Business
FirstBank Conquers Financial Inclusion Challenge with Firstmonie Agent Banking
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By Eric Elezuo
When Nigeria’s foremost bank, FirstBank of Nigeria Plc rolled out drums to celebrate top performers among its over 37, 000 firstmonie banking agents, the reasons were obvious. In the first instance, the bank succeeded in proving that it remains the first name behind the quest to implement financial inclusion in the banking world as well as explain that the gap between the tech savvy and the low literacy clients has been breached. This is because the firstmonie agent network represents the convenient and comfortable alternative for customers that are acquainted with sophisticated digital channels.
Another reason stem from the fact that it has succeeded in looking into the future to create that ecosystem that allows easy financial transaction wherever a customer is in Nigeria.
At the event, FirstBank compensated 37 leading agents with N15, 250, 000.00 as follows; the sum of N250, 000 to 31 agents at the state level; N1, 000, 000 to five agents at the regional level and a whopping N2, 500, 000 to the grand prize winner at the National level. Zayyanu Hassan Ishaq from Abuja emerged the grand prize winner.
FirstBank’s Firstmonie service is providing financial/banking solutions to rural and semi-urban locations across the country. Through this channel, the Bank is providing convenient services that endears trust and provides ease of access to banking products, irrespective of location, literacy levels, familiarity with technology and accessibility to modern infrastructural facilities.
The firstmonie initiative of FirstBank is borne out of the fact that 38 per cent of the adult population in the country is financially excluded. Of this number, according to EFINA 2018 Survey, 41.1 percent are male while 55.9 percent are female. There was need therefore, to get all hands on deck to bring about financial inclusiveness among all and sundry, invariably fostering economic development.
Trancing the origin of firstmonie, the Deputy Managing Director, First Bank of Nigeria Plc, Mr. Francis Gbenga Shobo stated that “It actually started in 2009 when it was just a concept in the bank. We have branches all over nigeria; we are one of the most spread branches in the country. But we felt that there was still an opening out there. It was in 2010 that we launched the firstmomie programme.”
Lending credence, the Group Executive eBusiness and Retail Products, Mr. Chuma Ezirim, confirmed that steps were taken between 2014 and 2017 to give the programme the top of spot status it enjoys today.
“In 2014, we took a decision to change the scheme from wallet base to account base. It took us another two years to test the concept and officially started the pilot in 2017,” Ezirim revealed.
It is worthy of note that the firstmonie initiative had undergone several operating structure changes and value proposition. In December 2017, the bank ran its pilot test with over 400, 000 transactions processed. The success of the first run necessitated its re-launching in 2018.
With a key motive of ‘planting community heroes nationwide’, FirstBank has not only succeeded in developing the small and medium scale enterprise sector but has created independent finance experts and men and women who can hold their own financially.
Giving further details, Managing Director/Chief Executive Officer, First Bank of Nigeria Plc. Dr. Adesola Adeduntan, described how it is FirstBank’s proactive stance to leverage on gaps in the society to provide long lasting solutions beneficial to citizens towards financial inclusion, addressing poverty, hunger, unemployment and reducing crime.
He said: “The key part of our history and our future is about development and economic growth, and the key strength of our franchise is our ability to look at gaps in the society, develop products and services that address that gap. So as an integral part of our strategy, we believe that by significantly working with the Central Bank, we can improve the financial inclusion index of the country. We would, as FirstBank, be assisting this country to address poverty, hunger…thereby also promoting security of life and property because when people are gainfully employed, the implication is that they think less of crime.
He noted that FirstBank’s intention with firstmonie is to try as much as possible to make agents the ‘centre of the financial ecosystem in the country’.
Across the length and breath of the nation, tidings of great joy are the order of the day following presence of FirstBank’s firstmonie agents, even in the remotest parts of existence. The scheme has eased the stress of trading and has raised financially independent entrepreneurs as well as thoroughbred employers of labour.
