FirstBank to recruit 500,000 money agents nationwide – CEO

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Managing Director/Chief Executive Officer, FirstBank PLC, Dr. Adesola Adeduntan, has announced that the foremost financial institution will recruit up to 500,000 operators nationwide for its agency banking scheme.

Adeduntan made the pledge during the 12th annual conference of the Chartered Institute of Bankers of Nigeria in Abuja, where he served as the chairman of the Conference Consultative Committee.

The conference held from September 24 – 25, 2019.

He said the decision was based on its desire to bring more Nigerians into the financial system.

Adeduntan said the bank would support all efforts to ensure effective financial inclusion in Nigeria.

Speaking while making opening remarks, he said; ‘We have a very ambitious plan to appoint about 500,000 agents across the nook and cranny of our country and to ensure that banking facilities and services are made available to all Nigerians.”

He noted that the banking sector in Nigeria remained the primary partner to the government with regards to economic growth and development in the country. “If we do not utilise those opportunities and mainstream them properly, the country and the entire economy will be left behind,” Adeduntan stated.

In 2017, FirstBank launched its agent banking network; ‘Firstmonie Agent’, described as its ‘Human ATM’.

The Firstmonie Agents are empowered to extend access to finance to all Nigerians, regardless of where they may be across the country. The Firstmonie Agents complement the Bank’s effort at reducing the unbanked in the country, whilst providing a handful of the Bank’s bespoke financial services, including; account opening; cash deposit; airtime purchase; bills payment; withdrawals and money transfer.

According to the Bank, FirstMonie Agents are usually owners of small businesses within communities with limited or no banking penetration. The Bank has an Agent Banking strength of over 31,000 Agents, spread across 98% of the country’s 774 Local Government Areas (LGAs).

Photo: Vice-President Yemi Osinbajo (middle); Chief Executive Officer, First Bank of Nigeria Limited, Dr. Adesola Adeduntan (right); Dr Uche Olowu, President, Chartered Institute of Bankers of Nigeria (second right); Otunba Debola Osibogun, Non-Executive Director, FBN Holdings Plc and former President, Chartered Institute of Bankers of Nigeria (third left); Mr. Abdullahi Ibrahim, Executive Director, Public Sector, First Bank of Nigeria Limited (second left); and Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited (left) at the CIBN 12th Annual Banking and Finance Conference held in Abuja recently.