FBN’s Firstmonie Agents Hit Over 1 Billion Transactions worth Over N22 Trillion in Value

First Bank of Nigeria (FBN) has announced that its agent banking network – Firstmonie Agents has collectively processed transaction volume of over 1 billion, amounting to over 22 trillion Naira.

The bank in 2021 disclosed that the number of its Firstmonie agents had grown to 86,000. However, the bank has now revealed that the number has hit 180,000 Firstmonie Agents with a presence in the country’s 772 Local Government Areas.

Firstmonie Agents have helped to drive financial inclusion in Nigeria 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.

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.

Expressing his appreciation to the Firstmonie Agents, Dr. Adesola Adeduntan, CEO, FirstBank 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.