First Bank Mobile Money Agents Process $490 million Monthly

First Bank of Nigeria has said that its efforts to deepen financial inclusion in Nigeria, has grown its network of mobile money agents to over 22,000 agents.

The bank also said the agents had processed over $490 million worth of transactions monthly.

Mr. Gbenga Shobo, Deputy Managing Director, First Bank, who stated this in Lagos during the Future of Finance West Africa Conference at the weekend, said his bank got a mobile money licence in 2012  to support the federal government’s objectives to deepen financial inclusion in the country.

He noted that its Firstmonie wallet platform had over four million customers and a spread of agent network that was expected to grow to 50,000 in 2019.

“Firstmonie has had a transformational impact on reaching low-income and historically unbanked households in Nigeria.

“It is integrating them into the wider financial system by providing access to a range of banking services including account opening, fund transfer capabilities, Identity management (BVN) and savings.

Source: Independent

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