“First Monie Network is Processing over 500, 000 Customer Transactions Daily”

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Ugo Aliogo

As part of its efforts to deepen financial inclusion, first bank of Nigeria’s first monie network is currently processing over 500, 000 customer transactions daily in over 700 local government areas in the 36 States of the federation including the Federal Capital Territory (FCT).

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.

Speaking during the agent banking national award ceremony, in Lagos weekend, the Managing Director, First Bank, Dr. Adeshola Adeduntan, said the first monie agent network is a bespoke channel through which the bank expresses its unalloyed commitment and passion to broad opportunities and access to financial services to every Nigerian especially within the low income segment.

He also stated that the initiative has witnessed several changes in the operating structure and value proposition, adding that in December, 2017, the bank ran a pilot test with over 400,000 transactions processed and following the success of the first run, it re-launched in 2018.

Adeduntan explained that the gap between the technic savvy and the low literacy clients has been breached as first monie agent network represents the convenient and comfortable alternative for customers, “who are uneasy with sophiscated digital channels.”

He added that the bank customers are offered convenient and affordable access to financial services and as a result save time, money and the risk of travelling long distances to bank branches.

According to him, “Through first monies, 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. First monie 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.

“My special appreciation goes to all first monie agents. As a result of first monie 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 first monie success story possible, such as agents, partners and service providers, our regulator the CBN, Bill and Melinda Gates Foundation and others.”