This innovative platform is designed to enable merchants and businesses across Nigeria to seamlessly accept digital payments with efficiency and ease.

The FirstMonie Merchant Solution responds to the increasing need for dependable digital payment systems by offering a streamlined and automated onboarding process, an integrated referral system, and customizable features such as Pay with Transfer and Purchase.

Additional capabilities include instant settlement, concession management with flexible and competitive pricing, automatic terminal registration, and a comprehensive suite of products spanning all pricing tiers.

The solution comes equipped with pre-configured, ready-to-use POS terminals, as well as a network dashboard offering real-time monitoring, dispute resolution, and complaint management.

These functionalities contribute significantly to improving the merchant experience by enhancing liquidity, accuracy, and operational control, while effectively minimizing chargebacks.

Chuma Ezirim, Group Executive, E-Business and Retail Products at FirstBank, remarked on the launch: “FirstMonie Merchant Solution is set to transform digital payments in Nigeria. With its advanced features and seamless onboarding, we are empowering businesses of all sizes and locations to thrive in the digital economy.”

He further emphasized that the FirstMonie Merchant Solution will enhance operational efficiency within Nigeria’s payments industry.

READ ALSO: Dangote warns unauthorized truckers: Stop using our logo

“This is not merely a product introduction; we are simplifying payment processes and providing merchants with improved transparency, control, and speed for daily transactions. At FirstBank, our commitment remains steadfast in building financial ecosystems that offer value, convenience, and trust to all stakeholders.”

Both new and existing FirstBank account holders can access the FirstMonie Merchant Solution through a straightforward online registration at www.firstbanknigeria.com/getyourpos.

Leveraging FirstBank’s established technological infrastructure, the FirstMonie Merchant Solution demonstrates the Bank’s dedication to fostering growth and financial inclusion by delivering scalable, reliable, and user-friendly digital solutions tailored to the evolving needs of Nigerian enterprises.

Beyond enabling seamless digital payments, the FirstMonie Merchant Wallet Solution reinforces FirstBank’s commitment to the safety and security of merchant funds, a critical assurance that many Fintech alternatives do not provide.

With a heritage spanning 131 years, FirstBank continues to drive innovation in African banking.

The introduction of the FirstMonie Merchant Solution reaffirms the Bank’s leadership in digital banking and underscores its mission to broaden access to financial services nationwide.

Supported by a network of over 300,000 FirstMonie agents, FirstBank maintains its position at the forefront of accessible and innovative financial solutions for individuals and businesses throughout Nigeria.

The post FirstBank launches Firstmonie Merchant Solution to advance digital payments across Nigeria appeared first on Frontpageng.

When FirstBank disbursed its first instant digital loan in August 2019, the transaction seemed like a bold experiment in tech-driven finance. Today, just six years later, the 131-year-old financial institution has announced cumulative disbursements of over N1 trillion in digital loans, a milestone that redefines the scale of retail digital lending in Nigeria’s financial services industry. This achievement reflects a deep shift in the way and manner Nigerians (salary earners, small and medium scale entrepreneurs, and the financially excluded) access loans. Credit, once a privilege for the wealthy or formally employed, is now a tap away for millions of Nigerians. FirstBank is helping people to grow their businesses, seize opportunities, and stay afloat in challenging times.

The numbers tell a compelling story: over 1.5 million unique borrowers have accessed loans through FirstBank’s digital platforms. For a banking system historically constrained by bureaucracy, and rigid risk models, the existence of collateral-free, instant digital loans comes as a relief. FirstBank has tapped into an unmet demand that traditional lending channels have struggled to capture. Its digital lending ecosystem, designed with Artificial Intelligence and Machine Learning, is tailored to assess high-risk segments that conventional credit scoring often overlooks.

In Nigeria, where over 40 per cent of the adult population are still underbanked or completely unbanked, FirstBank is reshaping what inclusion looks like. The issue is not that Nigerians lack ambition or the ability to repay loans; it is that traditional banking systems have long struggled to assess their creditworthiness. Legacy models simply could not capture the financial realities of people outside the formal economy.

FirstBank is rewriting that narrative. Through a range of digital loan products (FirstAdvance for salary earners, FirstCredit for individuals without formal employment, and Agent Credit for micro-businesses operating within the FirstMonie Agent network), the bank is showing how financial inclusion can be scaled with smart, data-driven tools. These products are tailored to meet people where they are, using technology to bridge gaps that paperwork once made impassable.

FirstBank’s digital lending strategy deeply aligns with Nigeria’s broader financial inclusion goals. The 2023 EFInA Survey Report on Access to Financial Services in Nigeria (A2F) shows that 64 per cent of the Nigerian population is now formally included in the financial system. Much of this progress is thanks to the increased adoption of mobile money and digital financial services, which are making banking accessible even in the most remote corners of the country.

