Nigeria: First Bank Targets 500,000 Agents to Boost Financial Inclusion

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With a view to enhance financial inclusion across the country, First Bank of Nigeria Limited has announced its drive to get up to 500,000 operators on board its agent banking platform. This was disclosed at the opening ceremony of the 12th Annual Conference of the Chartered Institute of Bankers of Nigeria (CIBN) by FirstBank’s Chief Executive Officer, Dr. Adesola Adeduntan, who also served as the Chairman of the CIBN 2019 Conference Consultative Committee. The event was held in Abuja on 24 – 25 September 2019.

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The CIBN conference themed: “the future of the Nigerian banking industry – 360o” had Professor Yemi Osinbajo, Vice President, Federal Republic of Nigeria as the Special Guest of Honour.

In his remarks, the Bank’s CEO said FirstBank would support all efforts to ensure effective financial inclusion in Nigeria.

According to Adeduntan “we have a very ambitious plan to appoint about 500,000 agents across the nook and cranny of our country and to ensure that banking facilities and services are made available to all Nigerians.”

He noted that the banking sector in Nigeria remained the primary partner to the government with regards to economic growth and development in the country. “If we do not utilise those opportunities and mainstream them properly, the country and the entire economy will be left behind,” Adeduntan stated.

In 2017, FirstBank launched its agent banking network; ‘Firstmonie Agent’, described as its ‘Human ATM’. The Firstmonie Agents are empowered to extend access to finance to all Nigerians, regardless of where they may be across the country. The Firstmonie Agents complement the Bank’s effort at reducing the unbanked in the country, whilst providing a handful of the Bank’s bespoke financial services, including; account opening; cash deposit; airtime purchase; bills payment; withdrawals and money transfer.

According to the Bank, FirstMonie Agents are usually owners of small businesses within communities with limited or no banking penetration. The Bank has an Agent Banking strength of over 31,000 Agents, spread across 98% of the country’s 774 Local Government Areas (LGAs).

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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