First Bank of Nigeria Limited has recorded over N1 trillion worth of transactions through its 894 quick mobile banking, USSD based channel.
The *894# is a USSD-based channel that enables customers to access banking services using any type of phone and without data/internet.
The bank disclosed this in statement on Monday adding that over N3 trillion worth of transactions is projected to be processed this year alone.
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.
It stated: “Over 60 percent of FirstBank’s customers currently use the bank’s digital platforms (FirstMobile, Firstonline and 894 Banking) to transact and this accounts for about 21 percent of transactions on the NIBSS Instant Payment platform.”
Commenting on this development, FirstBank’s Group Head, e-business, Chuma Ezirim, said: “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 enthused.
Speaking on the impact of the Bank’s Financial Inclusion services on customers and the economy, Mr. Ezirim said: “In addition to providing FirstBank customers a more convenient and faster way 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
