FirstBank Records 250 Percent Growth In Mobile Banking Channel
FirstBank of Nigeria Limited has revealed that its 894 quick banking, a USSD based channel grew by about 250 per cent in 2017. The USSD based channel enables customers to access banking services using any type of phone and without data or internet.
The bank explained in a statement that over N1 trillion worth of transactions have been processed using the 894 services, with over N3 trillion worth of transactions projected to be processed this year alone.
The bank added that the 894 banking scheme is the fastest growing USSD scheme in the market, and has grown by about 250 per cent in 2017 to over 4.5million customers with a target base of over 6.5 million before the end of this year.
First Bank’s Group Head, e-Business, Chuma Ezirim, explained that a major element of the bank’s strategy is to make payments and collections easier for businesses around the country.
Digitising payment and collections processes, according to him, not only improves transparency and efficiency, but also helps a business to grow.
“That’s why our 894 service is very useful for our Corporate and SME customers because every Nigerian can pay using 894 irrespective of the type of phone he/she uses, and without the barrier of internet access”, he emphasized.
Speaking on the impact of the bank’s financial inclusion services on customers and the economy, Ezirim said that in addition to providing FirstBank customers more convenient and faster ways to carry out basic banking transactions, “the 894 banking service has led to the creation of over 500 new jobs for young Nigerians who assist customers to adopt digital platforms at the various branches of the Bank nationwide.”