Firstmonie, a Service by First Bank Nigeria (Essay Sample)

Firstmonie, a Service by First Bank Nigeria PLC- Case Study of Alagbaka Branch
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Institution
Introduction
Technology has changed how people transfer and receive money. The mobile phone has been used not only as a communication gadget but as a tool through which people send and receive money. Examining various mobile payments that are available in different countries, it is clear that they can change the way people live and transact. One of the African countries that have realized the benefits of a mobile payment is Nigeria. The First Bank Nigeria has tapped into this innovative field to bring to its customers the fastest growing mobile payment services called Firstmonie. This research paper will study the Firstmonie Service by First Bank Nigeria PLC- as a Case Study of Alagbaka Branch.
The improvement and execution of budgetary techniques that will bring large number of unbanked Nigerians and, surely, Africans into the formal keeping money framework, has been one of the significant cerebral pains of African pioneers throughout the years. In Nigeria, it was at a point reported that the measure of money outside the formal keeping money framework was to the extent that 30 for every penny of aggregate money available for use. This prompted the presentation of numerous plans, including swaying folks to open records for their kids, taking managing account administrations to open commercial centers and actually mounting of a few correspondence crusades on the profits of keeping money. Notwithstanding all these, nonetheless, utilization of formal saving money framework stayed low.
What is Firstmonie?
Firstmonie is a mobile payment service that enables mobile phone clients receive and send money, buy airtime, pay bills and lots more with their mobile phones. The mobile phone user does not necessary require bank account to carry out the transactions. The users use their mobile phone numbers as their account number. Firstmonie is an innovative, practical idea that was introduces by the First Bank Nigeria. The Firstmonie Mobile Money Service, an inventive item that empowers clients to get to monetary and other quality included administrations through their cell telephones. The Firstmonie Mobile Money Service caters for the largest population that does not have bank accounts in Nigeria. The bank personnel claim that Firstmonie services were made considering three standards. The primary is characterized by how customers get money to store their novel ways of life. The second standard is how consumers use money for funding their unique lifestyles. The third principle is the capability of the buyer to be educated and in control of their money.
Nevertheless, any individual who has admittance to this wonderful cutting edge innovative development ought to be glad because it can truly change exists in a larger number of routes than one. Portable installments administrations are basic in most western nations, and some of you may be astonished to hear this, yet one of the main countries regarding pay through versatile administrations is Nigeria. This is valid for nations that are spotted in sub-Saharan domain where there are an expected 90 million cell telephone managers. A few specialists have even said that this nation may soon turn into the biggest pay through mobile operating system in all of Africa. Well, that is to a degree not astonishing considering the extensive number of individuals who are pleased managers of cell telephones here.
A brief history about Firstmonie
Firstmonie was launched in September 2012 as a feature of the moneylender's creative drive to improve monetary consideration and lessen the rate of unbanked grown-ups in Nigeria (Nweze, 2014). An arrangement was made to give helpful and more secure keeping money to the under-managed an account and unbanked to get to their financial balance and exchange reserves with the utilization of their cellular telephones. The stage additionally supports the creation of wealth by giving chances to a huge number of business visionaries the country over and has been included in a few outstanding activities deserving of note are The Bill & Melinda Gates Foundation Grant, The UNICEF Fund Disbursement Scheme among others (Firstbanknigeria.com, 2014).
The administration is accessible on all major the system information transfers administrators including MTN Nigeria, Etisalat and Globacom. Firstbank will likewise influence on the trust exchange capacity of the versatile telephony to offer world class administrations, noting that cellular telephone has the ability to store financial data and like different stations of e-saving money, is closer and dependably with the client.
Facts about the service
Firstmonie mobile transaction is the most recent and heading mobile transaction in the nation and is extremely solid, advantageous and above all else exceptionally tried and true. Clients are sure to get ideal administration and backing for their business transactions where ever they are spotted around the nation as our administration help clients are found at each state and real city in the nation. Mobile user can download an application that will enable them to carry out transactions. On March 12th, 2014 The Bill & Melinda Gates Foundation funded the Firstmonie Mobile Money Service with $12,000,000. Currently, the services have over 1 million subscribers.
