Transactions on First Bank’s USSD Channel Hit N1tr

First Bank of Nigeria Limited said that over N1 trillion transactions have been processed on its 894 quick banking, USSD based channel.

The bank disclosed this in statement yesterday adding that over N3 trillion worth of transactions is projected to be processed this year alone.

According to the bank its USSD grew by about 250 percent in 2017 to now over 4.5 million customers with a target base of over 6.5million 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. Digitizing payment and collections processes 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.

Source:Vanguard