X-raying benefits of FirstMonie Wallet in service delivery




First Bank MD/CEO Dr. Adesola Kazeem Adeduntan

First Bank of Nigeria Limited  introduced Firstmonie Wallet App to enable its customers carry out seamless transaction using their mobile phone numbers. AMAKA IFEAKANDU looks at the milestones recorded with the use of Firstmonie Wallet in service delivery across the country.

The advent of digital payment in the nation’s financial industry  has tremendously changed the banking system in the country. With the  transformation in the industry, banks are becoming more innovative in their service delivery to their customers.

Apart from creating opportunity for intense competition, the new innovation has put the banking sector under pressure to always think towards installation of  efficient electronic devices that will meet the expectations  of customers in terms of service delivery.Some banks have launched different electronic banking applications to make transaction faster, easy and more relevance for their customers.

In today’s daily transactions,  constant innovations and  payments have become more efficient and convenient for bank’s customers and  buyers using online platforms. The most popular method that provides both buyers and sellers with a streamlined, no fuss payment experience is through various “wallets.”

First Bank of Nigeria Limited  was among the banks that  came up with e-banking App, Mobile Money Service initiative with the aim of increasing local money transfers in the country.

What Is an e-Wallet? 

The e-wallet is a digital payment system that keeps track of the buyer’s payment information. When a consumer approaches the payment page on a site or an app, the e-wallet can supply the payment information on the spot for immediate and straight forward transactions. Consumers can set up an e-wallet account that’s available any time. 

Some items that might be stored in an e-wallet account are credit card data, debit card data, banking information, and payment platform connectivity, such as PayPal. This saves the buyer from fetching their physical wallet and cards. It is convenient and fast. Different e-wallets are used for different circumstances, different types of businesses and different types of consumers. Now that e -commerce is a global sector, companies and consumers alike do well to utilize e-wallets in the marketplace for transactions.

Types of e-wallet

We have different types of e- wallet which include digital wallets, crypto wallets, mobile wallet and IoT  Wallet, and each of the wallets operates in a different way depending on the platform and nature of the business individual is doing.

Digital wallets 

Digital wallets are among the fastest-growing types of technology that enable users to make monetary transactions electronically. In other words, digital wallets allow users to use their smart phones or devices in place of credit cards, cash, and even coins when completing transactions online or even at physical stores. With digital wallets, users can store money digitally and carry out online and offline purchases without using cash. Its ability to encrypt transactions enhances the product by ensuring your payment is secure.

Mobile Wallet

A mobile wallet is a virtual wallet that stores payment card information on a mobile device. Mobile wallets are a convenient way for a user to make in-store payments and can be used at merchants listed with the mobile wallet service provider.  It utilize many layers of encryption and security to ensure that transactions are safe.

Crypto Wallet

A type of digital wallet where you can send, receive and store crypto currencies. Crypto wallet is one of the most common ways to use cryptos for transactions because they are secure and easy to set up with different block chains or currencies. A crypto wallet comes in many forms, such as hardware wallets, paper wallets, and mobile apps.

IoT Wallet

A type of digital wallet containing information about the user’s identity is used to store, send, and receive transactions on block chain technology using IoT devices. The main feature of an IoT wallet is that it can be accessed through devices like watches, smart phones, laptops, etc. An example of this kind of wallet is — Bitcoin

FirstMonies Wallet 

FirstBank of Nigeria Limited, Nigeria’s leading financial inclusion bank is among the banks that  have  provided an array of digital financial services with  various payment channels to reach all its  customers across the country.

The Firstmonie Wallet application is one of the FirstBank’s online digital platforms that allows customers perform seamless transaction using their mobile phone numbers from anywhere at any time.

Firstmonie Wallet track record

FirstBank’s Firstmonie Wallet has recorded milestone in terms of increase in number of users, volume and value of transactions on it’s platform. Available data from the bank showed that in 2021 alone,   the Firstmonie Wallet recorded   537,441 transactions valued at N2,836,791,522 on its platform. The volume and value of transaction reported between January and first week of March 2022 stood at 150,105 and  N894,916,364 respectively.  The gender spread users of the application, according to the bank was 60 per cent for male and 40 per cent for female.

The bank also said that age range of users were , Millenieals 47 per cent, Gen Z 35 per cent, Gen X 14 per cent while Baby Boomers is 5 per cent.  According to the data, the number of customers as at the end of December 2021 went to  1,420,028 while total number of customers admitted in the platform from January to first week of March  stands at .150,786. Apart from upgrading the wallet and Wallet profile, FirstMonie Wallet has been recognised as Best Innovation Financial Year in 2020

Description

Firstmonie Wallet is an electronic wallet that allows individuals the convenience of making and accepting payments electronically with their mobile numbers. This is a tool used by developing nations to enable individuals participate more fully in the global financial system. Firstmonie Wallet eliminates the need to carry a physical wallet by storing customers’ payment information securely and compactly 

Features

The application could be used to transfer Funds, Fund Wallet, buy Airtime/Data Top-up, pay Bill, Cash In and  Cash Out as well as do corporate Disbursements & Collections. Apart from funding Bet9ja, it can be used for Virtual Card and Agent Locator

Benefits

The application will enable customers to have  access to different accounts through the wallet. The Firstmonie Wallet is unique in the sense that it is more convenience for customers, available with or without internet data and can be accessed on any network in Nigeria. It has Instant Transaction without BVN.

Firstmonie Wallet “is a friendly e-wallet used to pay for  utility bills, buy airtime and data, transfer and receive money from any account seamlessly and conveniently and much more. It is your wallet with many more possibilities.” 

Tiers of Wallets

Firstmonie Wallet is available on two channels -the USSD code – *894*1#  as well as the Mobile App. The product has three classes of account which include FirstMonie Classic, First Money Gold and FirstMonie Platinum. The three accounts operate with different unique specifications.

Tier wallet requirement

FirstMonie Classic Account is expected to have inflow limit of N50,000 per day, outflow limit of N50,000 for transactions carried with USSD and N50,000 for Mobile App, while the account will have Wallet capacity of N300,000. Interested customers expected to submit mobile number and date of birth before they could open such account.

For the FirstMonie Gold the cash flow limit into the account was 200,000 per day while outflow limit for USSD and Mobile stand at N100,000 and N200,000 respectively. The account has wallet capacity of N500,000 and the account holder is expected to provide BVN and other valid means of identification such as voters card before operating the account

To operate First Monie Platinum account, the customers will have cash inflow limit of N5,000,000 per day, out flow limit in USSD  and Mobile App of N100,000 and N1,000,000 respectively while wallet capacity would not be more than N10,000,000. The account holder required to comply with KYC of the Central Bank of Nigeria AML/CFT regulations of 2009

How to fund Wallet account

You can fund wallet from a debit card of any bank, a first Bank account, any active FirstMonie Wallet or at Firstmonie Agent location. Although funding from individual First Bank account is free, funding wallet account from a debit card costs one per cent on amount, while at agent location it has three charges depending on the amount deposited.

Customers view on Firstmonie Wallet.

First Bank’s customers who commented on the performance of the application said it is very good and the best in all transactions. Describing the Firstmonie Wallet App as excellent in terms of payment of goods and service, they said it is fast and convenient for all transactions.

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