FirstBank: Rewarding Firstmonie Wallet Users, Growing Mobile Payments Adoption in Nigeria
Bolaji Israel
By 22 January, 2022, over four hundred excited Nigerians would have been rewarded with mouth-watering gifts items, cash prizes and electronic gadgets including iPhones, Air conditioning sets, generator sets, bags of rice and fans as FirstBank edges closer towards the conclusion of its campaign aimed at appreciating its Firstmonie Wallet customers, whilst growing mobile payments adoption and usage in Nigeria.
With this move, the premier bank, an avid promoter of financial inclusion reinforces its commitment to maximising digital and electronic platforms towards seamlessly connecting Nigerians with access to convenient, cashless and virtual financial transactions.
The Firstmonie Wallet, one of the bank’s innovative platforms, is an electronic wallet that allows individuals the convenience of making and accepting payments electronically with their mobile numbers.
In developing countries like Nigeria, mobile wallets like Firstmonie aid financial inclusion by enabling individuals to participate more fully in the global financial system as it eliminates the need to visit the bank physically or carry a physical wallet by storing customers’ payment information securely and compactly.
Mobile wallets and mobile money transfers are key components of mobile payments which are regulated transactions that take place through user mobile device.
The benefits include customer convenience, reduced expenses, improved cash flow, integrated loyalty programs and access to actionable data. Due to the social economic benefits, Nigeria has continued to witness a rise in Mobile wallet adoption.
According to Statista, in 2020 Nigeria had 44,335.4 in transactions volume of mobile payments and is expected to rise to over 71,000 by 2025.
A fresh industry Report titled “Nigeria Mobile Wallet and Payment Market Opportunities” says the mobile payment industry in Nigeria is expected to record a CAGR of 25.6% to reach US$ 73,871.9 million by 2025 while mobile wallet payment segment in value terms increased at a CAGR of 25.7% during 2018-2025.
Also, data from the Nigerian Inter-Bank Settlement Scheme (NIBSS) shows that mobile payments in Nigeria are growing at an incredible pace, with a 391% rise between May 2019 and 2020 alone.
These are transactions happening on mobile wallets and mobile apps operated by services including Firstmonie, Opay and Paga. Transaction volume and value have further ballooned, especially in 2020.
In the same vein, the NIBSS in a 2021 Report said 78% of total transfer transactions in 2020 were carried out using a mobile device, as mobile payments continued to experience steady growth, growing by 84% YoY and with an estimated 49.5% smartphone ownership and an estimated 97 million mobile internet users, there are strong indicators that mobile payments will continue to see significant growth.
The Report added that as it stands Nigeria remains a relatively untapped market, and the projected increase in Internet and smartphone users might do wonders to drive a largely cashless Nigerian economy.
Buoyed by the need to boost the mobile wallet and mobile payments adoption and encourage increased usage for the benefits of Nigerians and the economy, FirstBank’s ongoing campaign tagged ’Firstmonie transact and win’ which started on Monday, 22, November 2021 and will end on Saturday, 22 January, 2022 plans to rewarded 418 customers with prizes for their continuous use of the Firstmonie Wallet
The Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney, explained that the Firstmonie focused campaign was designed to encourage customers who transacted more using the app with several prizes.
She added that during the first phase concluded in December 2021, 208 customers were rewarded while another 208 customers will be rewarded with various prizes when the campaign ends on January 22, 2022.
She noted that, “The higher the volume of transactions, the higher the prize, adding that the star prizes which were handed to customers with highest transactions of over 50 times within a month were four units of iPhone 12 and two air conditioning sets.”
“Other prizes include N10,000 cash to be won by 200 people each, 106 people with 25kg bags of rice, 100 people won standing fans while four persons got 2.5 KVA power generating sets.
“The promo was structured in a manner that rewards higher volume of transactions. N10,000.00 up was given to 200 customers for transaction counts of 1 – 15 within the month; 106 25kg bags of rice and 100 units of standing fans are to be won for 16 – 30 transactions consummated with the Firstmonie Wallet; 4 units of power generating sets, 2 units of Air Conditioning systems and 2 units LED Televisions will be given to customers that carry-out 31 – 50 transactions while 4 units of iPhones was for customers who had over 50 transactions carried out on the app within the month,” she stated.
Elated winners of the promo expressed gratitude to FirstBank for encouraging them and playing a pivotal role in financial inclusion.
One of the lucky winners, George Ukeabi, a customer at the University of Benin Main Gate, in Edo State who won a generator by using the transaction platform said, “I appreciate the bank for winning this prize. Thank you for your role.”
Aminu Yahaya, another customer of the bank at Darazo branch in Bauchi State who won an iPhone 12 said, “I want to thank FirstBank for finding me worthy to win this iPhone 12. Thank you so much.”
Nnanna Onyedikachi, a student of the University of Abuja, Gwagwalada, said he used Firstmonie Wallet and was amazed when he got a message that he won an iPhone 12.
“iPhone and they have sent it to me. I thank FirstBank. I was told that I qualified for this offer but I didn’t believe it, so I was shocked when I saw the prize,” he said.
For Chukwu Chisom, who won a set of air conditioners at the Oji River branch of the bank in Enugu State, exclaimed “ it was a big surprise from FirstBank; as i didn’t expect it.”
Commenting earlier on the campaign, the Group Executive, e-Business and Retail Products, Mr Chuma Ezirim, said, “The promo is hinged on the need to appreciate customers for their patronage, especially as we have had an increased engagement and usage of the various services offered by our mobile-friendly wallet product.”
He noted that Firstmonie Wallet is a friendly e-wallet to pay for utility bills, buy airtime and data, transfer and receive money from any account seamlessly and conveniently and much more.
In a statement, the bank said, “It had over 750 business locations and over 150,000 banking agents spread across 99 per cent of the 774 local government areas as it strives to promote financial inclusion services and serve its over 30 million customers.
“The Bank has been actively promoting digital payment in the country and has issued over 10million cards, the first bank in the country to achieve such a milestone in the country.
“To sign up for Firstmonie Wallet using your phone, users can
Simply download the app from store (iOS or Android)
Enter your mobile number and agree to terms and conditions.
Follow the steps to complete registration.
“To sign up for Firstmonie Wallet via the USSD string,
Just dial *894*1#.
Choose 1 to register without BVN and input the necessary information.
Choose 2 to register with BVN and follow the prompt.”
