Business and Economy

FirstBank Processes $490m Transactions Through Mobile Money Agents Monthly

First Bank of Nigeria has said that its efforts to deepen financial inclusion in Nigeria, has grown its network of mobile money agents to over 22,000 agents.

The bank also said the agents had processed over $490 million worth of transactions monthly.

Mr. Gbenga Shobo, Deputy Managing Director, First Bank, who stated this in Lagos during the Future of Finance West Africa Conference at the weekend, said his bank got a mobile money licence in 2012  to support the federal government’s objectives to deepen financial inclusion in the country.

He noted that its Firstmonie wallet platform had over four million customers and a spread of agent network that was expected to grow to 50,000 in 2019.

“Firstmonie has had a transformational impact on reaching low-income and historically unbanked households in Nigeria.

“It is integrating them into the wider financial system by providing access to a range of banking services including account opening, fund transfer capabilities, Identity management (BVN) and savings.

“After a successful roll out of the Firstmonie Agent network 2018, the business has grown to a network of over 22,000 agents processing over $490 million worth of transaction in monthly value and a unique transaction count of 10 million monthly,” he said.

Also, Mrs Chidinma Lawanson, Consultant, International Finance Corporation (IFC/World Bank), said that impressive growth recorded in Africa’s financial inclusion was driven by mobile money and agent banking.

She disclosed that mobile money users in Nigeria increased from 1.6 per cent in 2016 to 3.3 per cent in 2018, adding that adoption of mobile money in the country was still low.

Lawanson said that more women should be financially included to achieve Nigeria’s target of 20 per cent financial exclusion adult population by 2020.

Also, Mr. Victor Olojo, national president, Association of Mobile Money and Bank Agents in Nigeria, said that factors that would drive financial inclusion included – access, convenience, affordability, right technology and consumer protection.


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