MICROCAPITAL BRIEF: First Bank of Nigeria, Computer Warehouse Group (CWG) Launch Firstmonie Mobile Money Service

First Bank of Nigeria, a commercial bank based in the Nigerian state Lagos, recently launched Firstmonie Mobile Service in collaboration with Computer Warehouse Group (CWG), a Nigeria-based information technology utility provider. Firstmonie, which was created to help reduce the number of unbanked Nigerians and offer “convenient and safe banking”, will allow customers to access their FirstBank accounts as well as transfer funds through their mobile devices.

First Bank of Nigeria was established in 1894 as an arm of the Bank of British West Africa Limited (BBWA). First Bank Group offers commercial banking services including trusteeship, capital market, pension fund custodian, mortgage financing, insurance brokerage, small-scale banking and currency exchange activities. As of March 2012, the group reported assets of NGN 3 trillion (USD 19 billion).

By Sarah Benali, Research Associate

About First Bank of Nigeria Plc
First Bank commenced operations in Nigeria as an arm of the Bank of British West Africa Limited (BBWA). It was incorporated as a private limited liability company in Nigeria in 1969 and converted to a public company in 1970. The bank offers commercial banking services while its subsidiaries, FBN Bank (UK) Limited, First Registrars Nigeria Limited, First Trustees Nigeria Limited, FBN Capital Limited, First Pension Custodian Nigeria Limited, FBN Mortgages Limited, FBN Insurance Brokers Limited, First Funds Limited, FBN Micro Finance Bank Limited and FBN Bureau de Change Limited carry on the business of commercial banking, trusteeship, capital market, pension fund custodian, mortgage financing, insurance brokerage, small-scale banking and bureau de change activities. As of March 2012, First Bank Group reports assets of NGN 3 trillion (USD 19 billion).

Sources and Additional Resources

Computer Warehouse Group Press Release: “First Bank Launches Firstmonie Mobile Money Service,” November 2012, http://www.cwlgroup.com/press_events.php

MicroCapital.org story: “MICROCAPTAL BRIEF: Etisalat Rolls Out Mobile Money Service in Nigeria,” October 5, 2012, https://www.microcapital.org/microcapital-brief-etisalat-rolls-out-mobile-money-service-in-nigeria/

MicroCapital.org story: “MICROCAPITAL BRIEF: AppZone Launches Branchless Banking Platform BankOne in Nigeria,” September 21, 2012, https://www.microcapital.org/microcapital-brief-appzone-launches-branchless-banking-platform-bankone-in-nigeria/

MicroCapital.org story: “MICROCAPITAL BRIEF: First Bank of Nigeria Creates Cardless Automated Teller Machine (ATM) to Promote Financial Inclusion,” August 17, 2012, https://www.microcapital.org/microcapital-brief-first-bank-of-nigeria-creates-cardless-automated-teller-machine-atm-to-promote-financial-inclusion/

MicroCapital Universe Profile: First Bank of Nigeria Plc https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=First+Bank+of+Nigeria+Plc+%28FirstBank%29

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