Business
FirstBank’s Giant Strides in FinTech Leadership
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By Eric Elezuo
It is not by accident that Nigeria’a leading financial institution and financial inclusion services provider, FirstBank of Nigeria Limited, scaled all hurdles to hit the peak among players in Fintech network.
Fintech, a portmanteau or what can easily be referred to as abbreviation of finance and technology, forming the phrase financial technology, is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services.
While to most financial institutions, the process is emerging, to FirstBank, it is an already established and improved variety that has helped customers conduct banking activities without making physical contact with the bank or bank staff, but leveraging on the use of handheld mobile smartphones, and regular phones as in the case of *894# services. By this means, the bank has provided mobile banking, investing, borrowing among many other financial technologies aimed at making financial services more accessible to the general public.
Fintech is an integral part of FirstBank, and both are interrelated and are more like twelve and a dozen. In the words of the Group’s Executive, e-Business and Retail Products, Chuma Ezirim, FirstBank is a technology company offering financial services. Nothing could be farer than this truth!
FirstBank, without a doubt, the foremost player and leader of Fintech via its various electronic and digital offerings, boasts of the following but not limited technological innovations including the ever reliable *894#, highly prolific Firstmobile, FirstOnline, Whatsapp banking which thrives on the simple mobile number, 08124444000, FirstAdvance details among a host of other ‘first’ innovations and services.
Consequently, the bank has picked awards after awards with the FirstMobile App, among which is the Best Mobile Banking App in Nigeria in 2019 by the UK-based Global Business Outlook.
These services, have in no small measure, become the focal point, using alternative channels and electronic banking, especially as the world battles the ‘new normal’ with the principle of safe distance, thus reducing the risk of spreading the coronavirus.
To this end, the Chief Executive Officer, FirstBank Nigeria Limited, Dr. Adesola Adeduntan, during the just concluded edition four of the FinTech Summit, which reiterated activation of vibrant ecosystem, hinted that FirstBank’s involvement in the FinTech revolution is the fastest in the industry, and is mostly run by a sizable number of entrepreneurs. He mentioned that FirstBank has been positioned as the Fintech partner of choice, having established relationships with notable companies such as PiggyVest, Terragon, VoguePay and PatStack.
“FirstBank has become the foremost financial inclusion solutions provider with over 9 million USSD users, processing over 200 million transactions to date. Also, with more than 60,000 Firstmonie Agent Banking locations we have to date processed over 320 million customer transactions worth over NGN6 Trillion on the FirstMonie Agent Network as at July 2020, further cementing our leadership in the Agency Banking space,” Adeduntan said.
He noted that the bank’s rating has soared with its digital payment channels, and has remained in the forefront of providing financial inclusion solutions across board and round the clock with it’s FirstMobile app, USSD (*894#) and FirstMonie, as well as the popular Firstmonie Agent Banking Network.
It is not therefore, out of place to say that the Bank has led other banks in the field of FinTech, having supported Nigerians to meet their needs through these innovative digital platforms. Not only that, families and companies have paid bills through this channel, individuals and corporate bodies have purchased airtime to keep in touch with families, loved ones and staff just as procurement of data to surf the net and stay current with recent trends across the globe have been made absolutely easy through the FirstBank innovative FinTech channels.
While most establishments mourn the outbreak of the COVID-19 pandemic, FirstBank leveraged on the scourge to become innovative in providing services for the benefit of its customers who found a costless outlet to fulfill all their financial inclusion needs. The era in question provided ready canvas for stretching and exploits, and the over 9 million USSD users are the happier for it. This is a bank that processes 90 customer initiated transactions per second on its digital channels, and has not stopped to assiduously re-architect its systems towards innovating newer FinTech channels for its teeming customers for a stress-free banking activity.
With over 9.5 million customers using the FirstBanks Unstructured Supplementary Service Data within a period of five years, the Bank has clearly demonstrated that it is the leader in electronic banking. The USSD banking services it provides have been proved to be easy to use, convenient, fast, user friendly, and as such several and various banking activities have been carried out therein across the four major GSM network operators in Nigeria through mobile phone, and surprisingly, without the use of internet. It therefore means that FirstBank’s (*894#) services can be obtained irrespective of the type of phone a customer uses. Among services available through this channel are data and airtime top-up for self and third party, quick balance enquiry, fund transfers, BVN enquiry and linkage, mini statement, account number enquiry, opening account, merchant and first advance loan service – this a service that enables salary earners take a loan of up 50% of their monthly salary. That is the power of *894#.
