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Local Money Transfer Made Easy! FirstBank Nigeria Launches its Mobile Money Service, FirstMonie

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Determined to ensure that the vast majority of the unbanked and the underbanked Nigerians enjoy superior financial services, one of Nigeria’s Number one bank brand, First Bank of Nigeria Plc (FirstBank), today launched its mobile money service, FirstMonie, in a move that is seen as a major push for local money transfer services.

With the launch of this service, the stage is now set for the Bank’s customers and anyone in Nigeria with a Mobile Phone to enjoy financial services, using their mobile phones to send money, pay bills, top up their phone airtime, do shopping, deposit and withdraw cash, without the need to visit a bank branch. The slogan “FirstMonie is the new money” encapsulates both the ambition and vision of the new service.

The FirstMonie launch event, held at WheatBaker Hotel, Ikoyi, Lagos today, Wednesday 19th September2012, was witnessed by FirstBank’s network partners including Globacom, Airtel, Etisalat and MTN as well as key stakeholders and executives of the Bank. The operating platform for the FirstMonie service is powered by Fundamo, a Visa company. In 2002, Fundamo launched the world’s first mobile financial service in emerging markets with Celpay in Zambia.

Speaking at the launch, FirstBank’s Managing Director and Chief Executive Officer, Bisi Onasanya said FirstMonie services have been created with three principles in mind. The first is defined by how consumers receive money to fund their unique lifestyles, how consumers spend money for their unique lifestyle needs and thirdly, the ability of the consumer to be informed and in control of their money.

With almost 700 branches and business correspondent outlets strategically located across the country, about 1,900 ATMs – cash deposit, cardless and biometric, over six million active accounts and over 18,000 point of sale terminals, FirstBank offers the best and the most effective mobile money platform in Nigeria. We are already recruiting agents across the country to meet the needs of our consumers” he added.

Beyond mobile money services, FirstBank has in place a world-class IT and electronic payment infrastructure to deliver unparalleled financial transaction experience to its discerning customers. These include Automated Teller Machines (ATMs), Point of Sale (POS) Terminals, FirstOnline – the Bank’s internet banking and a bespoke Card portfolio comprising of Debit, Credit and Prepaid card variants issued on the brands of Visa, MasterCard and Verve among other electronic payment solutions.

Bisi Onasanya added that The Cashless Nigeria Initiative, introduced by the Central Bank of Nigeria (CBN), which commenced in Lagos in January 2012, is a significant step towards reducing cash-based transactions and driving the provision and adoption of electronic financial services.

“However, it is important to point out that even before the new CBN policy came on stream, we had taken some proactive measures by rolling out various e-transaction services and products of our own. For instance, our online-real time banking services have been in place for almost two decades, in addition to massive deployment of alternative delivery channels, such as POS, ATM, and internet banking. We were able to recognize on time that in the increasingly dynamic and sophisticated business environment, the future of banking will be e-driven.” Onasanya added.

“The launch of FirstMonie is a great example of how consumers benefit when financial institutions and mobile operators form partnerships. Thanks to services like FirstMonie, we see significant growth opportunities in mobile financial services in Nigeria in the coming year. Only 30 per cent of the country’s 160 million people have access to formal financial services while there are more than 93 million mobile phone subscriptions, the most in Africa.  These factors have created an unprecedented opportunity for mobile financial services to act as an agent of positive and fundamental social, economic and technological change,” said Hannes van Rensburg, CEO of Fundamo, a Visa company.

Also speaking at the launch, FirstBank’s Group Head, e-Business, Chuma Ezirim, said “FirstMonie has been innovatively created to empower Nigerians, both banked (those who already have bank accounts) and especially, the un-banked (those who do not have bank accounts), providing them the most affordable, safe, trusted, fast and convenient access to doing everything they do with cash today.  In ten years, 100 million people have been newly ‘banked’ using mobile technology, and while the industry has grown rapidly, the segment is still far from reaching its potential. GSMA figures show that 2.5 billion adults still lack access to formal financial services, such as savings, payments, loans and insurance (the GSM Association represents the interests of mobile operators worldwide).”

