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
Access Bank, Fifth Chukker, UNICEF Partner to Expand Educational Opportunities for Vulnerable Children
The transformative power of collective action in expanding access to education took centre stage in London as Access Bank UK, Fifth Chukker, UNICEF and the Kaduna State Government reaffirmed their shared commitment to creating brighter futures for Nigeria’s most vulnerable children.
Hosted by Access Bank UK, Access UK Polo Day celebrated more than 15 years of impact driven by a shared vision to expand educational opportunities for underserved children. What began as a modest initiative has evolved into one of Africa’s most impactful education programmes, with the Access Bank Fifth Chukker School in Kaduna State and its associated interventions positively impacting more than 14,000 children across underserved communities in Northern Nigeria.
At the heart of this transformation is the Access Bank Fifth Chukker School, where investments in educational infrastructure, learning resources and student support have created lasting opportunities for thousands of children. Between 2018 and 2026 alone, the school recorded 2,538 graduates, with female pupils accounting for more than 54 per cent of the total, underscoring the programme’s contribution to advancing girls’ education and promoting inclusive access to learning.
More than 1,000 pupils benefit from the school’s internationally recognised foundational learning programme each year, contributing to improved literacy and numeracy outcomes and a reported 15 per cent increase in learning performance. Students continue to secure admission into leading secondary schools, while teachers receive ongoing professional development and digital learning support. Enhanced infrastructural facilities and expanded learning resources have further strengthened the overall learning environment, helping to sustain the programme’s long-term impact.
This year’s event reinforced a compelling message: Every pledge should lead to a classroom, every classroom should empower a child, and every child should have the opportunity to shape a brighter future.
Speaking at the event, the Managing Director and Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, reflected on the remarkable growth of the initiative and the unwavering commitment of its supporters.
“What began as a dream to transform the lives of 100 children has grown into a movement that has positively impacted more than 14,000 young people. We want to return next year talking about 28,000 children. Education remains the greatest leveller, giving every child a genuine opportunity to realise their potential and contribute meaningfully to society.”
Ogbonna expressed appreciation to donors and partners whose support has sustained the initiative, noting that investment in education creates lasting intergenerational impact.
Kaduna State Governor Uba Sani described education as one of the most valuable investments any society can make. He praised the longstanding alliance between Access Bank, Fifth Chukker and UNICEF, noting that it has restored hope and opportunity to thousands of children from underserved communities.
Highlighting Kaduna State’s ongoing education reforms, the Governor revealed that approximately 300,000 out-of-school children had been returned to classrooms over the past year through partnerships with organisations including UNICEF and other development partners. He also announced plans to construct an additional 120 classrooms at the Fifth Chukker Access Bank UNICEF School, enabling even more children to access quality education.
“What we are doing here is about humanity. By giving children access to quality education, we are empowering them to dream, to lead and to build a better future for themselves and their communities.”
Governor Sani also paid tribute to the late Herbert Wigwe, acknowledging his vision, leadership and enduring commitment to improving educational outcomes for underserved populations.
For Aigboje Aig-Imoukhuede, Chairman of Access Holdings, the true success of the initiative is reflected in the lives being transformed.
“The most meaningful measure of success is not the number of buildings we construct, but the opportunities we create. Every child who receives an education, every young person who discovers their potential, and every community strengthened through learning represents the lasting impact of this partnership. Together, we are proving that when purpose meets collaboration, we can create opportunities that change lives for generations.”
Welcoming guests, Jamie Simmonds, Chief Executive Officer of The Access Bank UK, described the gathering as polo with purpose, a celebration not only of sport but of a shared mission to create opportunity through education. He highlighted the institution’s commitment to supporting initiatives that deliver sustainable social impact and broaden access to learning for underserved children.
The event concluded with a renewed commitment from all stakeholders to deepen investment in education as a catalyst for national development and social progress. The Access Bank Fifth Chukker School continues to demonstrate the impact of sustained collaboration among the private sector, government and development partners, delivering measurable outcomes for vulnerable children in Northern Nigeria.
Ecobank Nigeria, a subsidiary of the leading pan-African financial services group Ecobank Group, has been awarded the Client Excellence Award by Deutsche Bank in recognition of its outstanding performance, operational excellence, and commitment to delivering superior Institutional Cash and Trade Finance services.
The award recognises Ecobank Nigeria’s consistent achievement of high standards in transaction processing, service delivery, operational efficiency, and collaboration within the global trade finance ecosystem. It further reinforces the Bank’s position as a leading financial institution providing innovative financial solutions that support corporates, financial institutions, and businesses engaged in domestic and international trade.
Receiving the award on behalf of Ecobank Nigeria, Segun Anjorin, Coverage Head, Corporate and Investment Bank, Ecobank Nigeria, expressed appreciation to Deutsche Bank for the recognition, noting that the award reflects the Bank’s unwavering commitment to excellence, innovation, and customer-centric service delivery.
