E-Financial
FirstBank Processed N6 Trillion Transactions Via FirstMonie — Adeduntan
First Bank of Nigeria Limited has said that it has processed transactions worth over N6 trillion on its FirstMonie Agent network as at July 2020.
Dr. Adesola Adeduntan, chief executive officer, FirstBank, disclosed this on Thursday at the bank’s FinTech Summit 4.0 webinar in Lagos.
The 2020 edition of the summit, was themed: “How Blockchain and Artificial Intelligence (AI) will Disrupt FinTech in Nigeria.”
Adeduntan said: “With more than 60,000 Firstmonie Agent Banking locations, we have to date processed over 320 million customer transactions worth over N6 trillion on the FirstMonie Agent Network as at July 2020, further cementing our leadership in the agency banking space.”
He said FirstBank had become the foremost financial inclusion solutions provider with over nine million USSD users, processing over 200 million transactions to date.
He said: “At FirstBank, we provide an array of digital financial services with the use of our various payment channels to reach carefully segmented audiences with tailor-made financial solutions.
“Some of these channels, which have become the toast of customers and the industry, include: FirstMobile app, USSD (*894#) and FirstMonie, with the popular Firstmonie Agent Banking Network that is at the forefront of the national financial inclusion revolution.”
Adeduntan noted that the emergence of the COVID-19 pandemic had provided a ready canvas for stretching the bank’s FinTech readiness and exploits.
He said: “Indeed, the COVID-19 pandemic has become a catalyst for the accelerated technology and digital transformation that we are witnessing across so many industries and areas of human endeavour.
“There is no doubt that the FinTech industry is currently the fastest growing sector within Nigeria, which is mostly run by a sizeable number of young entrepreneurs.
“Since the inception of the FirstBank Digital Lab, we have established relationships with companies like PiggyVest, Terragon, VoguePay and PayStack within the Fintech sector, which have positioned FirstBank as your Fintech partner of choice.”
Adeduntan recalled that FirstMobile App was awarded the Best Mobile Banking App in Nigeria in 2019 by the UK-based Global Business Outlook.
Adeduntan noted that the bank recently revamped the FirstMobile App to include new features such as inflow and outflow dashboard, beneficiary management and profile personalisation.
He said: “We have equally deployed new capabilities such as insurance payment, pay your electricity bills with *894# on our USSD platform.
“The business world and the workplace have changed. However, I would like us to see the COVID-19 era from a positive lens – a period of new opportunities.
“Therefore, the era calls for a more deliberate approach in reviewing and identifying new opportunities.”
Adeduntan assured that the bank would continue to provide first class customer service, business advisory and financial support to grow its customers businesses.
He said it would also continue to expand the vistas of innovations in its products and services, to boost customer experience and grow the national economy.
Speaking at the webinar, Chinedu Echeruo, founder of HopStop and the keynote speaker, commended the bank for being innovative in all its products offerings and services.
Echeruo said the world had entered a new age with the fourth industrial revolution, noting that organisations should use technology to create new values for their customers.
He explained that AI enables one to predict something as well predict what would happen in future, noting that disruptions bring about opportunities.
According to him, companies should find a way to use blockchain to harness AI to collapse risk in the system.
Aminu Maida, executive director, Technology and Operations, Nigeria Inter-Bank Settlement System Plc (NIBSS), one of the panelists, stressed the need for innovative and collaborative effort to achieve the desired growth.
“The reality of today’s consumers is that they want everything now and they want to achieve their experience at the same time,” Maida said.
He said NIBSS had adopted AI in tackling fraud and enhancing security, to enable their customers to have confidence in their services.
Maida stated that technology was ahead of regulation, noting that they needed to be open to allow customers inform them on what they need.
Musa Jimoh, director, Payments System Management Department, Central Bank of Nigeria (CBN), said the apex bank had instituted a five-year strategy 2025 with new initiatives to strengthen regulation.
Jimoh said COVID-19 had increased exposure that we can make payments without physical contact.
Chuma Ezirim, FirstBank group executive, e-Business and Retail Products, said over 65 per cent of its customer base bank with FirstBank through its digital channels and 10.6 million active cards.
Ezirim explained that the bank was a technology company offering financial services, adding that it processes 90 customers-initiated successful transactions per second.
Also speaking, Callistus Obetta, group executive, Technology and Services, said the best platform to build was people.
Obetta said the bank would continue to build its people to ensure efficient service delivery.
Nigeria’s Bank Verification Number (BVN) database expanded to 69.55 million as of July 5 2026 from 69.32 million in June 2026, according to latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
BVN is an 11-digit biometric identification system introduced by the Central Bank of Nigeria and managed by the Nigeria Inter-Bank Settlement System (NIBSS) to secure customer accounts and reduce fraud.
