First Bank of Nigeria (FBN) has launched into the Nigerian market an all inclusive e-banking product that provides a comprehensive financial solution through the mobile phone.
Unveiling the product in Lagos on Wednesday, the Group Managing Director/Chief Executive Officer (GMD/CEO) Plc, Mr. Bisi Onasanya, said the need to serve the unbanked segment of the population that constitutes a huge number necessitated the birth of the product, which he described as first of its kind.
“We want to use the channel that is available to everyone to address the need of the poor and vulnerable segment of the society which lack access to financial services provided by the conventional financial institutions,” the First Bank GMD said.
According to him, “This giant stride is in keeping with the track of setting the pace in revolutionalising the banking industry through pace-setting, innovative products.
Onasanya identified three benefits to users to include: ease of use, convenience and transaction integrity.
“Talking about transaction integrity, Nigeria deserves a brand that guarantees safety of their money and First Bank provides that assurance. You cannot put your money with us and worry about getting it out when you want”, he emphasised.
Head, e-Banking, FBN, Mr. Chuma Ezirim, stated that the product could be used in making a wide range of transaction services such as payment of bills, transferring money to phone, transferring money from phone to ATM and vice versa and sending money to other people’s phone; like a child in the university far away from home.
Others include making payment for services received from persons such as mechanics, shopping, top-up airtime in the phone of user and for others. Ezirim points out that these transactions have no time barriers as they can be done at any time of the day.
“To help drive the mobile money initiative, a network of agents has been appointed across the country and we hope to grow the figure to 10,000 agents by year end”, Ezirim says.
First Monie is an e-banking product that is set to change the face of banking in the country using the channel of mobile phone, a product that everyone uses. This implies that users’ phone numbers automatically functions as their account numbers.
To sign up, one need not have an account with first bank or any bank only a mobile phone. All that is required is to dial the prompt code *894# to register. The code derives from 1894 the year FBN was established