FBHN Holdings Plc is leveraging its digital channels to service its customers as processed electronic banking transactions surged, as the lender enhances digital adoption to strengthen non-interest income and increase earnings.
The value of USSD, Mobile, and Internet Banking transactions spiked by 35.72 percent to N47.61 trillion as at December 2023 from N35.07 trillion as at December 2022.
The volume of transactions stood at 2.70 billion, which is 77.60 percent higher than 2022’s 1.52 billion.
It is important to note that the bank has been scaling revenue growth through innovative digital solutions, which is one of the major reasons it has been recording double digit growth in earnings and a strong return on equity.
Through agency banking “FirstMonie”, FBHN Holdings is able to extend financial inclusion as it ensures those who live in the rural areas have access to financial service.
FirstMonie has a sustained presence in all states and 772 (of 774 local) Local Government Areas in the country (December ‘23). The bank has more than 224,000 agents across the country as at April 2024.
Interestingly, FirstMovie has been transforming lives and reducing poverty as it has paid ₦14 billion paid to agents as commission in FY ’23, creating 500,ooo jobs.
With an excellent digital banking strategy that is meeting the needs of young people who are tech savvy, FBHN Holdings can compete in the digital banking space as financial technology companies (Fintech) are sprouting like mushrooms.
Between 2014 and 2019, Nigeria’s bustling fintech scene raised more than $600 million in funding, attracting 25 percent ($122 million) of the $491.6 million raised by African tech startups in 2019 alone—second only to Kenya, which attracted $149 million, according to McKinsey and Company.
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