FirstBank provides an array of digital financial services with the use of 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 and gender diversity revolution.
The Bank’s Firstmonie Agent Banking initiative falls in line with the Central Bank of Nigeria’s (CBN) mandate to make affordable financial products and services available nationwide. In 2012, the CBN adopted the National Financial Inclusion Strategy (NFIS).
The Strategy discussed key regulatory barriers to financial inclusion while identifying areas of focus. Thus, the strategy was built on four strategic areas of agency banking, mobile banking/mobile payments, linkage models and 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 and Consumer Protection.
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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.
Firstmonie Agents are widely described as ‘Human ATMs’ empowered to reduce the reliance on over-the-counter transactions while providing convenient personalised services. It is explained that the Firstmonie agents, both men and women, were equipped to carry out services which include account opening; cash deposit; airtime purchase; bills payment; withdrawals and money transfer.
With over 114,000 Firstmonie Agents spread across 774 Local Government Areas in the country, the Human ATMs have significantly contributed to promoting access to finance and banking services in areas with little or no banking presence. The Firstmonie Agent network is a bespoke channel through which FirstBank expresses her passion and commitment to broadening the opportunities and access to financial services for every Nigerian and African, irrespective of where they might be.
The laudable initiative by FirstBank is another way to bank – without visiting a Bank – which allows you to make cash deposits, transfer money to any bank and enjoy other banking services like bills payment and purchase of recharge cards amongst others.
Firstmonie Agent Banking is well aligned with the overall business goals of FirstBank to promote financial inclusion and diversity. With over 647million transactions worth over N13.66 trillion processed by over 114,000 FirstMonie agents, financial inclusion has remained top focus for FirstBank and an important driver of the Sustainable Development Goals (SDGs) for better impact. This is further evidenced in the fact that 31,000 of the 114,000 FirstMonie agents are women – demonstrating the bank’s continued commitment to women empowerment and an equal opportunity employer.
