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Mobile Money and Telcos | |
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Wednesday, April 22,
2020 06.35PM /First Bank
In this COVID-19 era where movement is
restricted in some major parts of the world - including Nigeria - with many
Banks and business reengineering efforts to improve the adaptability of their
customers to electronic ways of carrying out business, Firstmonie Agents, an
agent banking initiative from First Bank of Nigeria Limited is bridging the
gaps and helping people to meet their needs of accessing the funds to buy food
items and groceries as well as to send money to their loved ones.
This is one of the many measures by the premier
financial institution in Nigeria to support the need to promote social
distancing and the reduction of physical interactions of people in large
numbers, thereby guarding against the spread of the coronavirus.
FirstBank introduced this innovative channel three years ago, with the aim of bringing banking to close those who live in the rural areas and to every Nigerian -regardless of where they are in the country.
Firstmonie Agents also ensure individuals in
the suburbs do not have to travel for long hours to the city for their banking
activities. The gap between the tech-savvy and the low literacy clients has
been bridged as Firstmonie Agent network represents the convenient and
comfortable alternative for customers that are unacquainted with the
sophisticated digital channels.
With over 53,000 Firstmonie Agents spread
across 99% Local Government Areas in the country, the laudable initiative by
FirstBank is another way to bank - without visiting a Bank - which allows you
to make cash deposit, transfer money to any bank and enjoy other banking
services like bills payment and purchase of recharge card amongst others.
Recently, Halima, a FirstBank customer who is a
housewife and petty trader, residing in a remote area in Abuja expressed her
delight on the Firstmonie Agent initiative as she was able to easily get cash
from an agent nearby to procure groceries for herself and her three children.
Her bank being far away in Garki was too far to visit to get money. Thanks to
Firstmonie which she discovered through her co-tenant, her joy knew no bounds
as Halima was able to access her money at the Firstmonie Agent outlet close to
her, as well as send money to her mother in far away, Maiduguri in Borno State.
Another customer in Lagos, Adeoye, a civil
servant also lauded this brilliant initiative from FirstBank and narrated his
experience when he visited the stand of Firstmonie in Ojota area of Ogudu,
Lagos. He explained that he was able to do his transaction with ease.
According to Mrs. Sadia Folorunsho, she said 'I
did not know FirstBank has this wonderful service within my area as it actually
saved my family from hunger as I was able to perform banking activities without
being in the bank,' she stated.
These are what the management of First Bank of
Nigeria Limited, led by its CEO, Dr. Adesola Adeduntan has been able to make
available well ahead of time, since no one knew there might be a pandemic that
will warrant a lockdown.
Its Firstmonie Agents at every nook and cranny
in Nigeria has been able to remove the burden from the shoulders of Nigerians
and allow many to carry out several transactions at Firstmonie Agent locations,
within close proximity of their home.
Firstmonie Agent banking is a channel
specifically designed by FirstBank to bring financial services closer to the
unbanked and underbanked segment of the society whilst promoting existing
businesses within the communities to deliver their services and contribute to
the growth and development of the economy.
With the spread of its Agent Banking
network, FirstBank has been able to indirectly create over 150,000 jobs as
the Firstmonie Agents have had to employ the services of other individuals to
build their businesses and meet the financial needs of individuals in its
community.
So far, the Bank has deepened financial inclusion through Firstmonie Agents with 237.3 million transactions processed through the network at a monetary value of over 4.08 Trillion Naira.
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