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First Bank Processes 170 million Electronic Banking Transactions Per Month

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FBN Holdings, the parent company of First Bank of Nigeria Limited, has processed 170 million transactions per month, as electronic Business remains pivotal to interest income that adds strength to earnings.

The industry leader with 22 percent  market share of transactions processed by the most dominant switching network has processed 256 million transactions worth N6 trillion a year to date (y-t-d) through Firstmonie Agents.

Of course, FBN Holdings’ growth in the mobile banking space has been driven by customer centric innovation.

It is expanding digital & retail product offerings through integration and innovation while at the same time deepening transaction banking transformation and value chain.

From the management source, the bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 10 million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 4.5 million people on FirstMobile platform.

Nigerian banks made a lot of money during the coronavirus pandemic as the sit at home accelerated online transactions and transfers as people could not go to Automated Teller Machine (ATM).

FistBank and peer rivals will be seeing an increase in mobile and digital revenue, thanks to the cashless policy and currency swap that has forced Nigerians to make transfers through their mobile application for petty items.

Data from the Nigeria Inter-bank Settlement System (NIBSS) disclosed that transactions worth N204.5 trillion were performed electronically in Nigeria between January and July 2022, through the NIBSS instant payment platform (NIP).

However, the banking industry is undergoing massive digital disruption, with online deposits, mobile apps, and e-bill payments fundamentally becoming the norm.

As a result of illegal deduction or outrageous deduction from their accounts, a lot of young people have opted or migrated to mobile payment micro finance banks.

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