The implications for micro, small, and medium enterprises (MSMEs) are profound. According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), MSMEs contribute nearly 50 per cent to the country’s GDP and employ over 80 per cent of the labour force, yet access to formal credit remains one of their greatest constraints. Through Agent Credit, FirstBank empowers small traders, artisans, and shopkeepers, many in areas far from any bank branch, with quick, affordable capital. This redistribution of financial access fosters economic participation and resilience at the grassroots.

The significance of this model extends beyond Nigeria. Across Africa, where an estimated 350 million adults lack access to formal financial services, FirstBank’s model offers a blueprint. African banks can leverage existing mobile adoption, behavioural data, and agent networks to build credit ecosystems suited to local realities, utilising digital lending as a bridge between exclusion and empowerment. It is proof that banks can be more than just gatekeepers; they can be catalysts for inclusive growth.

Industry analysts see FirstBank’s digital lending milestone as part of a broader evolution in Nigeria’s digital economy. In the past decade, the proliferation of mobile banking and agent banking has pushed the boundaries of accessibility. Yet, access to credit has remained a stubborn bottleneck. While savings and payment platforms grew quickly, lending stayed cautious. Banks were held back by the risk of defaults, weak identification systems, and limited credit histories. FirstBank is showing how that equation can be changed. By using data aggregation, alternative credit scoring models, and digital channels, the bank is unlocking new ways to assess risk and extend credit more confidently.

However, scaling digital credit also raises questions about sustainability and customer protection. In Kenya, for example, the rapid growth of digital loans over the past decade led to concerns about over-indebtedness, data privacy, and predatory lending practices by unregulated operators. Nigeria’s regulatory environment will need to balance innovation with safeguards, ensuring that customers are included and protected. FirstBank is ahead on this, leveraging AI not only for loan approvals but also for proactive risk management, ensuring defaults are minimised and repayment behaviour is nurtured responsibly.

Another dimension is the competitive landscape. Many fintech lenders have built reputations on offering fast, collateral-free loans. Yet, their model has often been characterised by exploitative interest rates and coercive repayment tactics, and regulatory headwinds. FirstBank, with its balance sheet strength, established reputation, and nationwide presence, has a competitive edge in blending the agility and flexibility of fintech with the resilience of traditional. With over N1 trillion digital loans successfully processed, the bank demonstrates the ability to serve Nigerians with speed while providing a level of institutional trust many customers still value.

The milestone also reflects a cultural shift in how Nigerians relate to their banks. For decades, traditional banks were perceived as conservative institutions, more interested in corporate customers than on individuals struggling with school fees, rent, or working capital for their shops. By embedding loan access into its digital channels and the FirstMonie Agent network, FirstBank has repositioned itself as a partner in everyday life. Whether customers use smartphones or basic feature phones, they now have equal access to credit and are no longer sidelined by technology gaps or administrative hurdles.

From an economic perspective, the ripple effects of FirstBank’s digital lending ecosystem are far-reaching. Beyond consumption smoothing for households, instant digital loans catalyse economic activity in local markets. Traders can restock quickly, farmers can purchase farm inputs when they are needed, and artisans are able to meet unexpected orders. When aggregated, these micro-impacts contribute to broader productivity and growth, helping to stabilise the informal economy that forms the lifeblood of local commerce.

As FirstBank marks this landmark achievement, it also confronts the responsibility that comes with scale. Digital lending at this magnitude is not merely a product line; it is a public utility shaping how millions experience financial security. Sustaining this momentum will require continuous innovation and a firm focus on customer empowerment, values that are deeply ingrained in the bank’s DNA.

The post FirstBank’s ₦1 trillion digital loan disbursement milestone and the new era of inclusive lending in Nigeria appeared first on Frontpageng.

Firstmonie Agent Credit Scheme is a FirstBank’s digital lending solution designed to empower a wide range of low-income individuals who face barriers in accessing traditional credit channels. This innovative programme offers financial support to Firstmonie Point-Of- Sale agents by enabling them to overcome liquidity challenges and capitalize on new opportunities without disruption in business due to lack of funds in agents accounts.

The Agent Credit scheme is aimed at bridging financial gaps and solving liquidity challenges, resulting from depleted account balances, even when the Agents have physical cash at hand.  The scheme helps them to run business effectively by providing digitalized loans which is convenient, seamless and easily accessible via the Firstmonie App.

Agent Credit is a groundbreaking innovation that elevates the Agent experience. This game-changing scheme digitalise loan application processes and enables agents access to digital loans with greater ease. By proffering varieties of value-added services for Agents this unlocks new business opportunities, eliminates lengthy payment delays, and provides agents with instant access to loans, hence revolutionizing the way they operate and assures their entrepreneurial success.

For over 131 years, FirstBank has been a giant advocate for their customers, enabling their success by providing a secure and trustworthy environment for their financial transactions. Agent Credit is a testament to FirstBank’s commitment to empowering their agents and elevating their business experience.

