60,000 FirstMonie agents process N6trn worth transactions

…Value realised in 320 million customer transactions

Nigeria’s oldest financial bank, FirstBank of Nigeria Limited says it has processed transactions worth over N6 trillion on its FirstMonie Agent network as at July 2020.

Adesola Adeduntan, FirstBank’s chief executive officer, disclosed this recently at the bank’s FinTech Summit 4.0 webinar in Lagos, themed: “How Blockchain and Artificial Intelligence (AI) will Disrupt FinTech in Nigeria.”

Adeduntan said: “With more than 60,000 Firstmonie Agent Banking locations, we have to date processed over 320 million customer transactions worth over N6 trillion on the FirstMonie Agent Network as at July 2020, further cementing our leadership in the agency banking space.”

He said FirstBank had become the foremost financial inclusion solutions provider with over nine million USSD users, processing over 200 million transactions to date.

He said: “At FirstBank, we provide an array of digital financial services with the use of our various payment channels to reach carefully segmented audiences with tailor-made financial solutions.

“Some of these channels, which have become the toast of customers and the industry, include: FirstMobile app, USSD (*894#) and FirstMonie, with the popular Firstmonie Agent Banking Network that is at the forefront of the national financial inclusion revolution.”

Adeduntan noted that the emergence of the COVID-19 pandemic had provided a ready canvas for stretching the bank’s FinTech readiness and exploits.

He said: “Indeed, the COVID-19 pandemic has become a catalyst for the accelerated technology and digital transformation that we are witnessing across so many industries and areas of human endeavour.

“There is no doubt that the FinTech industry is currently the fastest growing sector within Nigeria, which is mostly run by a sizeable number of young entrepreneurs.

“Since the inception of the FirstBank Digital Lab, we have established relationships with companies like PiggyVest, Terragon, VoguePay and PayStack within the Fintech sector, which have positioned FirstBank as your Fintech partner of choice.”

Adeduntan recalled that FirstMobile App was awarded the Best Mobile Banking App in Nigeria in 2019 by the UK-based Global Business Outlook.

He said the bank recently revamped the FirstMobile App to include new features such as inflow and outflow dashboard, beneficiary management and profile personalisation.

“We have equally deployed new capabilities such as insurance payment, pay your electricity bills with *894# on our USSD platform.

“The business world and the workplace have changed. However, I would like us to see the COVID-19 era from a positive lens – a period of new opportunities. Therefore, the era calls for a more deliberate approach in reviewing and identifying new opportunities,” he added.