Nigeria: Firstmonie Secures U.S.$12 Million From Bill and Melinda Gates Foundation

MARCH 12,2014.

VANGUARD.

In apparent move to boost the nation's financial inclusion drive, the mobile payment solution from First Bank of Nigeria Ltd, Firstmonie has secured a grant of $12million US dollars from the Bill & Melinda Gates Foundation to execute the project.

The grant, according to Firstmonie is to help deepen the penetration of its mobile financial services in Nigeria to the underbanked and low income communities, with the aim of driving financial inclusion in Nigeria.

The funds are expected to be disbursed in tranches attached to performance milestones.

The platform also expected to support wealth creation by providing opportunities for thousands of entrepreneurs across the nation and encourage financial inclusion through the availability of banking services for the unbanked and under-banked.

The Head, Mobile Financial Services, for FirstBank, Mr. Mike Ogbalu, said "the rigorous process of securing the foundation grant included a review of our business strategy, target market outreach plans, agent site visits and interviews.