* FirstBank loans out the money to expand customer base
By Jeph Ajobaju, Chief Copy Editor
FirstBank has given out loans worth N100 billion to its 130,000 Firstmonie Agents spread across 772 councils in Nigeria, in an Agent Credit scheme created to spur and expand business activities beyond the bank’s 30 million customer base.
The bank says the Agent Credit scheme launched a year ago puts its Firstmonie Agents at an advantage to positively impact their immediate environment and contribute to overall national economic growth.
Firstmonie Agents are integral to bridging the financial exclusion gap, providing convenient banking services that are easily accessible, thereby saving time and travel costs in the suburbs and rural areas without access to financial services.
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The financial inclusion activities of FirstBank gel with the mandate of the Central Bank of Nigeria (CBN) that seeks affordable financial products and services for all individuals and groups regardless of location, literacy level, familiarity with technology, and accessibility to modern infrastructural facilities.
FirstBank pitches Firstmonie Agent channel as being among its many initiatives to expand financial access countrywide, according to a document produced by the bank, published by Nairametrics.
“We are truly excited about the tremendous impact of the Agent Credit on the performance of our Firstmonie Agents nationwide,” said Chuma Ezirim, Group Executive, e-Business & Retail Products.
“Since the introduction of the Agent Credit to support our ‘Human ATMs’ as we fondly call our Firstmonie Agents, they have recorded immense growth in their businesses, at levels they never envisaged in such a short period.
“Our key goal is to continue to deliver financial services to the underserved and unbanked populations, employing modern technology for processing real-time transactions and in doing so, contribute to building capacities and learning new skills in information technology, cash management and relationship management for our Firstmonie agents.
“We encourage our Firstmonie Agents to keep being exemplary in setting the pace to promote financial inclusion as we collectively work towards the continuous growth and development of the national economy.”
FirstMonie products promote financial inclusion
FirstBank provides an array of digital financial services with the use of various payment channels to reach segmented audiences with tailor-made financial solutions.
The channels include:
- FirstMobile App
- USSD (*894#)
- Firstmonie
FirstBank says the Firstmonie Agent Banking Network is at the forefront of the national financial inclusion and gender diversity revolution mandated by the CBN.
The CBN adopted the National Financial Inclusion Strategy (NFIS) in 2012 which discussed key regulatory barriers to financial inclusion and identified areas of focus.
The strategy was built on four areas of agency banking:
- Mobile banking
- Mobile payments
- Linkage models
- Client empowerment
The CBN identified four priority areas for guideline and framework development which include:
- Tiered Know-Your-customer (T-KYC) regulations
- Agent Banking regulations
- National Financial Literacy Strategy
- Consumer Protection
About FirstBank
FirstBank is the premier bank in West Africa and has been the leading financial inclusion services provider in Nigeria for more than 127 years.
It boasts over 750 business locations and over 130,000 Banking Agents spread across 99 per cent of the 774 councils in Nigeria, providing comprehensive retail and corporate financial services to more than 30 million customers.
It has international presence through its subsidiaries – FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
FirstBank promotes digital payment and has issued over 10 million cards, the first bank to achieve such a milestone in Nigeria.
Its cashless transaction drive has garnered 12 million people on its USSD Quick Banking Service through its *894# code and over 4.5 million on its FirstMobile platform.
Since its establishment in 1894, FirstBank has built relationships with customers focusing on good corporate governance, strong liquidity, optimised risk management, and leadership.
It has for years led the financing of private investment in infrastructure in the Nigerian economy by playing key roles in government privatisation and commercialisation schemes.
It supports investors wishing to explore the vast business opportunities in Nigeria, as a competitive world-class brand and a credible financial partner.
Folake Ani-Mumuney, FirstBank Group Head (Marketing & Corporate Communications), lists other accolades won by the bank to include:
- “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by The Banker Magazine of the Financial Times Group.
- “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards.
- “Best Bank in Nigeria” by Global Finance for 15 years.
“Our brand purpose is always to put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision ‘To be the partner of the first choice in building your future,’” she stresses.
“Our brand promise is always to deliver the ultimate ‘gold standard’ of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.”
