Lockdown: FirstBank’s Firstmonie leads in agent banking

When FirstBank designed Firstmonie, the best performing agent banking financial product, nobody had thought the economy would ever be locked down entirely.

With FirstBank’s over 53,000 agents banking networks across country, Firstmonie has been used to process more than 237 million transactions valued at ₦4.08 trillion.

Without going through hassles of visiting banking hall, Firstmonie allows customers to make cash deposits, make transfers and pay bills at various agents locations in Nigeria.

FirstBank also ensure that all transactions processed by individual agent are process on a real-time basis, as it impacts sender and beneficiary instantly.

The agent banking service comes with a token charge as convenient fee, except when customers purchase recharge cards.

It is that simple. As the saying goes, most valuable “stuffs” have easy access. You hardly walk a distant before you see FirstBank’s Firstmonie agent to conduct transactions.

Firstmonie allows users to buy recharge cards and perform other related transactions through the agents network that spread across the country.

While the economy is under total lock, Firstmonie agent provides bridging gap, helps users to have access to cash or make payment to meet immediate needs.

Customers that benefit from FirstBank’s Firstmonie services explained that apart from the fact that it is accessible to users, it also delivers a cutting edge service at reasonable charge.

FBN, the premier financial institution in Nigeria, agent banking financial product supports the need to promote social distancing, a measure targeted at curbing spreading the virus.

Since Firstmonie was launched three years ago, many customers of the bank have been enjoying easy access to their funds with FBN using the service.

Though, this financial product was designed to encourage financial inclusion of the people living in the rural communities, its uses has been spread across for convenience.

With COVID-19 pandemic, lockdown has extended its functionality as massive transactions have been processed so far through Firstmonie agents.

In a survey, some customers stated FirstBank Firstmonie agent banking bring transactions services closer to the customers, users.

Due to its robust functionality, Firstmonie agents are helping to close gap between the tech-savvy and market women/men.

Many customers of the bank agreed that Firstmonie agents are supporting in providing convenient and comfortable alternative, compare to visiting banking hall.

Commenting on the product, Dr. Adesola Adeduntan, FBN’s Chief said Firstmonie has been made available well ahead of time, since no one knew there might be a pandemic that will warrant a lockdown.

He said: “Firstmonie agents are everywhere in Nigeria. The agent networks have been able to remove the burden associate with visiting banking halls.

“It allows customers to transact business at Firstmonie agent locations, within close proximity to their homes”.

He stated that Firstmonie agent banking channels bring financial services closer to the unbanked and underbanked segment of the society.

With the spread of its agent banking network, FirstBank has been able to indirectly create over 150,000 jobs.

With Firstmonie agents in various locations, customers can open a FirstBank account, make deposit.

In addition, customers can make transfer to other banks’ accounts and enroll for biometric verification number (BVN).

The difference is, customers get transaction receipts for any business conducted with Firstmonie.

Lockdown: FirstBank’s Firstmonie leads in providing easy access to fund

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