• About
  • Advertise
  • Careers
  • Contact Us
Thursday, June 26, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

Financial Inclusion: 45% of Firstmonie Agent Network now Located in Rural Areas

by Techeconomy
January 23, 2023
in Finance
1
Firstmonie agents introducing customers to digital payment channels
Firstmonie agents introducing customers to digital payment channels

Firstmonie agents introducing customers to digital payment channels

UBA
Advertisements

First Bank of Nigeria Limited, a Nigerian multinational bank and financial services company, through its Agent Banking, is taking financial services closer to the rural dwellers, TechEconomy can report.

Actually, the concept of financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.

The Central Bank of Nigeria (CBN) usually emphasizes the need for financial service providers to consider rural areas as major terrains in need of their services.

However, in most cases financial technology companies are scattered across the urban centers whereas the rural areas are left to cater for themselves.

But, FirstBank is taking the bull by the horn. As at November 2022, FirstBank has over 196,000 Firstmonie agents spread across 772 Local Government Areas (LGAs) in Nigeria.

These agents have also processed over 1.16 billion transactions valued at N26.52 trillion.

Dr. Adesola Adeduntan the CEO of FirstBank, disclosed these in his recent interview with ThisDay newspaper.

According to him, about 45 per cent of Firstmonie Agent network are in rural areas, “18 per cent located in semi-urban areas and only 37 per cent are in urban areas”.

“Beyond Cash-in-Cash-Out (CICO) transactions, these agents also render other services such as account opening, airtime purchase, bill payment, government-revenue collection, transfer and disbursement, mobile-money (wallet creations, deposits, withdrawals), bank verification number (BVN) enrollment and other non-bank ecosystem value-added support services, in line with CBN’s guideline for Mobile Money and Agent Banking businesses.

“These services have helped to bring banking services closer to local communities thereby empowering them and facilitating their economic development. Through Firstmonie, FirstBank provides convenient low-cost financial access for millions of Nigerians in rural areas,” he said.

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: FirstBankFirstMonieFirstmonie agentFirstMonieAgent
Techeconomy

Techeconomy

Next Post
6 Critical Hacks to Transforming Your Business in 2023 (Part 2)

6 Critical Hacks to Transforming Your Business in 2023 (Part II)

Comments 1

  1. Pingback: Financial Inclusion: 45% of Firstmonie Agent Network now Located in Rural Areas - News Curators

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

UTC Heathrow and Vertiv educational programme

UTC Heathrow Announces Educational Partnership with Vertiv

2 years ago
Life insurance

Taking the Fear Out of Life Insurance: Tackling Perceptions and Providing Solutions

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.