Firstmonie Agents Process N22trn In 1bn Transactions

First Bank of Nigeria Limited, has said its agent banking network, Firstmonie Agent, has processed transaction volume in excess of one billion amounting to over N22 trillion affirming its leading role in agency banking.

The bank said the number of its Firstmonie agenst spread across the nook and cranny of the country is now over 180,000 operating across the country’s 772 Local Government Areas.

Firstmonie Agents have been integral to  bringing financial  services closer to the underbanked and unbanked segment of the 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.

Since 2020, FirstBank has economically empowered thousands of its Firstmonie Agents with over N100 billion in credit facilities

Expressing his appreciation to the Firstmonie Agents, Chief Executive of FirstBank, Dr. 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.

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.

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.