By Jeph Ajobaju, Chief Copy Editor
FirstBank will on Thursday October 7 hold this year’s Fintech Summit, the fifth in the yearly series that showcases its use of highbrow tech for financial inclusion and protecting transactions to bolster the confidence of its 30 million customers.
The virtual event begins at 10am and is open to the general public, but participants have to register via the https://firstbanknigeria.zoom.us/webinar/register/WN_NmkYfeckQqu4vjTWy5lr5w
This year’s theme – “Open Banking and its Derivative Opportunities for the Financial Ecosystem” – will be discussed by experts, policy influencers, regulators, operators, investors, enthusiasts, bankers, fintech journalists and writers, et al.
They include
- Ndubuisi Ekekwe – lead faculty of Tekedia Institute with a PhD in engineering from John Hopkins University, United States. He will lead the discussion as the keynote speaker alongside other panellists
- Ankit Sharma – Director at Strategy and a part of the PwC network based in Mexico
- Ope Adeoye – One Pipe Chief Executive Officer (Chief Plumber)
- Aminu Maida – Nigeria Inter-Bank Settlement System (NIBSS) Executive Director, Technology & Operations
- Musa Jimoh – Central Bank of Nigerian (CBN) Deputy Director, Payment Systems
- Olayinka Situ – FirstBank Head of Corporate Transformation
Open Banking is convenient and a game-changer that transforms value creation, product conceptualisation, and closes the gap in financial exclusion.
Standardised and accessible Application Programming Interface (API) technologies provide innovators and product developers with huge data and insights to redefine standards for product conceptualisation, customer satisfaction, and service delivery.
The theme of Fintech Summit 5.0 2021 explores the depth and range of these opportunities through Open Banking in Africa’s biggest economy.
Key achievements in past editions
Global profile
Last year’s Summit drew an audience from 52 countries globally. The keynote speaker was an innovator of international repute based in Silicon Valley.
Product Promotions
Each year, the Summit has played a significant role in showcasing the products of First Bank to an ever-increasing audience.
Policy Pronouncements
Given the focal position accorded to regulators in the conversations facilitated by the Summit, it serves as a platform for the communication of major policy initiatives and pronouncements that also provide clarifications to policy.
The annual Fintech Cocktail also offers opportunity for networking for collaboration among Fintechs, creating opportunities for collaboration within the community and showcasing small businesses and startups from the FirstBank platform.
Total number of participants
Annually, an average of 1,000 participants, mostly Fintechs and enthusiasts, attend the physical event in Lagos.
In 2020, due to the Covid 19 pandemic, the event was completely virtual, and witnessed an attendance of over 6,000 participants from 52 countries globally online.
Milestones – awards, partnerships in the fintech space, et cetera
An array of strategic partnerships for expanding FirstBank’s digital footprint across fintechs and expanding its value added service propositions have followed on from previous Summits.
They include
- Delivery of expanded lifestyle services on the bank’s digital channels
- Expansion of tech-driven support services to SMEs
- Consolidation of the bank’s technical and transactional handshakes
- Collaborations within the payments space
e-Banking promotion that reinforces FirstBank’s role in fintech
FirstBank owns and constantly enhances Firstmonie Agent, the foremost financial inclusion service in Nigeria, with over 130,000 agents that constitute the largest bank-led agent network in Africa.
Firstmonie has achieved over 750 million transactions worth N15 trillion (about $30 billion) processed from inception to date, and has empowered agents across all the 774 councils in Nigeria, providing thousands of jobs.
The bank says these agents are the true heroes as they are its ambassadors in their various communities.
Firstmonie also supports local and international fintechs through collaboration to expand financial inclusion and provide a variety of services to FirstBank’s customers.
Continuous evolution
FirstBank says it continuously evolves cutting edge fintech to improve service to customers who adapt to newer and more efficient and convenient tech platforms.
The bank insists there is room for all players – banks and fintechs – to fulfil their unique roles and, therefore, engages in collaboration, not competition, with fintechs which it sees as partners in driving financial inclusion.
