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Business > Money Market
FirstBank launches mobile money platform, to raise branch network to 700
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By Segun Adeleye
September 19, 2012 15:51:56pm GMT      |      Views: 1550
Mr Chuma Ezirim, Group Head, E-Business Group, FirstBank; Mr Bisi Onasanya, Group Managing Director/CEO, FirstBank and Folake Ani-Mumuney, Head, Marketing & Corporate Communications demonstrating how to send mobile money, at the unveiling of Firstmonie in Lagos on September 19, 2012.

Lagos (WorldStage Newsonline)—FirstBank Plc, Nigerian leading financial institution on Wednesday in Lagos launched its mobile money transfer platform called Firstmonie, with a projection to get about 10 million engaging in cashless transactions in the first year.

The product works after registering using personal mobile phone that is connected to any of the existing networks, and the user can subsequently send money which the receiver can cash through the ATM without using card.

Speaking at the launch, Mr Chuma Ezirim, Group Head, E-Business Group, FirstBank, said with about 2.7 billion people having access to mobile phones in the world, out while only 1.7 billion of them have access to banking services, the product would bridge the gap, particularly among the adults that earn less than $2 a day.

With Firstmonie, he said people can send money from FirstBank accounts to any bank in the country, besides, other transactions such as buying phone credit, shopping, payment for other services can be done. Moreover, he said those without FirstBank account are accommodated by the system.

He said with extensive infrastructure by the bank such as 650 branches- to be grown to 700 by the end of the year; 2100 ATMs, 18,000 POS, 250 cash accepting ATMs among others, the operation of Firstmonie would be seamless in the country.

 Mr Bisi Onasanya, Group Managing Director/CEO, said Firstmonie is a safe and convenient means of sending money, and a formalisation of a practice by students who used to send money through recharge cards.

He said it was part of the bank’s contribution to the improvement of financial inclusion policy of the government.

He said among the selling points of the product is the Firstbank tradition of integrity, safety, and brand name.

Among those at the launch were media officials, Folake Ani-Mumuney, Head, Marketing & Corporate Communications, Adriaan Tromp, Chief of Staff, Fundamo (Visa) and Folasade Akinlade, Mobile Money e-Business Group, FirstBank.

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