Firstmonie Reportedly Processed N1.1 Trillion in Transactions in 2023

Firstmonie, the agent banking of First Bank Nigeria Limited, is reported to have processed over N1.1 trillion in transactions in 2023, more than double the amount handled by Access Bank, Zenith Stanbic IBTC, Union, Ecobank, FCMB, and Fidelity Bank combined.

Per the report disclosed by Interswitch, Firstmonie is currently the biggest bank-led agency player in the country’s agency banking market.

Compared to previous years, Firstmonie was outpaced by five VC-backed Fintech companies which include Moniepoint, Opay, MFS Africa (Onafriq), and Nomba. 

Meanwhile, previous Insterswitch reports disclosed that from April 2021 to March 2022, Firstmonie processed the second-highest amount of agency banking payments—₦2 trillion, double what it processed in 2023.

Between 2018 and December 2021, the agent banking of First Bank of Nigeria Limited, recorded transactions worth over N17 trillion.

One remarkable factor that has contributed to Firstmonie’s growth, is the fact that a significant percentage of its agents are in the rural areas, contributing significantly to the development of the rural economy in Nigeria. 

The agent banking has also achieved nationwide coverage in record time, enabling access to financial services for many locations that never had a way for its residents to access financial services. This is in line with the Central Bank of Nigeria (CBN)’s objective of bringing banking services close to all Nigerians, irrespective of where they live.

FirstBank’s Firstmonie service provides financial/banking solutions to rural and semi-urban locations across the country, such as account opening, cash deposits, cash withdrawals, airtime purchases, bill payments, and much more. 

Through this channel, the Bank is committed to providing convenient services that endears trust and provide ease of access to banking products, thereby saving time and travel costs for users of our network.