In Aiyetoro, a riverine community in Ilaje, Ondo State, there are no banks, but FirstBank has positively impacted it. A firstmonie agent, Stephen Adeleye, confided that;
“People can easily walk in without having to travel and that has developed a savings habit because we have easy access to the bank and can deposit their money easily,” he said.
Testifying to the positive impact of the scheme, a beneficiary, Tina Farodoye revealed that “The transaction has really helped my business to grow. I buy my things in bulk and do a transfer from here. And the things I buy from Lagos gives me more gains because they are expensive here.”
Again, Agent Emphraim Osinachi from Obohie, Asa Ukwa West of Abia State explained that people of all ages have embraced the scheme because of its positives, saying that customers are better given attention by the agents as against what is obtainable at the ATMs.
“We serve all ages, from adults to minor. Unlike the ATM machine where there is no assistance, the people feel relaxed here. Sometime ago, armed robbers invaded a house and were able to get only N50 from a home after ransacking the house while the owners were away. The reason is because of the firstmonie agent banking in place now.”
He maintained firstmonie is a veritable option to enforcing the Federal Government policy on cashless economy.
Aliu Adeleye spoke from Lekki-Aja in Lagos, and excitedly narrated how people have come to support and patronise the scheme, stressing that business improved when he added ‘mobile banking transaction using our firstmonie platform’.
“This place is heavily buzzing with transactions, especially in the evenings when the banking halls are already closed. Presently we have about six other locations because of the demands, and they are all doing well,” an elated Adeleye said.
Surajudeen Adebisi Bada from Abeokuta, Ogun State stated that “we open by 8am but people are already lined up by 7am, and there over two hundred customers trying to transfer money and over a thousand trying to collect money. If I look at our data base, I am convinced that we can beat some of the banks.”
Noting the importance of Firstmonie agents, Shobo emphasized that they are the ones the customers go to, to open accounts, take deposits, make payments, sell airtime and all the rest, adding that ‘they are the most critical part of that ecosystem’. He further lauded the CBN for its regulatory role and enablement and the Bill and Melinda Gates Foundation for their contributions and oversight functions.
“The regulators are very important, and we must give it to the CBN and its governor, Godwin Emefiele; they have done a lot of changes in regulation that have allowed the programme to scale as much as it has, today. A very, very important partner of ours has been the Bill and Melinda Gates Foundation; they helped us with grants, advice, and insight of what they had in other countries. We’ve used all that in coming up with the testimonies with which we are running now.
“Today, we have 36, 000 agents, with each having about one or two persons assisting them. We have opened more than 500, 000 accounts, processed more than two trillion transactions through the firstmonie agency, indirect employment in excess of 100, 000 people working across the entire value chain. More than 8, 000 women have been fully empowered servicing different customers, and they can begin to improve for themselves,” he said.
Sustaining the avalanche of positive feedbacks, Kehinde Kudirat Kasali from Ogun State, confessed that ‘FirstBank has been able to help me a lot. This is so that I can stand on my own. I can hold my own anywhere I am, and I appreciate Firstmonie.”
In the words of Uchechi Amogu from Obowo in Imo State, ‘There’s really been a great change in my life. I can tell you that in this very location, sometimes we do up to 200 transactions each day. I was working alone, but now I have employed two other persons.”
From Warri, Delta State, Orode Hesse, said that “Firstmonie has really impacted me; it has empowered me financially, and I have been able to employ six staff; five female and one male. I see firstmonie as a business to employ and empower women.”
Abubakar Aki Bolaji from Abuja puts it this way ‘the nearest bank here is about 15 kilometres away. We have cut the cost of transportation, and we have about 350 footprints here on a daily basis’ exposing a massive influx of customers each passing day.
Conquering harsh terrains and topography, the firstmonie agent banking scheme has reach the nook and crannies of Northern Nigeria and made impacts indelible to neglect.