Reiterating the Bank’s role in deepening financial inclusion in the country, Chuma Ezirim, Group Executive, e-Business & Retail Products, said “With this innovative solution, we are bridging the financial gap and providing our agents with the necessary tools to succeed in today’s fast-paced market. By extending credit facilities with a low interest rate, increasing eligibility loan amount as transaction increases and streamlining loan application processes, we are confident that Agent Credit will revolutionize the way our agents operate, enabling them to reach new heights of success and growth. FirstBank remains committed to financial literacy and inclusion, empowering individuals and communities to manage their finances effectively”.

READ ALSO: Interrogating Fashola’s treatise on patriotism, By Bola Bolawole

The creation of Firstmonie Agents was in compliance with the Central Bank’s directive for all banks to expand banking to all the unbanked areas of the country in order to create financial inclusion across the nation.  By expanding financial services to rural areas, FirstBank creates employment opportunities and drives economic growth. The presence of banking agents in all the nooks and crannies of the nation was accomplished by FirstBank within a short period of time such that by December 2021 they had covered 772 out of the existing 779 Local Government Areas in Nigeria.  These services help businesses grow and innovate, while initiatives like Agent Credit promote financial inclusion, education, and access to financial services, ultimately contributing to economic development.

Since the creation of Agency Banking, the ease of access to business and indeed personal funds has been great.   Many lives were lost in the past through travels from villages or rural settlements to the city in order to use banking facilities. Today, “Mobile ATMs” as the agents are fondly called are equipped to carry out services which includes account opening, cash deposit, cash withdrawal, bills payment, and money transfers.  FirstBank has undergone several transformations, constantly adapting to the changing financial landscape, pioneering various banking solutions to meet the needs of its diverse customer base. The bank’s retail banking division has been instrumental in providing accessible financial services, contributing to the nation’s economic development.  The scheme offers more than funds, the Agents are trained regularly, exposed to technology and other incentives like bespoke award events where attractive prizes are won.

Disbursing N1 billion in a single day to its Agents through the Agent Credit Scheme is a significant milestone by the Nation’s Pioneer Financial institution. This accomplishment underscores FirstBank’s commitment to financial inclusion and its innovative approach to retail banking. Since its launch in 2020 the Agent Credit scheme has provided solutions to the agent’s pressing needs by providing quick access to affordable credit facilities, enabling them to manage liquidity challenges and expand their businesses. Agents can access up to N1.5m with loans disbursed in under a minute through the Firstmonie App. The facility is not only super-fast, it offers a flat interest rate of 0.3% with flexible repayment terms, making it an attractive option for agents seeking to increase their operations.

Since its inception, the bank’s Agent Credit Scheme has disbursed over  N571 billion empowering over 37,000 Firstmonie Agents in 3 million loan counts, reinforcing FirstBank’s commitment to supporting Firstmonie Point-Of- Sale agents and promoting economic development. A testament to FirstBank’s Retail Banking leadership.  The successful disbursement of N1 billion in a single day through the Agent Credit Scheme highlights the bank’s innovative approach to retail banking and its dedication to financial inclusion.

By leveraging technology and a vast Agent network, the bank has transformed the banking experience of millions of Nigerians especially those in remote and underserved communities.  FirstBank’s retail banking strategy, characterized by customer-centric solutions and digital innovations continues to set industry standards.  The bank’s efforts have not only enhanced financial access but also contributed to job creation and economic empowerment across the country.

By empowering Firstmonie Agents with the necessary tools, resources and incentives, FirstBank fosters a more inclusive financial ecosystem, ensuring that banking services are accessible to all Nigerians, regardless of their location.  As FirstBank continues to innovate and expand its retail banking services, it remains steadfast in its mission to be the partner of first choice in building the future of its customers and the nation at large.

The post Another milestone achieved: Firstbank disburses N1bn in one day through agent credit scheme appeared first on Frontpageng.

Rising from a lower profit margin of N10.2billion and a debilitating Non-Performing Loan portfolio of 45 per cent in 2015, to an impressive profit of N147billion and a significantly lowered NPL rate of 5.6 per cent in 2022, FirstBank has proven that its back-to-back profit-making is far beyond recoveries made, but rather it’s a reinforcement of a well-articulated growth trajectory driven by a committed, competent and experienced Board and management team, writes Festus Akanbi

There seems to be a consensus among watchers of the Nigerian banking sector that these days, the changing dynamics foisted on the nation’s economy by both the current local and international economic realities are already taking their toll on Nigerian banks.

As the nation’s population rises, so also the need for banking services by the people. However, the rise in population and the corresponding rise in the number of unbanked and underbanked Nigerians are creating a new dimension of competition among banks in the country.

Therefore, as competition for the sphere of influence becomes fierce, analysts said only banks with a track record of consistent preparation for emerging challenges will stand the test of time, especially in a period of regime change with its attendant restructuring in the Nigerian economic policies.

