First Bank of Nigeria Limited has said it will continue to collaborate with financial technology (finTech) as technology is key to ensuring efficient service delivery in the banking industry.
Dr. Adesola Adeduntan, chief executive officer of the bank who stated this at the third edition of the lender’s annual Fintech Summit held in Lagos, noted that the Tier 1 lender, which celebrated its 125th anniversary in March this year, had been able to maintain its leadership position in the industry by effectively leveraging technology to continually offer innovative product solutions.
According to him, the theme of this year’s summit, “Banking + Tech = Solving Real Problems,” reflects the reality that technology can be applied to add value in all spheres of life.
He pointed out that despite the remarkable progress recorded by Nigerian banks through the use technology, there is still a lot to be done in that regard.
In his presentation at the event, Mr. Chuma Ezirim, First Bank’s group executive, e-Business & Retail Product, revealed that the bank now had over 18 million customers’ accounts.
Ezirim, whose presentation was entitled, “Digital Financial Services – The Nigeria Market Size,” told the gathering that the bank processed over 500,000 transactions worth N23 billion daily.
He said that 8.5 million customers were on the bank’s USSD channels, noting that FirstBank would continue to maintain its leadership in product and service delivery.
Ezirim said that FirstBank had issued over 10 million cards, representing about 25 per cent of card transactions processed in the country.
He noted that the country’s mobile application size stood at 13 million, agent banking 41 million and USSD 35 million.
According to him, the bank will continue to leverage technology in service delivery to boost financial inclusion, to achieve 95 per cent target by 2020.
Ezirim said that FirstBank would continue to make banking easier for its customers, and ensure they had access to financial services at the comfort of their homes.
He said that the bank would continue to expand its products and services to ensure presence in every nook and cranny of the country.