“We have built up a significant number of firstmonie agents in the Northern parts of the country. A top government officer from Jigawa State told me of a couple of agents at somewhere in Gumel. This is about 70 kilometres to the nearest bank-town. Along the 70 kilometres, he said he saw two agent locations. That’s a testimony of our presence in the North.
We are not stopping. It’s going to be a marathon; we believe there’s a lot to be done, not just in Nigeria. We also have other locations across Africa. Ghana is of interest to us, and we have started rolling our agency banking in Ghana. The Democratic Republic of Congo, a country of about 80 million people, is also a significant opportunity for us to help Africa, to promote financial inclusion and begin to address poverty across the continent,” Adeduntan said.
The assessment of Mohammed Tatari from Bauchi state seems to summarise the unquantifiable advantage of firstmonie.
He said: “We are thankful for this bank that has come closer to us. Before this time, people travel far just to enjoy banking services, but now firstmonie has brought banking close to them. This firstmonie service is helping people in many ways, as a result, we are experiencing large numbers of people here.
“Before firstmonie, goods have to be loaded into vehicles and will not be delivered until money has exchanged hands. But now, we just transfer the money to the supplier and the goods will be delivered without question so this has really changed our lives.”
While the tradition among people is that banks have about 600 locations, FirstBank has 37, 000 locations, and they are present in 99 per cent of the 774 local government areas of the Federation, and there’s no one close to the record. The beauty of the opportunity is that it is being used to impact positively on the society.
The Head, Marketing and Communication, FirstBank Nigeria Plc, Mrs. Folake Ani-Mumuney, was full of praises and encouragement for the Firstmonie agents, urging them to continue in their giant strides while encouraging others to follow suit to further raise the banner financial reach and inclusion, and the Nigerian economy.
“This is about your future and the growth of your locality and the country in general. Continue to thrive and win, and do not rest on your laurels,” she admonished.
“The unwavering efforts and remarkable contributions by our Firstmonie Agents at promoting financial inclusion in Nigeria is indeed very much appreciated. We remain committed to doing more, strengthening business activities, driving economic growth and development; thereby reducing poverty,” the CEO, Adeduntan concluded.
Business
Dangote Refinery Surpasses Nameplate Capacity, Strengthens Nigeria’s Energy Security, Export Position
Dangote Petroleum Refinery has achieved a significant operational milestone, recording an average capacity utilization of 105.21 percent in August 2026, according to data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The 700,000 barrels-per-day refinery processed an average of 736,470 barrels of crude oil per day in August, a substantial increase from 497,000 barrels per day in July when utilization stood at 71 percent.
The strong performance was supported by a rebound in domestic crude oil supply, with deliveries rising by 16.75 percent to 683,000 barrels per day during the month, enabling the refinery to ramp up throughput.
The improved throughput translated into average daily production of 84.43 million litres of refined white products, including Premium Motor Spirit, PMS, Automotive Gas Oil, AGO or diesel, and Aviation Turbine Kerosene, ATK, further reinforcing its role as a major supplier of refined petroleum products across Nigeria and the wider West African region.
Speaking on the development, the Dangote Group said the achievement underscores the refinery’s growing contribution to Nigeria’s energy security, foreign exchange conservation, and industrial growth agenda.
The refinery continued to significantly reduce Nigeria’s dependence on imported petroleum products during the review period. Domestic PMS deliveries from the refinery rose by 39 percent month-on-month to 35.87 million litres per day in August, accounting for approximately 71 percent of total domestic petrol supply.
The increased local supply contributed to a sharp decline in fuel imports, with national PMS imports falling by 26 percent to 14.60 million litres per day, highlighting the refinery’s expanding impact on the domestic fuel market.
Beyond meeting a significant portion of Nigeria’s domestic fuel requirements, the refinery also strengthened the country’s export profile through robust shipments of refined products.
In August, the refinery exported an average of 9.73 million litres of PMS daily, alongside 8.75 million litres of diesel and 21.30 million litres of aviation fuel. These volumes further support Nigeria’s emergence as a net exporter of refined petroleum products and contribute to increased foreign exchange earnings for the country.