FirstBank Returns with Solid Fundamentals

Top on the list of banks in this category is FirstBank Limited, a subsidiary of FBN Holdings Plc. This is because, from whatever angle one looks at its performance trajectory, especially in the last seven years, what is constant is the sustained growth in its deliveries coupled with its stabilisation and return to the top of the ladder of the Nigerian banking industry.

The bank has over the years taken some far-reaching decisions, which observers said have created a new benchmark in the Nigerian banking industry, especially with its triumphant return to solid profitability within a period of seven years.

For example, in its full-year results for 2022, the bank was able to record tremendous improvements in all performance metrics surveyed by our correspondent. It grew the number of total customer accounts from 10 million in 2015 to 41 million customer accounts as of December 2022. Its total number of issued cards rose from seven million in 2015 to 12 million last year.

Also within a spate of seven years, the number of its FirstMobile users rose to 6.1 million, while the number of FirstOnline users was put at 1.1 million in 2022. Its USSD users were said to have hit 14.7 million while the number of its total digital banking customers rose from 600,000 in 2015 to 22 million in 2022.

Agent Banking

In the same category is the bank’s agent banking business where FirstMonie agent banking is reaching out to customers in unbanked or underbanked regions to process financial requests through registered agents. This was non-existent in 2015, but by 2022, the bank could boast of 200,000 direct agents in all the crannies of the country. Analysts are quick to remind us that if we factor in the fact that most of the agent bankers usually employ about two additional staff, what it means is that FirstBank has empowered about 600,000 people.

Performance Indicators

To show for its policy consistency, innovation and its recovery measures since 2015, a comparative analysis of the performance indicators in the bank’s statement of account between the 2015 and 2022 figures confirmed analysts’ vote of confidence in the board and management of FirstBank.

For instance, the bank has significantly grown its customer deposit from N2.905 billion in 2015 to N7.351 billion in 2022. Its total assets rose from N3.973 billion in 2015 to N10.605 billion in 2022.

It improved on its profit before tax of N10.2 billion in 2015 which grew to N147.3 billion last year. Other metrics include a major improvement in the bank’s pretax return on equity from 0.6 per cent in 2015 to 17.3 per cent in 2022, while its pretax return on asset moved from 0.1 per cent to 1.6per cent. The bank also recorded an appreciable reduction in the cost of funds from 3.6 per cent in 2015 to 2.1 per cent in 2022.

Lower Rate of Non-Performing Loans

However, one major development is the ability of the bank’s leadership to free the institution from the burden of non-performing loans which trended down from 45 per cent in 2015 to 5.6 per cent in 2022.

In response to the ongoing turnaround of the bank initiated in 2015, the latest performance figures showed that the African subsidiaries of the bank have shed their negative position of 2015 to profitability and they indeed contributed 21.3 per cent of its PBT for the year under review.

Perhaps, the most visible indication that FirstBank has returned to profitability is the quantum jump in its share price which moved from N4.88 to N14.17.

First Bank’s Laudable Firsts

Industry watchers said the bank’s return to solid profitability can also be assessed in terms of its areas of concentration as a growing concern.

It’s on record that FirstBank has many records of being the first. It was the first financial institution to be established in West Africa; the first Nigerian company to emerge Most Valuable Banking Brand in Nigeria for six consecutive years in the globally renowned brand Finance Surveys and the first Nigerian bank to surpass 200,000 agent banking locations as an exceptional financial inclusion pioneer.

Other pioneering records include its emergence as the first bank to reach N1trillion ((US$8 billion) market capitalisation on the Nigerian Stock Exchange (NSE); the first financial institution to engage in a N100 billion (US$800 million) hybrid offer that marked the largest public offer on the Nigerian capital market and the first Nigerian bank to establish an off-shore subsidiary – FirstBank UK Ltd.

Unique Products’ Offerings

The bank is also reputed as the first financial institution to support a centre on Sustainability in partnership with the Lagos Business School.

Then referred to as the FirstBank Sustainability Centre, it was used as a case study for global best practice in terms of “Partnerships with Business Schools to Advance Sustainability (Ideas that Inspire Action)” championed by the Principles for Management Education (PRME) and the United Nations Global Compact LEAD. It’s the commitment to advancing Environmental Social and Governance (ESG) that earned the Bank several awards including the Market Leader Nigeria (ESG) by Euromoney Market Leaders 2022.

Q1, 2023 Results

Expectedly, the bank has continued to receive impressive ratings ever since its first quarter 2023 result was made public, with analysts saying the transformation has further confirmed the claim of its management that it has rebuilt FirstBank with solid fundamentals.

For instance, gross earnings recorded a substantial increase of 44.2 per cent year-on-year, while its net interest income saw a remarkable surge of 50.9 per cent year-on-year on the back of optimal asset pricing and effective management of interest-earning assets.