“We are honoured to receive the Deutsche Bank Client Excellence Award. This recognition is a testament to our commitment to delivering seamless and innovative solutions that enable our clients to thrive in an increasingly interconnected global marketplace.”
“At Ecobank Nigeria, we remain focused on leveraging our extensive pan-African network, digital capabilities, and strategic partnerships to facilitate trade, improve transaction efficiency, and support economic growth across Nigeria and the African continent. We value our longstanding relationship with Deutsche Bank and look forward to further strengthening our collaboration in the years ahead,” Anjorin said.
Commenting on the award, Anand Jha, Managing Director, Global Head of TFFI and Regional Head, Trade & Lending, Middle East and Africa (MEA), Deutsche Bank, commended Ecobank Nigeria for its exceptional service standards and operational excellence.
“The Client Excellence Award recognises institutions that consistently demonstrate outstanding quality, efficiency, and reliability in transaction banking operations. Ecobank Nigeria distinguished itself through its commitment to excellence, strong operational controls, and customer-focused service delivery that has created measurable value for clients and counterparties alike.”
“We are pleased to recognise Ecobank Nigeria’s achievements and appreciate the strong partnership we have built over the years. We look forward to continuing our collaboration in supporting trade, payments, and financial flows that drive economic development across Africa and beyond,” Jha said.
The recognition underscores Ecobank Nigeria’s continued investment in world-class banking solutions and reinforces its role as a trusted financial partner for businesses seeking efficient cash management, trade finance, and cross-border banking services. It also highlights the Bank’s commitment to supporting economic development by facilitating seamless trade and financial transactions across Africa and the global marketplace.
About Ecobank Nigeria
Ecobank Nigeria is a member of the Ecobank Group, the leading pan-African banking institution with operations in 33 African countries and international offices in London, Paris, Beijing, and Dubai. With over 220 branches, more than 36,000 agency banking locations, and robust digital platforms, Ecobank delivers accessible, affordable, and instant banking services. The Bank is strategically positioned to support pan-African trade, particularly under the African Continental Free Trade Area (AfCFTA).
Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, Wema Bank, on Wednesday, announced the 7th edition of its flagship innovation initiative, Hackaholics.
Launched in 2019, Hackaholics is Wema Bank’s youth and tech-focused initiative designed to serve as a platform for young Africans with creative, game changing, tech-driven ideas and products, to bring their ideas to life. Since its launch, Hackaholics has discovered thousands of groundbreaking solutions, supported over 10,000 startups, engaged 50,000 participants, developed over 100 solutions from scratch and disbursed $500,000,000 in grant prizes to dozens of winners whose remarkable solutions have earned a top spot in the past 6 editions. With the launch of Hackaholics 7.0, Wema Bank is set to execute the biggest Hackaholics edition yet.
Themed “Powering Possibilities”, Hackaholics 7.0 will kick off with an open call for applications, calling on all young Africans with creative tech-driven solutions across any of the 7 verticals: Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and Future of Work. Each application is to be made via the portal at hackaholics.wemabank.com, under one of three tracks: The Startup Pitch Competition, Hackathon and the newly introduced Social Impact track.
Following the application window, Hackaholics 7.0 will then proceed on a national tour which will touch 10 pitch centres across the six geopolitical zones of Nigeria. Each pitch centre will serve as a hub for innovators within the region to pitch their creative solutions and get the opportunity to secure the top spot in their pitch centre, and ultimately, proceed to the grand finale where the winners of Hackaholics 7.0 will be announced.
Speaking on the inspiration behind Hackaholics’ exceptional seven-year journey, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to powering innovation, empowering youth and promoting economic growth in Africa.
“At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy. This sense of responsibility is what has driven the evolution of Hackaholics from inception till date. With Hackaholics, we have, and we are investing in the next generation of innovators, inspiring innovation that will impact lives, strengthening Nigeria’s innovation ecosystem and giving youth a platform to make meaningful use of their creativity; and the numbers continue to speak volumes,” Oseni said.
While performing the function of declaring the application window open, Tajudeen Bakare, Wema Bank’s Divisional Executive, Business Support, noted that “As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders. I encourage every young Nigerian with a passion for innovation to leverage the opportunity that we have carefully curated through Hackaholics and get ahead of the curve in today’s dynamic work landscape. Together, we can continue to build an ecosystem where innovation flourishes, opportunities expand, and young people are empowered to create solutions that shape the future”.
Hackaholics 7.0 is free, and open to any Nigerian youth who has innovative ideas and solutions to pitch. Interested startups and innovators can apply at hackaholics.wemabank.com. All updates on the Hackaholics 7.0 journey will be made available on the Bank’s website @wemabank.com as well as its social media platforms @wemabank and @alat_ng.