The refinery’s growing production capacity was particularly evident in the diesel market, where domestic AGO deliveries averaged 12.37 million litres per day. This level of output substantially reduced the need for imported diesel, with national diesel imports declining from 7.90 million litres per day in July to 1.30 million litres per day in August.
The development reflects the refinery’s increasing ability to support critical sectors of the economy, including transportation, manufacturing, agriculture, telecommunications, and power generation.
According to the Group, the ability to operate above nameplate capacity demonstrates the efficiency, reliability, and resilience of its operations. The milestone also reinforces investor confidence as the refinery’s ongoing public offering continues to attract significant market attention.
Dangote Group reiterated its commitment to maximizing local value addition, supporting economic diversification, and ensuring the sustainable supply of high-quality refined petroleum products to Nigeria, Africa, and global markets.
Business
2026 NBBF League Finals: Zenith Bank Commits to Development of National Women Basketball
The road to the 2026 Zenith Bank NBBF Women’s Basketball League title reaches its climax as eight top teams converge on Lagos for the highly anticipated National Finals.
The finals will hold from September 28 to October 3, 2026, at the Indoor Sports Hall of the National Stadium, Surulere, Lagos.
Emerging from fiercely contested Atlantic and Savannah Conference campaigns, Nigeria Customs, AS Sky Queens, Titans, Air Warriors, MFM, First Bank, Victoria Queens, and Bayelsa Blue Whales have booked their place in the battle for national honours.
Last year’s champions, Dolphins Basketball Club, who lifted the trophy after defeating First Bank in the final, will not be in contention this year after failing to make the top four of the Atlantic Conference. Their absence leaves the title wide open for a new champion.
The trophy will however be contested by teams with rich championship pedigree. First Bank, last year’s finalist and the most successful team in the history of the competition, arrives with a record nine league titles, while MFM will be banking on its recent dominance after winning back-to-back championships in 2023 and 2024.
It is a level of competition that reflects the growth of a league that has, for more than two decades, provided a platform for Nigeria’s best female basketball talents to emerge, compete and develop. At the heart of that journey has been Zenith Bank, the sole sponsor of the National Women’s Basketball League since 2005.
Through its partnership with the Nigeria Basketball Federation (NBBF), Zenith Bank has consistently supported the development of women’s basketball, helping to provide and sustain a competitive platform where talents can be discovered, nurtured and prepared for the highest level of the sport.
The league has also served as a vital pathway to the National Women Basketball team, D’Tigress, with several players who have featured prominently for Nigeria emerging from the domestic competition.
Beyond the national team, the league continues to contribute to youth development by giving young female athletes the opportunity to build confidence, skill, discipline, teamwork and professional sporting careers.
For Zenith Bank, the sponsorship of the Women’s Basketball League represents more than support for a sporting competition.
It reflects the Bank’s broader commitment to creating platforms that provide opportunities, develop potential and make a meaningful difference in the lives of young Nigerians.
This commitment extends across several areas of community development, with notable initiatives including the reconstruction and beautification of Ajose Adeogun Street and Roundabout, the annual Zenith Bank Youth Parade and Light-Up Ceremony, the construction of ICT Centres in tertiary institutions across the country, and the construction of the ultra-modern Iga Iduganran Primary Healthcare Centre, among others.
Through these initiatives and its longstanding support for women’s basketball, Zenith Bank Plc continues to demonstrate that its commitment to society goes beyond banking, with a focus on creating opportunities and contributing to the development of communities and the next generation.
Business
Dangote Reveals Plans to Invest $10bn in Africa’s Power Sector
Africa’s richest man, Aliko Dangote, has revealed that he would be investing over $10 billion dollars in the coming years to tackle the power crisis in Nigeria and drive industrialisation.
He spoke during an interview with Al Jazeera, where he identified inconsistent government policies and inadequate electricity supply as major challenges discouraging Africans from investing in the continent.