Speaking on the results, the Chief Executive Officer, Dr. Adesola Adeduntan disclosed that increasing penetration of digital and transaction banking offerings supported the bank’s Q1 performance in non-interest income by 15.3 per cent growth, adding that “The increase of 21 per cent year-on-year in operating expense reflects the high inflationary environment but within revenue growth. Overall, the Commercial Banking Group delivered substantial growth of 57 per cent and 54.8 per cent in profit before tax and profit after tax, respectively, for the quarter.”

The Making of a Transaction-led Institution

Another game-changer in the story of the transformation of FirstBank was the conscious attempt of the board and management to make the bank a transaction-led institution.

Analysts said the feat was achievable because of the commitment of the bank’s management to invest and deploy technology to the fullest.

For instance, FirstBank is the first to begin the Technology Academy in Nigeria and this has helped the bank to build a transaction-led “machine” -a digital infrastructure that can accommodate huge transactions. Today, the bank has been able to grow its customer accounts to 42 million-as against the 10 million it recorded in 2015, while it has over 22 million active customers on its digital channels.

Adeduntan explained further that “In cleaning up the bank, there was no additional fund injection, which is the most dramatic thing. That means we have been able to achieve all these without shareholders losing their business. What happened was that we did our own AMCON by cleaning our books ourselves without any external capital injection.

Human Resources

Realising the pivotal role of its employees, the bank decided to invest in its staff while it sought external assistance on areas it couldn’t address locally. Thisday gathered that the bank liaised with international institutions like Standard Chartered; Citibank and JP Morgan.

The bank also has a structured succession plan having initiated a development plan in 2015 that allows most if not all the vacancies in the bank to be filled internally.

The bank also put in place a Senior Management Development Programme (SMDP), which is an intensive modular programme for a select group of senior managers to principal managers who are proven leaders in their respective functions and have been identified as central to the Bank’s succession plan.

Other initiatives include the Leadership Acceleration Programme (LAP), which was specifically designed to develop and infuse critical leadership and change agents within the middle management staff cadre of the Bank. The list also includes First Bank Management Associate Programme, a 24-month fast-track comprehensive programme targeted at young, dynamic and highly driven individuals that are passionate about making a difference in the financial services industry. The programme is designed to build the next generation of leaders to drive the Bank’s vision of being Africa’s Bank of First Choice.

FirstBank’s Performance Indicators (2015 Versus 2022)

Dec 2015                                                  Q1 2023/ Dec 2022*

Number of Total Customers Accounts1 [millions]	10.9	41
Total Number of Issued Cards [millions]	7	12.0
FirstMobile Users [millions]	0.06	6.1
FirstOnline Users [millions]	0.09	1.1
USSD Users [millions	0.5	14.7
Total Digital Banking Customers Users [millions	0.6	22.0
Annual Transaction Volumes [millions]	2,000	17,000
Number of Agents	0	200,000
% of Customer Induced Transaction Processed on Digital Platforms	20%	96%
Transaction Momentum (Non- Interest Income as a % of Net Revenue	22.7%	40.59%
Number of Total Customers Accounts1 [millions]	10.9	41
Transaction Banking Platform Users	0	1,476

Culled from ThisDay

The post It’s FirstBank’s finest hour appeared first on Frontpageng.

Many people in city centres somehow assume that this situation of banks being in your face in cities is the same reality that prevails in most parts of the country. They have no idea that there are parts of Nigeria, especially the hinterland, where people take the absence of banks for granted the same way city dwellers take the preponderance of bank branches for granted. To get to the nearest bank, people in the hinterland who live this reality every day would have to travel many kilometres to get to their state capitals or some other large towns. These are the people living in the worse of the two worlds you find in Nigeria as far as having bank presence is concerned.

Imagine if the situation were reversed and city dwellers had to travel many kilometres to get to the nearest bank branch where they could do their transactions. It is not unlikely that such a situation would be accompanied by a ballooning of the stress levels in city dwellers, increased road rage on city highways and heightened frustration generally. How would people who spend multiple hours in traffic on a daily basis, work longer than counterparts elsewhere for far less remuneration, enjoy less sleep on their beds and less time with family and loved ones, cope with the additional burden of walking or driving endlessly in search of a bank to do their transactions? How? Just how?

FirstBank’s unmatched commitment to financial inclusion is informed by the bank’s undivided focus on making real impact across Nigeria.

So city dwellers should indeed be thankful for their world. And while at it, they as well as people in the hinterland, who live in the other world, should not be shy to extend appreciation to those working so hard and tirelessly to bridge the gap between the two worlds in Nigeria. The Central Bank of Nigeria’s (CBN) financial inclusion initiative geared towards bringing the unbanked and underbanked as well as communities in Nigeria’s hinterland into the formal financial ecosystem has been key to efforts to bridge the gap. The CBN’s mandate to ensure the availability of affordable financial products and services to all individuals and groups of people in Nigeria, regardless of location, literacy level, familiarity with technology or accessibility to modern infrastructural facilities, has been wholly embraced, supported and promoted by FirstBank.