Over 85 per cent of transactions by the customers of FirstBank in 2020 were performed on its self-service channels. That means its customers only needed its staff for only about 15 per cent of all banking transactions.
e-Banking products/disruptors
FirstBank has over 16 million customers on its digital channels – online banking (FirstOnline), mobile banking (FirstMobile), and USSD banking (*894# quick banking).
Customers on FirstOnline and FirstMobile grew 21 per cent in 2020 and conducted 256 million transactions worth N15.7 trillion.
Fast Track ATM
FastTrack ATM enhances more financial operations without needing to physically interact with the machine.
It enables users to perform transactions such as transfers and withdrawals without physical contact with the machine.
FastTrack ATM, popularly called the Touchless Solution, allows the use of mobile phones to executive the steps for the implementation of an ATM.
Users can perform transactions in advance via FirstBank mobile banking option or USSD.
USSD Banking (*894#)
• Airtime recharge self – *894*Amount#
• Airtime recharge third party – *894*Amount*PhoneNumber#
• Funds transfer – *894*amount*AccountNumber#
• Data vending self – *894*2#
• Data vending third party – *894*2*PhoneNumber#
• Account opening, enrollment and PIN reset – *894*0#
• Balance enquiry – *894*00#
• Mini statement – *894*AccountNumber#
• Account number enquiry – *894#
• BVN enquiry – *894#
• Self-Opt-Out – *894*911#
• First Advance
• Merchant payments – *894*Merchant ID*Amount
FirstBank grew USSD banking customer base by 1,025,889 to a total 12.267 million in half year ended June 2021 (H1 2021), up from 9.5 million in 2020, reflecting the trust the general public and customers have both in the bank itself and in itsdigital banking platform.
LIT App
LIT App functions include
- Multiple transfers which allow customers to select several beneficiaries at once for a single transfer
- Account opening for non-customers
- Account management – customers identify their relationship managers for immediate assistance
- Generate bank statements – options to download as pdf or send an email.
- Generate receipts as far back as one wants
- Log and manage complaint(s) without having to visit the branch
WhatsApp Banking
FirstBank WhatsApp Banking, also called FirstBank Chat Banking, enables customers to
- Check account balance
- Transfer money
- Purchase airtime
- Purchase internet bundles
- Get help
FirstBank says its WhatsApp banking app provides more security outside the end to end encryption the Facebook messenger provides.
FirstOnline
FirstOnline has 597,466 customers as of June 2021, a 17 per cent growth on 2020, conducting 578,292 transactions per month with an average value of N388 billion per month.
FirstMobile
FirstMobile won the “Best Mobile Banking App” at the Global Finance Best Digital Bank Awards for providing excellent self-service through its user-friendly app.
It has 4,596,203 users as of June 2021, which is 9 per cent higher than 2020, with an average of 27,730,830 transactions every month.
Firstmonie
FirstMonie, the agent banking network of FirstBank, has over 130,000 agents across Nigeria, the largest bank-led agent network in Africa, which has notched up more than 750 million transactions worth N15 trillion ($30 billion).
Over 295 million of those transactions with a total value of N6.65 trillion were processed in 2020 alone, despite worldwide coronavirus disruptions.
Firstmonie agency banking scheme has empowered agents in all the 774 councils in Nigeria, providing thousands of jobs.
Firstmonie supports local and international fintechs through collaboration to expand financial inclusion and provide a variety of services to FirstBank’s customers.
Podcasts
FirstBank recently hosted several podcasts in which speakers share tips to impact fintech growth by providing useful information for everyone.
Guest discussants include
- Joshua Chibueze – Co-founder and Chief Marketing Officer of PiggyVest, a fintech that empowers everyone to better manage their growth and finance
- David Peterside – CEO of Okra, a fintech that empowers companies and developers to build products with seamless access to inclusive financial data and secure payments
The podcasts are available to everyone on the bank’s official Instagram handle – FirstBank Nigeria.
