka is a 34-year-old secondary school vice-principal in Owerri, Imo State earning ₦215,000 per month. Her employer pays salaries into First Bank — the only tier-1 bank with a full branch in her local government area.
She uses *894# for balance checks (two or three times daily) and occasional airtime purchases. She uses FirstMobile when she needs a receipt for a significant transfer. For daily spending and free transfers, she uses OPay — which she funded by transferring ₦80,000 from First Bank on salary day.
She keeps ₦90,000 in First Bank as her operational buffer and large-transaction account. She moves ₦40,000 to OWealth on the 27th (earning 15% daily interest). She saves ₦25,000 per month in PiggyVest AutoSave.
First Bank is not Amaka’s favourite banking experience. But in Owerri, where the ATM down the road has First Bank’s logo and the one First Bank branch in her LGA processes transactions that no fintech agent can handle, it earns its place in her financial stack.
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Open the Salary Breakdown Tool →
🎯 Try the TurnetFinance Savings Goal Tracker
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🧮 Try the TurnetFinance Loan Calculator
Before accepting a FirstCredit offer, calculate the real cost including the 5% upfront insurance fee. The Loan Calculator shows your exact total repayment — including all fees — before you commit.
Frequently Asked Questions
Q: What is First Bank’s USSD code in Nigeria in 2026?
A: The primary First Bank USSD code is *894#. Key shortcuts: *894*00# to check account balance, *894AmountAccountNumber# to transfer money, 894Amount# to buy airtime for yourself, 89411# to apply for a FirstCredit loan, and *894# → Security Options to block your account or card in an emergency. First Bank USSD works on all mobile phones and networks across Nigeria without internet access.
Q: How much does First Bank charge for transfers in 2026?
A: Internal First Bank-to-First Bank transfers are free on FirstMobile and internet banking. Transfers to other banks attract standard CBN NIP fees — ₦10 for up to ₦5,000, ₦25 for ₦5,001 to ₦50,000, and ₦50 for amounts above ₦50,000. From January 2026, all transfers of ₦10,000 and above also attract a ₦50 government stamp duty. Card maintenance is approximately ₦50 per month.
Q: What is FirstCredit and how does it work?
A: FirstCredit is a quick loan accessible via *894# or FirstMobile with no collateral or documentation required. You can get up to ₦300,000 depending on your account activities. The maximum tenor is 30 days. The interest rate is 8% flat and there is a 5% insurance fee per transaction. The 5% insurance fee is deducted from the disbursement upfront — so on a ₦100,000 loan you receive ₦95,000 and repay ₦108,000. You must have had a First Bank account for at least 6 months to qualify.
Q: Is First Bank safe to keep money in Nigeria in 2026?
A: Yes. First Bank is a CBN-licensed tier-1 commercial bank, fully NDIC-insured up to ₦5,000,000 per depositor, and has been operating continuously since 1894 — through every Nigerian economic and banking crisis. It is one of the most institutionally stable financial organisations in Nigeria. The main practical concerns are app reliability and customer service responsiveness, neither of which affects the safety of deposits.
Q: Should I use First Bank or a digital bank like Kuda or OPay?
A: Use both strategically. Keep First Bank for salary receipt, large transactions, domiciliary account needs, and access to physical branches in areas where digital infrastructure is limited. Use Kuda or OPay for daily spending with zero fees and better savings rates. Use PiggyVest or Cowrywise for savings and investment at 13% to 21% per annum. The three-layer model costs nothing extra and makes every naira work harder than a single-account approach.
The Verdict
First Bank in 2026 is exactly what 130 years of Nigerian banking history produces: the most physically pervasive, institutionally credible, and conservative of all Nigerian commercial banks. Its 750+ branches and 3,000+ ATMs cover the country more thoroughly than any competitor. Its ₦25,000,000 daily app transfer limit is the highest among traditional banks. Its pan-African PAPSS transfer capability is unique. Its NDIC deposit insurance is as solid as any Nigerian bank can offer.
Its weaknesses are the same ones users have complained about for years: an app that is improving but not yet reliable, customer service that moves slowly for disputes, savings rates that do nothing for your purchasing power, and a FirstCredit loan whose effective cost is obscured by the upfront insurance fee.
The three-layer approach applies to First Bank as it does to GTBank, Zenith, and Access: receive your salary in First Bank, move daily spending to Kuda or OPay, grow your savings in PiggyVest or Cowrywise.
First Bank earns its place in the stack not for what it does with your money, but for where it stands when you need institutional banking — the branch in your LGA, the ATM in the market, the domiciliary account for your international wire, the 130-year track record that outlasts every fintech app.
Related: GTBank Review 2026: Is It Still Worth Using as Your Main Bank? | Zenith Bank Review 2026 | Access Bank Review 2026