This means that BVN enrolments increased by 228,947 between June and July 5 this year.
With the BVN database standing at 67.8 million as of December 31, 2025, it also means that the database grew by 1.75 million between the end of last year and July 5, 2026.
Specifically, with less than 1.8 million BVN enrolments so far recorded for this year, it is looking highly unlikely that BVN registrations at the end of 2026 will come close to the 4.3 million total registrations recorded in 2025.
Analysts note that while the expansion in the BVN database last year was largely driven by the introduction of the NonResident Bank Verification Number (NRBVN) initiative, which enables Nigerians in the diaspora to do their BVN enrolment remotely, thereby removing physical barriers and boosting cross-border financial engagement, the Central Bank of Nigeria (CBN) in March this year, announced a revised BVN regulatory framework, that saw it introducing stricter controls on suspected fraudulent transactions, BVN enrollment, and data access within the banking system.
According to the regulator, the amendments to the BVN framework, which came into effect on May 1, 2026, were aimed at strengthening fraud monitoring, improving identity management within the financial system and safeguarding the integrity of banking transactions, by strengthening identity verification and ensuring that BVN registration aligns with legally recognised age thresholds.
Thus, under the revised BVN framework, the apex bank introduced a stricter age requirement for BVN enrolment, limiting registration to 18-year-old individuals and above.
Also, under the new framework, customers will only be allowed to change the phone number associated with their BVN once. The CBN further stated: “Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions reported within the banking system.
“A BVN may remain on this temporary Watch-list for a maximum period of twentyfour (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
Launched on February 14, 2014, by the CBN in collaboration with the Bankers’ Committee, the NIBSS, and the German firm Dermalog, the BVN scheme was designed to capture the biometrics of all bank customers and provide each with a unique 11-digit identification number that can be verified across the Nigerian banking industry.
Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates the law.
The clarification follows reports that some members of the public have refused to accept the standard N100 note over concerns about its legal tender status following the introduction of the commemorative N100 banknote issued to mark Nigeria’s centenary.
In a statement signed by Mrs. Hakama Sidi-Ali, acting director of Corporate Communications, the apex bank stressed that “both the commemorative N100 banknote and the standard N100 banknote are valid legal tender and must be accepted for all transactions nationwide.”
The CBN explained that the commemorative N100 note was introduced to celebrate Nigeria’s centenary and did not replace the existing standard N100 banknote.
The CBN cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, noting that such action contravenes the provisions of the CBN Act and undermines public confidence in the national currency.
It warned that appropriate enforcement measures would be taken against any person or organisation found violating the law.
The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.
The CBN also urged members of the public to continue accepting and transacting with all banknotes legally issued by the Bank and advised anyone seeking further clarification to use its official communication channels.
FCMB Asset Management Limited (FCMBAM), the asset management arm of FCMB Group Plc, has received an upgrade to its national scale long-term and short-term issuer ratings of A(NG) and A1(NG), from A-(NG) and A2(NG), by GCR Ratings, a leading pan-African credit rating agency.
The outlook on the ratings remains stable, said the rating agency.
The upgrade is anchored on FCMBAM’s competitive resilience and financial discipline, alongside the strengthened credit profile of FCMB Group.
GCR highlighted FCMBAM’s decade-long track record of strong performance, well-established brand franchise, diversified product suite and robust distribution network as key drivers of its standalone strength.
These are further supported by consistent earnings growth and a disciplined, unleveraged balance sheet, it said.
According to GCR, FCMBAM’s competitive position is supported by “its relatively long track record, strong brand franchise, established product and geographical distribution network and cross-selling opportunities,” with the rating agency noting that FCMBAM ranks among the top five asset managers in Nigeria, with an estimated five per cent share of a fragmented market as of 31 December.
The Company’s financial performance underpinned the upgrade, with revenue growing by 30 per cent and operating cash flow increasing by 13 per cent, enabling the business to be fully funded without recourse to debt.
Liquidity strengthened further, with liquidity sources versus uses improving to 5x as of December 2025, from 3.6x a year earlier, while the EBITDA margin edged up to over 58 per cent.
Commenting on the upgrade, the Chief Executive Officer of FCMB Asset Management, James Ilori, said: “This upgrade is an important external validation of a strategy we have pursued with discipline over many years: building an investment franchise that performs reliably, governs itself rigorously, and earns trust in every market cycle. It speaks to the strength of our membership of FCMB Group and to a culture that holds itself to local and global standards of risk management and capital stewardship.
“As Nigeria’s asset management industry enters a new era of higher capital thresholds and rising investor expectations, we intend to lead from the front – ahead of regulatory timelines, ahead in digital transformation and ahead in the outcomes we deliver for the clients who trust us to assist them in achieving their investment objectives.”
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