FirstBank Launches Firstmonie Mobile Money Service

FirstBank of Nigeria Plc has launched her Firstmonie Mobile Money Service, an innovative product that enables customers to access financial and other value added services offered by the bank through their mobile phones.

Firstmonie mobile money service was birthed as part of First Bank’s dynamic innovative drive to drastically reduce the rate of unbanked adults in Nigeria while providing “convenient and safe banking” for the “under banked “and the “banked” to access their bank account through their wallet and transfer fund from their bank account to wallet and vice versa using their mobile phone.

FirstBank achieved this feat working with Computer Warehouse Group (CWG), Pan African ICT Company and hope to provide cost effective and excellent services to FirstBank customers as well as to reduce the high percentage population of unbanked adults in Nigeria.

CWG worked with FirstBank  right from the pre-approval stage through to the approval in principle stage to the final stage of license approval from CBN up to this moment in the capacity of  mobile technology solution provider and hosting partner.

According to ChumaEzirim, group head, E-business, First Bank of Nigeria Plc. “We are  excited at being at the forefront of supporting CBN initiatives for financial inclusion and confident that this solution will add value not only to our operations but to our existing customers and prospective customers as it is our custom to put our customers first.”

He stated that this is a movement from the traditional bank account opening where the customer has to visit the bank to open an account and carry out other banking transaction to a technology trend that provides cost-effective and convenience of self-service to the customer with mobile phone as the only infrastructure to be provided by the customer.

Tayo Oduwole, head, Mobile Money Unit, ExpertEdge (software division of CWG) who led the CWG team, remarked that it is a unique technology approach to meet and exceed holistic needs of the customers. He noted that at  the heart of the FirstMonie service is the latest release (version 5) of Fundamo mobile financial technology.


In his words “The Fundamo software is regarded as the world’s leading financial services platform and the latest release which is the fifth version of the technology is the culmination of more than 11 years’ worth of best of breed technology, best practices and vast experience in deploying successful mobile financial services platforms on a global basis.”

Oduwole further explained that Fundamo Enterprise Edition is a full service platform providing a comprehensive range of mobile banking, mobile payments and mobile remittance options, including real-time person-to-person or mobile-to-mobile payments, cross-border remittances, bill payments, airtime top-ups, mobile wallets (accounts) and virtual goods payments.

This “next generation” Mobile Financial Services platform has some important key differentiators separating it from similar products available on the market today such as; Extensive configurability, Connectivity to external systems, designed as an enterprise application with inbuilt security features —The Fundamo mobile platform is built on internationally recognized banking architecture principles. In addition, the platform has been built  to utilize the inherent security possible within the constraints of the technology deployed. In order to meet and surpass the criteria for a banking grade mobile financial services platform, the platforms architecture takes into account sound monetary control disciplines with banking grade administration and real time transaction processing with banks as well as interoperability between platforms providing connectivity to the financial services eco systems.

Computer Warehouse Group is Fundamo partner in Nigeria and provides sales, support and System integration services in Nigeria. It is also important to note that CWG also offers hosted service on Fundamo mobile money technology for mobile money operators and presently Firstmonie service runs on CWG hosted platform. 

CWG is proud to be associated with FirstBank on this great achievement.