The mobile payment solution from First Bank of Nigeria Limited, Firstmonie, has crossed the 1 million supporter's point of reference. This accomplishment, as per an announcement from the bank, has been accomplished in under two years of its operations. Remarking on the improvement, the Head, Marketing and Corporate Communications of Firstbank, Mrs. Folake Ani-Mumuney, said "surpassing the one-million imprint on the Firstmonie stage, demonstrates the degree the bank will go to guarantee that our clients have more decisions of getting to keeping money administrations from any area they end up. Ani-Mumuney asserts that the bank is satisfied by this accomplishment, which connotes the level of Firstmonie's acknowledgement amongst endorsers. We accept that the colossal development it has recorded so far shows the paramount part it plays in giving simple access to money related administrations for clients on the go (Firstbanknigeria.com, 2014).
The development of Firstmonie
Firstmonie developed from a simple idea meant to assist people with no bank accounts to send and receive money. First Bank of Nigeria launched the Firstmonie Mobile Money Service, in association with the Computer Warehouse Group. The Leading Telecommunications Service Provider, Airtel Nigeria went into a partnership with First Bank Nigeria Plc to offer Firstmonie; the all-new, revolutionary mobile payment solution, to the public.
First Bank of Nigeria has entered into a first-of-its-kind key association with the Nigerian Postal Service (NIPOST) to improve access to its portable installment arrangement, Firstmonie. The bank said the organization would offer advantageous and dependable money related administrations to the unbanked in Nigeria and additionally those that are under-managed an account. Through the association, Firstmonie will give versatile monetary administrations in groups where there are NIPOST workplaces and executors. Supporters in such regions will can open ledgers, make money stores and withdrawals, pay bills and perform different transactions from their cell telephones. The organization, as indicated by Folake Ani-Mumuney, head of showcasing and corporate correspondences at First Bank, is gone for leveraging Firstmonie’s acknowledged portable engineering to serve Nigerians with the most creative money related administrations. "Firstmonie is accessible to the overall population and is started by dialing *894# on MTN, Airtel, Etisalat and Glo lines. Notwithstanding driving money related incorporation, Firstmonie helps riches creation by giving chances to a great many business people who serve as shippers and operators instrumental to driving Firstmonie transactions," she said (Firstmonieonline.com, 2014).
Mode of operation of Firstmonie service
The service has the following mode of operation. Money In that is the process of funding your Firstmonie mobile account (unregistered and registered users). Money Out, which is the process of withdrawing from your Firstmonie mobile account for both registered and unregistered users. It has a Person to Person (P2P) Mode of operation. P2P is the process of sending money from Firstmonie registered users to other mobile phone users. It also has purchases that are the process by which a Firstmonie mobile user sends money through Web or phone to a Firstmonie mobile Merchant account in exchange for goods or services. Finally, the subscribers of the Firstmonie service benefits from Bills Payment and Airtime Top-Up, which are the use of Firstmonie to pay for utilities and purchasing of airtime for oneself or third party respectively. The service has three products types namely Firstmonie classic, gold and platinum. Each product type has a different transaction and daily transactional limits. The limit for the classic, gold and platinum ₦3,000, ₦10,000, and ₦10,000 Transaction Limit respectively while the Daily Transaction Limits are ₦30,000, ₦10,000 and ₦1 Million respectively (Firstbanknigeria.com, 2014).
The smartphone user has to download a Firstmonie application on their mobile phones. The user with eh mobile phone dial *894# or visit the /iweb on their mobile phones browsers to register and get started. With the application, a website, and the *894# services, the subscriber will be able to buy airtime, bill payment, moneyless withdraw at ATM, sending money, and make a purchase.
Firstmonie is a plan of mobile money goes for arri...