According to the report, over 86,300 Firstmonie agents, spread across 772 local government areas in Nigeria can access up to N1 million loan facilities, as First Bank of Nigeria sustains the initiative created to promote the business activities of its foremost agent banking platform – Firstmonie agents.
On that noted this scheme is a channel whereby, an applicant through an agent can access the fund, pending cash lodgment at the bank’s nearest branch.
The report further disclosed that the Firstmonie Agent Credit with its location in every neighborhood, Firstmonie Agents have been integral to filling the financial exclusion gap, providing convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments that have no access to financial services, said First Bank in a statement.
The bank’s financial inclusion activities, the statement noted, is in line with the mandate of the CBN plan to ensure the availability of affordable financial products and services to all individuals and groups of people in the country; irrespective of location, literacy levels, familiarity with technology and accessibility to modern infrastructural facilities.
The Firstmonie Agent channel is among the bank’s many initiatives to expand financial access in the country.
“The roles played by our Firstmonie Agents in promoting businesses across the nooks and crannies of the country cannot be over-emphasised as they have continued to set the pace in extending financial inclusion to communities with little or no access to financial services,” Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited, Chuma Ezirim said.
“With our Firstmonie Agents in every neighbourhood, several communities have witnessed a surge in business and financial activities, which is contributory to national growth and development. We commend our Agents and are delighted to support them with credit facilities, which they can access 24 hours a day in less than two minutes,” he said while appreciating the work done by the agents.
Speaking at the Firstmonie Agent Banking National Awards in Lagos, FirstBank’s Chief Executive Officer, Adesola Adeduntan explained that through Firstmonie, the bank has remained at the forefront of driving nation-wide inclusion, given our belief that access to financial services is part of lifting people out of poverty and fostering collective national economic development.
Adeduntan said: “The key strength of the bank’s services is to look at the gaps in the society and develop products and services that address the gap. As an integral part of our strategy, we believe in working with the CBN to improve financial inclusion index of the country. We would, at FirstBank, assist Nigeria to address poverty and hunger, thereby promoting security of life and property. Because when people are gainfully employed, the implication is that they will think less of crime.”
As at December 9, 2021 , the number of Firstmonie Agents stood at 150,023, the number of on-boarded Firstmonie Agents, stood at 63,684. The spread of Firstmonie Agents across the country shows they are present in 772 out of the 774 local government areas in Nigeria.
The transaction volume and value by the agents since inception stood at 817.7 million worth N17.51 trillion while transaction volume and value by the agents, stood at 345 million and N8 trillion.
FirstBank has been at the forefront of promoting financial inclusion in the country, impacting Nigerians, regardless of their locations nationwide. The bank currently has over 120,000 Firstmonie Agents spread across 772 Local Government Areas in Nigeria.
The Agent Credit scheme was created by the banking giant to promote and expand the business activities of its foremost agent banking platform – Firstmonie Agents – whilst putting them at an advantage to positively impact their immediate environment.
Firstmonie Agents have been integral to bridging the financial exclusion gap, providing convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments that have no access to financial services.