FirstBank processes transactions worth N6 trillion via FirstMonie — Adeduntan

First Bank of Nigeria Limited has announced that it has processed transactions worth over N6 trillion on its FirstMonie Agent network as at July 2020.

Chief executive officer, FirstBank, Dr. Adesola Adeduntan, disclosed this on Thursday at the 2020 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 disclosed that FirstBank had become the foremost financial inclusion solutions provider with over nine million USSD users, processing over 200 million transactions to date.

In his words: “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.”

The First Bank Boss added 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.”

He noted that FirstMobile App was awarded the Best Mobile Banking App in Nigeria in 2019 by the UK-based Global Business Outlook.

Adeduntan stated that 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 stressed.

Adeduntan pledged that the bank would continue to provide first class customer service, business advisory and financial support to grow its customers businesses.

He also assured that the bank would continue to expand the vistas of innovations in its products and services, to boost customer experience and grow the national economy.

Speaking at the webinar, Chinedu Echeruo, founder of HopStop and the keynote speaker, applauded the bank for being innovative in all its products offerings and services, adding that the world had entered a new age with the fourth industrial revolution, hence, organisations should use technology to create new values for their customers.

According to him, Artificial Intelligence (AI) enables one to predict something as well as predict what would happen in future, adding that disruptions bring about opportunities.

He urged companies to find a way to use blockchain to harness AI to collapse risk in the system.

Executive director, Technology and Operations, Nigeria Inter-Bank Settlement System Plc (NIBSS), Aminu Maida, who is one of the panelists, harped on the need for innovative and collaborative effort to achieve the desired growth.

Maida said: “The reality of today’s consumers is that they want everything now and they want to achieve their experience at the same time.”

He disclosed that NIBSS had adopted AI in tackling fraud and enhancing security, to enable their customers to have confidence in their services.

Maida opined that technology was ahead of regulation, adding that they needed to be open to allow customers inform them on what they need.

Director, Payments System Management Department, CBN, Musa Jimoh, said the CBN had instituted a five-year strategy 2025 with new initiatives to strengthen regulation.

Jimoh noted that COVID-19 had increased exposure that we can make payments without physical contact.

FirstBank group executive, e-Business and Retail Products, Chuma Ezirim, revealed that over 65 per cent of its customer base bank with FirstBank through its digital channels and 10.6 million active cards.

Ezirim further said that the bank was a technology company offering financial services, stressing that it processes 90 customers-initiated successful transactions per second.

On his part, the Group executive, Technology and Services, Callistus Obetta, said the best platform to build was people, adding that the bank would continue to build its people to ensure efficient service delivery.