Promotes transparency, innovation in the banking sector – Nairametrics


First Bank of Nigeria Limited, Nigeria’s leading financial services provider, remains committed to increasing open banking opportunities. This is further emphasized in the theme of the Bank’s next 2021 edition of its annual FinTech Summit. The main objective of this summit, over the years, is to bring together opinion leaders in the FinTech space to defend the discourse on financial technology and propose solutions that will shape the future of banking.

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Being the 5th edition, the theme of this year’s summit is ‘Open Banking and its derivative opportunities for the financial ecosystem’ and will be discussed by experts, key and leading players, political influencers and policy makers. regulation in the financial, banking and technological climate sectors. This year’s theme expands on the importance of collaboration in the ecosystem, as open banking in its very essence is a requirement for transparency and control over personal and business finances and the provision of financial data to third parties. from banks and non-bank financial institutions via application programming interfaces. (Apis). Globally, open banking is still in its infancy, however, it’s pretty clear that there are huge potentials inherent in the industry if properly harnessed. FirstBank recognizes that innovators should double the production of construction products, while other key stakeholders would do well to provide the required digital assets and an enabling regulatory environment that will maximize its limitless possibilities.

As arguably Nigeria’s most valuable banking brand, FirstBank continues to take pride in being the bank of many firsts and therefore FirstBank is committed to supporting the nascent fintech industry. This is exemplified by the FirstBank Digital Lab serving as an innovative hub that bridges the gap between FirstBank’s heritage as a financial institution and working and collaborating with partners to further improve the ecosystem. FirstBank has indeed realized that a partnership with fintechs would help to preserve their market share. And more importantly, give them a slice of the financially excluded pie which equals 40 million Nigerians. This partnership is symbiotic; it also provides the much-needed support fintechs need to run and grow.

With approximately 127 years in business, over 30 million accounts receivable and 750 branches – coupled with over 130,000 bank branches – First Bank of Nigeria Limited is a shining example in leading the race in transforming the banking opportunities opened up in Nigeria. and beyond. FirstBank has become the premier provider of financial inclusion solutions. Between FirstOnline and FirstMobile, a 21% growth in the user base was recorded in 2020. Customers of the two platforms completed around 256 million transactions worth N15.7 trillion during the year. same year. FirstOnline, as of June 2021, had 597,466 customers on the service, an increase of 17% from the previous year and 578,292 transactions per month, for an average value of 388 billion naira per month.

For FirstMobile, in addition to the impressive gain in numbers, it was recognized as “Best Mobile Banking Application” at the Global Finance Best Digital Bank Awards, for providing excellent self-service through its user-friendly application. FirstMobile had 4,596,203 users on the platform in June 2021, an increase of 9% over the previous year and an average of 27,730,830 transactions per month.

Firstmonie, FirstBank’s agent banking network, currently has over 130,000 agents across the country, making it the largest bank-led agent network in Africa. As the country’s premier financial inclusion service, it has completed over 750 million transactions worth N15 trillion (approximately US $ 30 billion) processed since its inception to date. FirstBank, through the Firstmonie platform, further supports the fintech industry through partnership collaborations with local and international fintechs.

FirstBank was also recognized as the 2nd bank in Africa and the first in Nigeria to issue 10 million cards, recognized by Interswitch as the first institution in Nigeria to complete 100 million monthly supported electronic payment transactions in December 2015 and May 2016. All of these feats are geared towards expanding financial inclusion and providing a variety of services to the bank’s clients with giant shoulders that clients and fintechs can lean on to see beyond.

Banks that correctly apply their open banking strategy will establish their credibility and footprint in the data economy as a springboard for future relevance and new business models. As we know, FirstBank’s ultimate promise is to always deliver the ultimate ‘gold standard’ in value and excellence and will therefore stop at nothing to provide excellent and innovative financial services to clients while continually engaging the community. developers and investing in technology. Indeed, FirstBank remains a noble brand close to Fintechs and innovators and the deliberate efforts of the bank have indeed been a catalyst for the socio-economic growth of the Nigerian population and the nation as a whole.


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