He disclosed that the group is considering redirecting funds from certain businesses, including steel, towards electricity generation and other power-related investments.
“And I’m telling you in the next three to four years, there will be a major transformation in Africa, and that’s why we’re looking at power. We are going to invest in power. There are one or two businesses that we might cancel, like steel, and we will put the money in power. We want to invest over $10billion alone in power.”
He expressed concern that more than 600 million Africans continued to live without electricity, describing the situation as one that the continent must address, saying, “We Africans should not really allow over 600 million of our people to remain in darkness.”
The industrialist linked electricity supply to economic development and argued that governments that successfully deliver power to their citizens may not need to go for campaigns again during elections.
“You know, if some politicians work hard and have a plan, when you deliver power, you don’t need to go for a campaign when you’re going for an election. Power is key; we will never create growth without power. That’s why they say power is growth. When I say power, I mean electricity is growth.”
He said Africa would be unable to create jobs and achieve sustainable economic growth without industrialisation, stressing that the continent must reduce its dependence on imported goods.
On what some are saying about not investing in Africa, he said: “The problem really is, it takes two to tango. I think in the past, there’s been a lot of flip-flops in government policies. Government policies are changing every day, and then, the lack of electricity is also there.
“So, these two issues haven’t gone away. They are still there. But for some of us that really mean business, we are here, and we know that yes, without our intervention, Africa will never be able to create jobs. If there’s no industrialisation, how do you create jobs? You can’t,” he said.
Dangote warned that Africa could eventually lack the financial resources to continue importing the goods it consumes, making industrial development and local production necessary for the continent’s future.
“One day we will not have money to import what we are consuming. So how can we remain an import continent? It has to change. But that change can only happen when Africans believe in Africa, and they invest in Africa,” he stated.
According to the businessman, a growing number of investors are showing interest in supporting African businesses because of the opportunities available on the continent. He added that his investment approach was focused on spreading wealth, expanding participation in businesses and strengthening corporate governance.
“We want to make sure it’s about spreading the wealth. It’s about getting more people in the business. It’s also about corporate governance. So that’s the direction.”
Responding to accusations that his business activities were creating a monopoly, Dangote said he would remain focused on his objectives rather than be distracted by his critics.
He used football star Lionel Messi as an example, explaining that a player must concentrate on the ball rather than the audience while playing.
“Well, you know, if I’m going to listen to that, have you ever seen a footballer looking at the audience? He has to continue looking at the ball. If I’m Messi, for example, I’m kicking the ball, and I’m looking at the audience, do you think I won’t miss the ball? I will miss the ball,” he stated.
Dangote argued that people would not always be satisfied with the activities of businesses, adding that accusations of monopoly would not stop him from pursuing his investment plans.
“If I’m going to make my continent great and people want to call me a monopoly for no reason, so be it. I mean, it’s not going to reduce the colour of my face or whatever. You can call me whatever you want to call me; I didn’t stop anybody; it is an opportunity given to everybody, every one of us has that opportunity whether Africans, foreigners or whoever,” he stressed.
He said the government had not granted his businesses exclusive rights to operate in any sector, maintaining that opportunities were available to investors who were willing to participate.
“There’s nothing that the government gave us and say, ‘this is only for Dangote ’. The government will create a policy around a sector, and they will blow a whistle and say, ‘ Yes, this is it,” he noted.
Using a 100-metre race as an illustration, Dangote said investors who had chosen not to participate should not blame those who entered and won.
“If there’s a 100-metre race, some people were on the bench while I’m on the track, and I agreed to run that race, and I won that race alone, are you going to blame me or are you going to blame people who just sat on the bench?” he asked.
The businessman added that businesses and individuals needed to believe in Africa and invest in its development if they want to benefit from the continent’s economic opportunities.
“They’re not ready, they’re not prepared, they don’t even believe in Africa itself. If you don’t invest, you are not going to get fruit of that labour,” he replied to those accusing him of monopoly.






