FirstBank of Nigeria Limited, West Africa’s oldest financial institution and a pioneer in digital inclusion, has rolled out its newest innovation — the FirstMonie Merchant Solution. Designed for businesses of every size, the platform provides a seamless, secure, and scalable way to accept digital payments while boosting operational efficiency for merchants across Nigeria.
The unveiling marks another milestone in FirstBank’s long-standing mission to simplify financial access, broaden inclusion, and support enterprise growth across Africa.
Transforming the Merchant Experience
The FirstMonie Merchant Solution offers a comprehensive suite of tools that redefine the digital payment landscape. Businesses can now enjoy:
-
Automated and user-friendly onboarding, ensuring merchants are set up quickly.
-
Integrated referral features to encourage network growth.
-
Customizable transaction options such as Pay with Transfer and Purchase.
-
Instant settlement capabilities for improved liquidity.
-
Concession management with competitive pricing for flexibility.
-
Automatic terminal registration and ready-to-use POS devices.
-
Real-time monitoring dashboards, dispute management, and complaint resolution.
These features collectively strengthen merchant control over payments, reduce chargebacks, and enhance transparency in daily operations.
Chuma Ezirim, Group Executive of E-Business and Retail Products, described the launch as more than just a product roll-out. “With FirstMonie Merchant Solution, we are rewriting the future of digital transactions in Nigeria. Beyond innovation, our goal is to empower every business — from micro retailers to large corporates — with reliability, speed, and operational clarity,” he said.
Built on Trust and Financial Security
Unlike many FinTech providers, the FirstMonie Merchant Solution is anchored on FirstBank’s century-long reputation for stability and trust. A key differentiator is the guaranteed safety of merchant funds, ensuring that transactions remain secure within FirstBank’s regulated environment.
Both existing and new customers can easily sign up through a dedicated online portal at www.firstbanknigeria.com/getyourpos. The initiative leverages the bank’s vast infrastructure, which already includes more than 300,000 FirstMonie agents nationwide, making it one of the largest agent networks in Africa.
A Legacy of Innovation and Inclusion
Founded in 1894, FirstBank has grown into a continental financial powerhouse, operating across Africa, Europe, and Asia. Subsidiaries are active in the Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone, and Senegal, alongside international outposts in London, Paris, and Beijing.
The bank maintains over 43 million customer accounts, with more than 25 million active users transacting through digital platforms, including the widely recognized 894# USSD Quick Banking service. Its reach extends to 820 business offices and over 280,000 agent locations, covering 772 out of 774 Local Government Areas in Nigeria — a near-total footprint unmatched in the industry.
Commitment to People and Progress
FirstBank’s commitment extends beyond banking into values of diversity, inclusion, and gender equality. With women holding 37% of management positions and initiatives such as the FirstBank Women Network, the institution continues to champion greater female participation in leadership. Its partnership with UN Women underscores alignment with global standards on equality, opportunity, and empowerment.
Global Recognition and Awards
Over the decades, FirstBank has consistently earned recognition for its strength, governance, and innovation. Highlights include:
-
Most Valuable Bank Brand in Nigeria (The Banker Magazine, 2011–2016).
-
Best Retail Bank in Nigeria (Asian Banker Awards, eight consecutive years).
-
Nigeria’s Best Bank for ESG 2024 and Best Bank for Corporates 2024 (Euromoney Awards).
-
Best SME Bank in Africa & Nigeria (Asian Banker, 2024 & 2025).
-
Best Private Bank in Nigeria and Best Private Bank for Sustainable Investing in Africa (Global Finance, 2025).
-
SME Financier of the Year (Digital Banker SME Banking Innovation Awards, 2025).
Its A+ credit rating with a positive outlook from Global Credit Rating, alongside stable outlooks from Fitch and Standard & Poor’s, underscores the bank’s financial strength and resilience.
Looking Ahead: Banking on Innovation
FirstBank continues to invest heavily in digital transformation, positioning itself as a leading force in Africa’s cashless future. With the FirstMonie Merchant Solution, the bank is not only providing a payment tool but also reshaping how businesses interact with customers in the digital economy.
The bank’s vision remains clear: “To be Africa’s Bank of first choice.” Guided by its mission of staying true to its name, FirstBank’s strategy centers on customer-led innovation, entrepreneurship, professionalism, and disciplined execution — the EPIC values that have kept it at the forefront for 131 years.
The launch of the FirstMonie Merchant Solution is more than a technological upgrade; it is a reaffirmation of FirstBank’s leadership role in building inclusive financial ecosystems that deliver value, trust, and opportunity to millions across Nigeria and beyond.
