Firstmonie Emerges as Nigeria’s Top Bank-Led Agency Banking Service with ₦1.1 Trillion Transactions 🇳🇬 🚀

Firstmonie Emerges as Nigeria’s Top Bank-Led Agency Banking Service with ₦1.1 Trillion Transactions 🇳🇬 🚀

#business
#finance
#banking
#fintech
#finance
#banking
#financial services
Firstmonie, the agency banking arm of First Bank of Nigeria, dominates the country's agency banking market, processing over ₦1.1 trillion in transactions in 2023, surpassing the combined total of major banks. Fintech players, including Moniepoint and Opay, are gaining momentum, outpacing traditional bank-led services, driven by agility, accessibility, and innovations in response to the 2023 cash crunch.

Firstmonie, First Bank of Nigeria's agency banking arm, emerges as the leading bank-led agency player in Nigeria, processing over ₦1.1 trillion in transactions in 2023, doubling the combined amount handled by major banks. Fintech competitors such as Moniepoint and Opay outpace traditional bank-led services, capitalizing on agility, wider accessibility, and innovations. The shift is attributed to factors like the 2023 cash crunch, exposing limitations in traditional banking infrastructure, and fintechs being perceived as more adaptable and accessible. However, the dynamics may shift in favor of banks due to rising POS device costs and shrinking margins.


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