FirstMonie agents process N6trn worth of trans­ac­tions, says CEO Ad­e­dun­tan

Business a.m. - - FINANCE & INVESTMENT - Omobayo Azeez

FIRST BANK OF NIGE­RIA LIM­ITED says it has pro­cessed trans­ac­tions worth over N6 tril­lion on its FirstMonie Agent net­work as at July 2020.

Ades­ola Ad­e­dun­tan, First­Bank 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.

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