FirstBank’s unmatched commitment to financial inclusion is informed by the bank’s undivided focus on making real impact across Nigeria. Hear Dr. Adesola Adeduntan, the Chief Executive Officer of the premier bank in West Africa and the leading financial inclusion services provider in Nigeria for over 127 years: “The key strength of our franchise is our ability to look at gaps in the society and develop products and services that [address those gaps].” Continuing, he notes that as an integral part of the bank’s strategy, “We believe that by significantly working with the Central Bank to improve the financial inclusion index of the country, we would, as FirstBank, be assisting [the] country to address poverty, to address hunger, thereby also promoting security of life and property because when people are gainfully employed, the implication is that they think less of crime.”

It is therefore not surprising that FirstBank has driven the financial inclusion initiative much more vigorously than any other bank in Nigeria, with its Firstmonie Agent channel, which crossed the 100,000 Agents mark a few days ago, being among the bank’s many initiatives to expand financial access in the country. The 100,000 Agents feat in itself speaks volumes about the bank’s strides in the financial inclusion space. No other bank comes anywhere close to FirstBank in terms of number and spread of agents in their agent banking networks. FirstBank’s Firstmonie Agents and the thousands of staff they employ are in all the 774 local government areas in Nigeria save two and, in 2020 alone, processed over 295 million transactions with a total value of N6.65 trillion and opened more than 196,000 accounts. However, for FirstBank, it is not about number or competition with others or even being the largest bank-led network in Africa, but the impact the Firstmonie Agents channel it is creating, as Dr Adeduntan highlighted above. His deputy, Francis Shobo agrees, saying FirstBank is looking beyond numbers and considering impact. He makes a bold declaration, “We are trying to make those Agents the centre of the financial ecosystem in the country.” This probably explains why Firstmonie Agents are considered by the bank as community heroes that it is planting all over the nation. And this is the sense one gets in interviews with Agents and customers across the country.

Aiyetoro is a riverine community in Ilaje Local Government Area of Ondo State. It has no banks, according to Stephen Adeleye, a Firstmonie Agent serving Aiyetoro community. He recounts how Firstmonie has impacted his community. Adeleye says Firstmonie has provided easy access to banking ensuring that “people in the community now have this kind of savings habit” – a reference to the growing savings culture in Aiyetoro. One of his customers, Tina Farodoye, who operates a grocery store in the community says Firstmonie has helped her business to grow. She can now buy her stock in bulk all the way from Lagos where they are relatively inexpensive (even with transport costs added) compared to her community, all because she is able to transfer funds through Agent Stephen to the wholesalers in Lagos. This has improved her business profitability by increasing the profit margin in her business.

Ephraim Osinachi, is a Firstmonie Agent in Obehie, Asa Ukwa West, Abia State. He serves customers across all ages, including the very aged, as all customers are assisted with their transactions, unlike the use of ATM where the customer is practically on their own. He says market traders take advantage of his presence in the community to make lodgements at the end of the day’s trade. He and his staff wait until traders are done at the market (unlike your regular banks which shut their doors to customers at four o’clock, generally). The advantage this offers the people is invaluable. He cites a case where a customer’s house was raided by robbers in their absence and all the robbers could find after ransacking the entire house was fifty naira cash and old phones valued at N3,000. His services are enabling his community to avoid keeping bulk cash at home and the consequent risk of being robbed and traumatised by men of the underworld.

Orode Hesse, Firstmonie Agent in Ubeji, Warri South, Delta State is both emphatic and ecstatic about impact Firstmonie has had on her life. She enthuses that it has really impacted and empowered her financially and enabled her to empower others, especially other women. She has six employees, five of whom are female. So she sees Firstmonie as a business or platform to employ and empower women. Interestingly, Orode is part of the 26 per cent of Firstmonie Agents that are women, a fact that points to the important role Firstmonie is playing in driving women economic empowerment.

Abubakar Aki Bolaji, is a Firstmonie Agent along Karishi Road, Orozo in FCT, Abuja. He points out that the nearest bank to his community is 15km away. He is pleased that his presence as an Agent in the community has cut out the costs of transportation his people would have continued to incur in order to access banking services. His sentiment and delight are shared by the teeming customers he serves. This situation is very common in the North given its landmass and the dispersed nature of human settlements. Dr Adeduntan relates how a senior government official in Jigawa State highlighted how important the presence of Firstmonie Agents was when he informed him that all across a 70km stretch from Gumel, where there was the branch of a bank, there were no banks anywhere in sight. All he saw were at least two Firstmonie Agents in that long stretch of 70km, no banks. Without those two Agents, all the people in the settlements along that 70km stretch would be without access to banking services.

Besides ensuring that individuals in the suburbs do not have to travel for long hours to the city for their banking activities, Firstmonie Agents are also bridging the gap between the tech-savvy and the low-literacy clients as the Agent network represents the convenient and comfortable alternative for customers that are unacquainted with sophisticated digital channels.

