Nigeria:Firstmonie Hits 1m User Base Milestones

MAY 05,2014

FinancialTechnologyAfrica.

Firstmonie, the mobile payment solution from First Bank of Nigeria Limited, has hit the one million-customer mark on its platform, in less than two years of its operations. The mobile payment solution was launched in 2012 as part of the bank’s financial inclusion initiative to drive the provision of banking services to the growing numbers of the unbanked and the under-banked population in Nigeria.

The Head, Marketing and Corporate Communications, FirstBank, Mrs. Folake Ani-Mumuney, said that surpassing the one-million mark on the Firstmonie platform, showed the extent the bank will go to ensure that  customers have more choices in accessing banking services from any location they find themselves.

“We are pleased by this achievement, which signifies the level of Firstmonie’s acceptance among subscribers. We believe that the tremendous growth it has recorded so far illustrated the important role it plays in providing easy access to financial services for customers on the go,” she said.

She pointed out that the platform, which was created to align with the nation’s policy on cash-less or cash-lite economy, offers an excellent medium for subscribers to disburse funds efficiently and securely to their loved ones across the nation. “The Firstmonie solution was created to provide convenient and safer banking for the under-banked and unbanked to access their bank account and transfer funds with the use of their mobile phones. 

“This enables subscribers to send and receive money, pay bills, buy airtime, and make sundry purchases in Nigeria without owning a bank account. The transaction on the platform has no time barriers and can be carried out at any time of the day.

“The platform also supports wealth creation by providing opportunities for thousands of entrepreneurs across the nation and has been associated with several initiatives like The Bill & Melinda Gates Foundation Grant, among others,” she added.