FirstBank Pays N56bn Commission To Firstmonie Agents

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Dr. Adesola Adeduntan, CEO, FirstBank Plc

FirstBank Nigeria Plc has said it paid N56 billion to FirstMonie agents as commission in four years.

The Chief Executive Officer, FirstBank Group, Dr Adesola Adeduntan, said this during a presentation on ‘Banking for the Common Good’ during the US-Africa Legislative, Legal & Good Governance Conference held in Abuja recently.

According to Adeduntan, FirstBank is deliberately driving impactful programmes that are necessary to achieve shared prosperity for both current and future generations.

He also highlighted FirstBank’s Common Good Programmes, which include Financial Inclusion; Responsible Lending/Banking; CRS and Sustainability Actions.

He further explained that these programmes cover Agent Banking, FirstMonie, Value Proposition; Women Empowerment; Small & Medium Scale (SME) Business Support and Capability Enhancement Programme; and Employee Volunteer, Start Performing Random Act of Kindness (SPARK), Programme.

He pointed out that the Banks’ success and ability to remain sustainable and relevant is intrinsically dependent on the long-term prosperity and well-being of the societies that are served.

He said, “Through FirstBank’s Agent banking proposition, the Bank is creating sustainable socioeconomic value and empowering rural communities in unique ways.

“Over 500, 000 direct and indirect jobs created to tackle unemployment through the FirstBank’s FirstMonie agent network.

“N70, 000 average monthly commission/income earned by each FirstMonie agent.

“Over 35, 000 of FirstBank’s FirstMonie Agents are women, enabling us drive gender-inclusive growth within rural communities.

“Over 2 million individuals have been economically impacted via the jobs created through the FirstBank’s FirstMonie agent banking proposition.

“Over N56 billion has been paid to agents as commission over the last four years, with the attendant multiplier effect on rural communities.

“Over 50 per cent of FirstMonie’s agents are in the rural areas, contributing significantly to the development of the rural economy.

“Significant informal sector/rural area IGR collections across many LGAs are being powered by FirstMonie agents.

“The Agent network covers 772 of 774 Local Government Areas in Nigeria, bringing financial services closer to the people.”

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