Another Firstmonie Agent, Mohammed Tatari, serving Tudun Wada in Bununu, Bauchi State, says his services are helping to drive commerce in his community as traders are now able to transfer funds to the wholesalers elsewhere from whom they buy. His services are helping traders to avoid carrying large cash with them given the dire security situation. He noted that the people used to travel elsewhere just to access banking service. His presence has changed all that now. He concludes that Firstmonie is changing his community (for good). One woman who would agree with him is Halima, a housewife and petty trader in the outskirts of Abuja. She discovered Firstmonie through her co-tenant, during the recent lockdown due to COVID-19, and was excited that she could access funds at the Firstmonie Agent outlet close to her and send money to her mother in far away, Maiduguri in Borno State. She had been unable to move to Garki where her bank branch was because of the lockdown.

Besides ensuring that individuals in the suburbs do not have to travel for long hours to the city for their banking activities, Firstmonie Agents are also bridging the gap between the tech-savvy and the low-literacy clients as the Agent network represents the convenient and comfortable alternative for customers that are unacquainted with sophisticated digital channels. And as Firstmonie Agents give their best, FirstBank, on its part, has been doing everything to encourage the Agents. In its inaugural Firstmonie Agent Banking Awards, FirstBank rewarded 37 leading Agents that have promoted financial inclusion in the country. Thirty-one (31) Agents each won the sum of N250,000 at the state level while five Agents won the sum of N1,000,000 at the regional level. At the national level, the grand prize of N2,500,000 was won by Zayyanu Hassan Ishaq, an Agent from Abuja (North Central), who described it as a miracle and noted that it would spur him to work harder.

As further encouragement and to promote the business activities of Firstmonie Agents, the bank announced the provision of loan facilities of up to N1,000,000 to the Agents. This new credit scheme, which they can access 24 hours a day, can be processed in less than two minutes. The scheme means more empowerment and business expansion for Firstmonie Agents. And the expansion can go beyond Nigeria as Dr Adeduntan says FirstBank is looking beyond Nigeria to other African countries where FirstBank operates, like Ghana and DRC – a country with over 80 million people – to promote financial inclusion and begin to address poverty on the African continent through the Firstmonie platform.

The post FirstBank’s Firstmonie Agents hits 100,000, impacting lives, communities appeared first on Frontpageng.

The Bank currently has over 86,300 Firstmonie Agents, spread across the country’s 772 local government areas.

With its location in every neighbourhood, Firstmonie Agents have been integral to filling the financial exclusion gap, providing convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments that have no access to financial services.

The Bank’s financial inclusion activities is in line with the mandate of the Central Bank of Nigeria, CBN, to ensure the availability of affordable financial products and services to all individuals and groups of people in the country; irrespective of location, literacy levels, familiarity with technology and accessibility to modern infrastructural facilities.

The Firstmonie Agent channel is amongst the Bank’s many initiatives to expand financial access in the country.

Appreciating the Firstmonie Agents, Mr. Chuma Ezirim, Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited said “the roles played by our Firstmonie Agents in promoting businesses across the nooks and crannies of the country could not be overemphasised as they had continued to set the pace in extending financial inclusion to communities with little or no access to financial services.

“With our Firstmonie Agents in every neighbourhood, several communities have witnessed a surge in business and financial activities, which is contributory to national growth and development. We commend our Agents and are delighted to support them with credit facilities, which they can access 24hours a day in less than 2minutes.”

The post FirstBank provides loan facilities to its Firstmonie agents appeared first on Frontpageng.

In an interview with BusinessDay, Adesola Adeduntan, FirstBank’s CEO, noted that over N9.6 trillion had been processed through the bank’s agent network.

As he explained, FirstMonie agents have supported several government and NGOs’ cash transfers to the poorest of the poor in the rural areas.

Additionally, selected FirstMonie agents in the rural communities are equipped with BVN enrolment devices; as such they are able to enrol and open accounts for rural dwellers that hitherto may not have had the opportunity to be included in the formal financial services system.

The bank’s commitment to providing access to finance for Small and Medium Enterprises (SMEs) was also highlighted by the CEO, who hinged this on “their potential to impact the economy”.

He discussed the bank’s value adding solutions that have created a functional ecosystem for SMEs to thrive.

The ecosystem includes propositions such as connection of the SMEs to talents and resources/cutting edge tools, access to business finance and market, capacity building opportunities and policy advocacy.

These are all aggregated on its SMEConnect platform as value adding products and services for easy access and at rates (prices) that are competitive and mostly discounted.

The SMEConnect is a digital platform that allows the SMEs connect to FirstBank’s offerings from the comfort of their locations anywhere in the world.

This, according to Adeduntan, “has been well received by the SME community as we engage across the country.”

*Source: BusinessDay

The post FirstBank deepens financial inclusion with largest agent banking network, empowers SMEs appeared first on Frontpageng.

