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IFC signs advisory services agreement with First Bank on mobile money

10 June 2014, 14:07

Lagos - International Financial Corporation (IFC) on Monday in Lagos signed an advisory services agreement with First Bank on mobile money worth $550 000  (N90.75 million) .

In a statement, the IFC said that the agreement with First Bank Plc for Firstmonie, a subsidiary of bank, was to advance mobile financial services and agent banking.

It said that the agreement, funded by Bill & Melinda & Gates Foundation, was to strengthen the supply of affordable financial services to low-income earners and small-scale entrepreneurs in Nigeria.

According to IFC, the agreement will also allow it to provide Firstmonie technical assistance in financial modeling, agent management and customer activation.
Mike Ogbalu, the Managing Director of Pridar Systems, owned by FirstBank and the owners of Firstmonie, said the agreement would boost financial inclusion and mobile banking across the nation.

Ogbalu said, “With the advisory support from IFC, we hope to achieve our goal of boosting financial inclusion through our product offerings and decrease the population of the unbanked and under-banked in Nigeria.

“Nigeria has a low rate of financial inclusion with only 43 percent of the adult population having access to formal financial services.”

David Crush, Manager, IFC Access to Finance, Sub-Saharan Africa, said, “Firstmonie and IFC aim to develop a best practice mobile money operation.

“It will demonstrate the sustainable business case for affordable financial services in one of Africa’s most important economies.

“This is a step towards reaching full financial inclusion in Nigeria.”

-      NAN

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