Firstmonie Declares 500, 000 Daily Transactions

Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited, has declared that its Firstmonie network currently processes over 500, 000 proceedings across the country daily.

Speaking during the agent banking national award ceremony organised by the bank recently in Lagos, its Managing Director, Dr. Adeshola Adeduntan, described Firstmonie agent network as a bespoke channel through which the bank offers financial services to every Nigerian especially within the low-income segment.

Through the network, the bank has been able to facilitate the entry of the unbanked, and the under banked population into the financial system, while utilising an enrolment process that is simple, safe and devoid of any cumbersome documentation requirements, he said.

Adeduntan further revealed that the gap between the technology savvy and the low literacy clients had been breached, saying Firstmonie agent network represents the convenient and comfortable alternative for customers, “who are uneasy with sophisticated digital channels.”

According to him, “Through Firstmonie, First Bank has remained at the forefront of driving nationwide inclusion, given our belief that access to financial services, is part of lifting people out of poverty and fostering collectivity national economic development.

“We have through this network created job opportunities and improved lives, provided convenient access to financial services and driven equality. Firstmonie has become a tool for driving federal government financial inclusion and sustainable development goals in Nigeria, as well as increase our bank’s footprint and reach.

“We have effectively positioned financial inclusion as the core of our business strategy and through first money; we are successfully solving social challenges.

Adeduntan stated further that, “My special appreciation goes to all Firstmonie agents. As a result of Firstmonie agency network, First Bank has become the foremost financial inclusion provider, with over 37,000 agents in all states of the federation. This is a feat we are extremely proud of. But we assure that we are going to push the frontiers. We have deemed it fit to honour the champions who made Firstmonie success story possible, such as agents, partners and service providers, our regulator the CBN, Bill and Melinda Gates Foundation and others.”