The General Manager, Lagos  State Health Management Agency, LASHMA, Dr. Emmanuella Zamba, made the disclosure during  the flag off of the partnership in Alausa, saying that the partnership became necessary to facilitate ease of health insurance premium transactions for residents, especially at the grassroots.

She noted that FirstBank was selected for the partnership in recognition of its effectiveness, efficiency and large clientele base.

“The Agency realised that not all residents can go to the Bank or use online platforms for the payment of their health insurance premiums, hence the Agency identified the need for other payment platforms such as the Firstmonie Agents,” Dr. Zamba explained.

Asserting that the partnership would avail residents the opportunity to  pay either N40,000 annually for family plan or N8,500 annually for individual plan through any of the Firstmonie Agents, the General Manager said that once the insurance premium was paid before 25th of every month, such enrollee could receive care from the first day of the following month at any public or private hospital of their choice within the scheme’s network of providers.

While commending the good gesture of First Bank of Nigeria Limited, Dr. Zamba urged other corporate and multinational organisations to support the Agency towards ensuring that Lagos residents, irrespective of their tribal, cultural or religious differences, access quality healthcare.

The General Manager disclosed that efforts were being intensified to ensure that residents could also enrol for the scheme at any of the Firstmonie Agents situated within their localities.

The Deputy Managing Director, First Bank of Nigeria Limited, Mr. Gbenga Shobo, who commended the Lagos State Government for its determination in ensuring the good health and wellbeing of all residents, said “the initiative will have a crucial role at improving the life expectancy of Lagos residents, whilst promoting their increased contribution to the growth and development of the State.”

He implored residents not to hesitate to pay their health insurance premiums at any of the Firstmonie Agents located in all the local governments and local council development areas in the state in order to have their health secured.

Shobo advised residents in the state to register and enrol in the scheme in order to enjoy the good gesture of the present administration led by Mr. Babajide Olusola Sanwo-Olu.

The post Lagos partners FirstBank to promote access to affordable healthcare appeared first on Frontpageng.

This is one of the many measures by the premier financial institution in Nigeria to support the need to promote social distancing and the reduction of physical interactions of people in large numbers, thereby guarding against the spread of the coronavirus.

FirstBank introduced this innovative channel three years ago, with the aim of bringing banking to close those who live in the rural areas and to every Nigerian – regardless of where they are in the country.

Firstmonie Agents also ensure individuals in the suburbs do not have to travel for long hours to the city for their banking activities. The gap between the tech-savvy and the low literacy clients has been bridged as Firstmonie Agent network represents the convenient and comfortable alternative for customers that are unacquainted with the sophisticated digital channels.

With over 53,000 Firstmonie Agents spread across 99% Local Government Areas in the country, the laudable initiative by FirstBank is another way to bank – without visiting a Bank – which allows you to make cash deposit, transfer money to any bank and enjoy other banking services like bills payment and purchase of recharge card amongst others.

Recently, Halima, a FirstBank customer who is a housewife and petty trader, residing in a remote area in Abuja expressed her delight on the Firstmonie Agent initiative as she was able to easily get cash from an agent nearby to procure groceries for herself and her three children. Her bank being far away in Garki was too far to visit to get money. Thanks to Firstmonie which she discovered through her co-tenant, her joy knew no bounds as Halima was able to access her money at the Firstmonie Agent outlet close to her, as well as send money to her mother in far away, Maiduguri in Borno State.

Another customer in Lagos, Adeoye, a civil servant also lauded this brilliant initiative from FirstBank and narrated his experience when he visited the stand of Firstmonie in Ojota area of Ogudu, Lagos. He explained that he was able to do his transaction with ease.

According to Mrs. Sadia Folorunsho, she said ‘I did not know FirstBank has this wonderful service within my area as it actually saved my family from hunger as I was able to perform banking activities without being in the bank,’ she stated.

These are what the management of First Bank of Nigeria Limited, led by its CEO, Dr. Adesola Adeduntan has been able to make available well ahead of time, since no one knew there might be a pandemic that will warrant a lockdown.

Its Firstmonie Agents at every nook and cranny in Nigeria has been able to remove the burden from the shoulders of Nigerians and allow many to carry out several transactions at Firstmonie Agent locations, within close proximity of their home.

Firstmonie Agent banking is a channel specifically designed by FirstBank to bring financial services closer to the unbanked and underbanked segment of the society whilst promoting existing businesses within the communities to deliver their services and contribute to the growth and development of the economy.

With the spread of its Agent Banking network, FirstBank has been able to indirectly create over 150,000 jobs as the Firstmonie Agents have had to employ the services of other individuals to build their businesses and meet the financial needs of individuals in its community.

So far, the Bank has deepened financial inclusion through Firstmonie Agents with 237.3 million transactions processed through the network at a monetary value of over 4.08 Trillion Naira.

The post COVID-19: FirstBank’s Firstmonie leads the pace in agent banking appeared first on Frontpageng.