He however foresees a positive outlook for the sector as industry analysts are forecasting imminent growth in the number of financially included individuals. A recent Juniper Research report forecasts that the number of newly ‘banked’ people will double to 200 million by 2013, he said.

For subscribers wishing to use the new FirstMonie service, their mobile phone number will serve as the account number. Registration is free, simple and secure, all a subscriber has to do to sign up is dial 894# and follow the prompts. Alternatively, subscribers can sign up online at www.firstmonie.com or at any FirstMonie agent location.

24 Comments

  1. Liz Donna Okonkwo Emmanuella Amara

    September 19, 2012 at 6:24 pm

    That’s the coolest things I love it. Ride on first bank hmmmm

  2. Ethan Settel

    September 20, 2012 at 9:22 pm

    Very exciting stuff. Kenya has 15 million users for mPesa, imagine the possibilities in a Nigerian mobile market 4 times this size of Kenya’s!

  3. Sylvanus Emmanuel

    November 28, 2012 at 6:43 pm

    First bank has done a good tin by introducing Firstmonie. This will improve the banking system of the country.

  4. Nura lawal

    December 10, 2012 at 6:52 pm

    its indeed a nice innovation as 1st bank lunches this, this firstmonie will entirely make ur system so special, one importance attached to it is, it will provide job opportunity to maney less job nigerians.
    Thank you first bamk.

  5. Oderinde James

    December 20, 2012 at 12:58 pm

    First Bank Truly the First
    I wish to be an agent

  6. Mr egberinde

    January 8, 2013 at 10:17 pm

    First bank lead why odas follow.u re truly d first.ride on joooo…………….

  7. kafilat oyegbele

    January 30, 2013 at 10:30 pm

    i wil like 2 dia agent 2

  8. Oluwadele Gad

    February 11, 2013 at 10:13 pm

    Wow the incredible first bank,l want to be an agent pls send me all details to be an agent.thank you first bank.

  9. emma ossy

    March 1, 2013 at 6:53 pm

    please how do i transfer from my first bank account to libya.

  10. emma ossy

    March 1, 2013 at 6:54 pm

    am in nigeria. Thank you

  11. Hassan Garba

    April 21, 2013 at 1:27 pm

    First bank easy transaction.

  12. frigate irelander

    August 5, 2013 at 1:22 pm

    please how do i instore it in my bb,should i go to bank for them to do it for me.

  13. Dahiru Isah Tela

    December 4, 2013 at 10:54 am

    Tested and trusted bank truly the first, pls how will I transfer money, check balance to/from my account through my mobile phone?

  14. safiyanu isa

    January 3, 2014 at 5:33 pm

    Yse is good

  15. Jo flow

    January 4, 2014 at 6:08 pm

    Yes is good. Firstbank is bank i like good bank.

  16. egba emmanuel

    January 5, 2014 at 8:51 am

    money transfer

  17. NASIRU BARAU

    August 6, 2014 at 2:39 pm

    Since when I was young, my father use to take me to this bank. That is way I like the and maintaining Current account with the bank presently.

  18. hassan mahammad taofik

    July 15, 2015 at 12:03 pm

    How do i rejester?

    1
  19. osakpamwan sunday

    August 29, 2015 at 11:05 am

    Yes is good.

    1
  20. osakpamwan sunday

    August 29, 2015 at 11:06 am

    Yes is good

  21. osakpamwan sunday

    August 29, 2015 at 11:07 am

    First bank is good.

  22. Tezlym awofe mudathir

    September 5, 2015 at 1:13 pm

    I love first bank is the best

  23. engrhussdam

    February 24, 2016 at 12:03 pm

    First bank do not render help to their customer

  24. olufunmilayo

    September 6, 2016 at 12:44 pm

    how much will i generate at the end of the month after seling 100 recharge cards

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