First Bank of Nigeria Limited has announced that its agent banking network, Firstmonie Agents, spread across the country, has collectively processed transaction volume in excess of 1 billion, amounting to over N22 trillion.
The Bank currently has over 180,000 Firstmonie Agents, spread across 772 of the country’s 774 Local Government Areas.
Firstmonie Agents have been integral to bringing financial services closer to the underbanked and unbanked segment of society, providing convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments with no access to financial services.
Popularly referred to as the ‘Human ATM’, Firstmonie Agents are empowered to reduce the reliance on over-the-counter transactions while providing convenient, personalized services. Amongst the services carried out by the Agents include; Account Opening, Cash Deposit, Airtime Purchase, Bills Payment, Withdrawals and Money Transfer.
What the bank is saying
- Expressing his appreciation to the Firstmonie Agents, the CEO, FirstBank, Adesola Adeduntan, said: “Since the relaunch of our Agent Banking scheme in 2018, our Firstmonie Agents have played a vital role in bridging the financial inclusion gap in the country, as many more people have been able to undertake various financial and business transactions in cost-effective ways, thereby saving a lot of time and money in travelling over long distances for basic banking services.”
- “We are delighted by the giant strides of our Firstmonie Agents in promoting financial inclusion and commend them for their efforts in taking banking to the doorsteps of Nigerians – irrespective of where they are – in a very effective way”, he concluded.
Through various empowerment and reward schemes implemented to put its Firstmonie Agents at an advantage to economically impact their immediate communities whilst importantly having their business sustained, the Bank’s Agent Banking scheme has remained a toast to Nigerians, irrespective of where they are in the country.
Amongst these schemes is the Agent Credit – launched in 2020 – which has had the Bank provide credit facilities to the tune of 238 billion naira to its teeming Firstmonie Agents.
They are making a lot of money from POS business and Nigerians are lazy to go to ATMs this day so the figure isn’t bad.
Well, not going to ATMs isn’t about laziness. It’s more about finding the nearest service point. The time that could have been wasted queueing at the ATM could be spent on other productive endeavours.