Ezirim sums up this leadership roles as follows:
“At FirstBank, we are excited about the impact our innovative solutions are making in the Nigerian payment landscape. Our *894# USSD banking has been a viable platform through which we take our banking services to the doorstep of our customers, right on the palm of their hands, without the limitation of an internet connection. We remain committed to creating various avenues to enable Nigerians carry out various financial activities conveniently, safely and securely anytime, anywhere in Nigeria.”
In addition, and following through the standard of excellence, FirstBank has also upgraded its mobile banking application, FirstMobile, with new and improved features to promote safe and convenient mobile banking experience for customers.
The award winning application, which has been termed dynamic, has been redesigned with improved security and self-service features to ease the navigation capability and proficiency of customers. In addition to the improvement of the services, which offers unified and streamlined banking experience, the aesthetics are not left out as it comes with a unique cool blue coloured appealing background.
Among features that speak of the uniqueness of FirstMobile app are card protection service for customers to enable and disable cards on channels, account switch off as well as second-factor authentication and device registration. Customers can remotely initiate the request for a new debit card as well as the replacement of a lost or damaged one, whilst managing activities on their card and account, thus balance enquiry and statement, amongst others.
Again, the app is embedded with biometrics, which allow customers to use their fingerprints to consummate all transactions. This is strictly to validate transactions. There are others such as frequent transaction, which enables users to access their frequently completed transactions like airtime, transfers and bill payments; dashboard flexibility and personalisation, smoother transaction experience and improved beneficiary management.
The FirstBank accessibility galore has also improved airtime top-up and data purchase as customers are able to select phone numbers directly from their phone contacts.
In addition, with a smoother experience on funds transfer, bill payments and airtime transactions, customers can add and delete beneficiaries without having to repeatedly enter the recipients’ details over and over again. Users can also take a photo or select from the Avatar (available icons) to personalize their dashboard and beneficiaries for Transfers, Bills Payment & Airtime Transactions by uploading a picture to associate with their beneficiary, especially the more frequent ones.
Furthermore, the dashboard has been designed to reflect the lifestyle and social pattern of the user as it can be customized by adding any profile picture of choice. The dashboard also enables users to monitor their spending patterns over a period. It shows the inflow and outflow of funds on their account.
There are endless possibilities with FirstMobile. It covers and puts the customer at an advantage with the FirstAdvance and Nano Loan features. So accessing loans is quicker than the touch of a button. Not only that, FirstMobile also guarantees access to movie ticket(s) ahead of time and flights at the earliest convenience.
Hear Chuma Ezirim again:
“The upgraded FirstMobile is built to reflect FirstBank’s resolve at reinforcing the digitisation of our payment systems, whilst putting our customers at an edge to conveniently meet their everyday needs at any time, irrespective of where they are. Indeed, this upgrade makes the application new, as it is designed to suit the social pattern and lifestyle of our customers.
“With over 3.7million active users on FirstMobile across android and ios devices, we remain steadfast at regularly reinventing our services on the App with dynamic and innovative capabilities to resonate our focus to deliver state of the art digital solutions to all our customers at all times, irrespective of where they are.”
It would be recalled that halfway into the COVID-19 pandemic lockdown, Nigerians with FirstBank cards used them 105 million times to make payments or withdrawals worth about N1.18 Trillion as they relied on the Bank to settle their banking needs.
In addition, the Bank’s CEO noted that approximately 12.6 million withdrawals to the tune of N156 billion were carried out across FirstBank’s ATMs nationwide. That explains the height of faith customers have in FirstBank.
“Our customers made transfers over 106 million times with a total value of about N8.18 Trillion across our digital channels. We have also recorded over 275,000 new sign-ups to alternative channels covering our Firstmobile, USSD and First-Online platforms,” Adeduntan informed.
From every indication, FirstBank has, and will continue to embrace emerging FinTech opportunity for the sole benefit of its numerous customers. To this end, it has held four editions of FinTech Summit. It is therefore, necessary that as many that are yet to get on board do so now for a hitch-free banking services from anywhere in the country.
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.
Business
Ecobank Nigeria Wins Deutsche Bank’s Client Excellence Award
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).
Business
Wema Bank Announces Hackaholics 7.0 with Mouthwatering Prizes
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.






