First Bank of Nigeria Plc, Nigeria’s financial powerhouse has penned Memorandum of Understanding (MoU) with three telecommunication companies to provide seamless mobile money services as part of the drive to promote the cashless policy of the Central Bank of Nigeria (CBN), Nigeria CommunicationsWeek gathered.
The telcos; Etisalat Nigeria, Globacom Nigeria Limited and Airtel Nigeria Limited will ride on FirstBank’s robust banking infrastructure to provide seamless mobile money services to millions of Nigerians.
Mobile money is the use of mobile phones to remotely access bank accounts, primarily for account inquiry, mobile transfer, retail payments, micro insurance, savings remittances, mobile top-up, utility bill payments and government collections among others.
All the four companies promised to combine their strengths to provide secure, convenient and user-friendly mobile banking services to the unbanked through the use of mobile phones.
Bisi Onasanya, managing director/chief executive officer, FirstBank, said mobile banking is hinged on three planks which are defined in terms of financial inclusion for the unbanked and the underbanked, person to person transaction in terms of sending and receiving money as well as retail payment for the purchase of goods and services.
He added that: “With over 600 branches and thousands of business partner outlets in strategic proximity to the people, coupled with over 1,500 ATMs including cash deposit ATMs, cardless and biometric ATMs, over 5million active accounts and more than 1,200 Point of Sale terminals, FirstBank has always been at the forefront of innovative financial services solutions.
In addition to the mobile money services, Onasanya said FirstBank has in place a world-class IT infrastructure to drive its e-payment services across transaction touch points. These services, according to him, include: Internet banking services, FirstOnline, FirstBank Visa Gold Credit Card, Automated Teller Machines (ATMs), Point of Sale Terminals (POS) FirstBank MasterCard, FirstBank Classic Card, FirstBank Naira MasterCard and Cash Deposit ATMs amongst others.
Onasanya assured that FirstBank will continue to lead the innovation drive in mobile banking through progressive and robust upgrades that will enable mobile money customers perform actions such as salary lodgement, pension and other types of payments and disbursements. He affirmed that with a rich heritage, dependability and innovative dynamism, FirstBank is naturally the best partner for any telecom company to provide this novel initiative.
In their various responses, the three telecom companies expressed their pride to be part of this historic event with FirstBank; a partnership that underscores the central role by the partnering organizations in the futuristic cashlite economy.
The telcos; Etisalat Nigeria, Globacom Nigeria Limited and Airtel Nigeria Limited will ride on FirstBank’s robust banking infrastructure to provide seamless mobile money services to millions of Nigerians.
Mobile money is the use of mobile phones to remotely access bank accounts, primarily for account inquiry, mobile transfer, retail payments, micro insurance, savings remittances, mobile top-up, utility bill payments and government collections among others.
All the four companies promised to combine their strengths to provide secure, convenient and user-friendly mobile banking services to the unbanked through the use of mobile phones.
Bisi Onasanya, managing director/chief executive officer, FirstBank, said mobile banking is hinged on three planks which are defined in terms of financial inclusion for the unbanked and the underbanked, person to person transaction in terms of sending and receiving money as well as retail payment for the purchase of goods and services.
He added that: “With over 600 branches and thousands of business partner outlets in strategic proximity to the people, coupled with over 1,500 ATMs including cash deposit ATMs, cardless and biometric ATMs, over 5million active accounts and more than 1,200 Point of Sale terminals, FirstBank has always been at the forefront of innovative financial services solutions.
In addition to the mobile money services, Onasanya said FirstBank has in place a world-class IT infrastructure to drive its e-payment services across transaction touch points. These services, according to him, include: Internet banking services, FirstOnline, FirstBank Visa Gold Credit Card, Automated Teller Machines (ATMs), Point of Sale Terminals (POS) FirstBank MasterCard, FirstBank Classic Card, FirstBank Naira MasterCard and Cash Deposit ATMs amongst others.
Onasanya assured that FirstBank will continue to lead the innovation drive in mobile banking through progressive and robust upgrades that will enable mobile money customers perform actions such as salary lodgement, pension and other types of payments and disbursements. He affirmed that with a rich heritage, dependability and innovative dynamism, FirstBank is naturally the best partner for any telecom company to provide this novel initiative.
In their various responses, the three telecom companies expressed their pride to be part of this historic event with FirstBank; a partnership that underscores the central role by the partnering organizations in the futuristic cashlite economy.
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