MICROCAPITAL BRIEF: First Bank of Nigeria Creates Cardless Automated Teller Machine (ATM) to Promote Financial Inclusion

First Bank of Nigeria, a commercial bank listed on the Nigerian Stock Exchange (NSE) recently introduced a cardless Automated Teller Machine (ATM) transfer service across the country that intends to facilitate the transfer of funds to people without bank accounts or payment cards. FirstBank’s Group Managing Director/Chief Executive Officer, Mr Bisi Onasanya, stated that the new fund transfer service aims to complement the efforts of the Central Bank of Nigeria (CBN), the country’s central banking authority, towards achieving financial inclusion for 50 million unbanked Nigerians.

As of March 2012, First Bank Group reports total assets of NGN 3 trillion (USD 19 billion). As of November 2011, CBN reports total assets of NGN 9.77 trillion (USD 61.9 billion).

By Mihaela Grindeanu, Research Associate

About First Bank of Nigeria Plc (FirstBank): First Bank commenced operations in Nigeria on 31 March 1894 as a branch of 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 engages in the business of commercial banking 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, management of SMIEIS fund investments, small-scale banking and bureau de change activities. As of March 2012, the Group reported assets of NGN 3 trillion (USD 19 billion).

About Central Bank of Nigeria (CBN): The Central Bank of Nigeria (CBN) was established in 1958 as Nigeria’s central banking authority. As defined by the Act of Parliament that created CBN, its statutory mandates are as follows: “to issue legal tender currency; to maintain external reserves; to safeguard the international value of the legal tender currency; to promote monetary stability and a sound financial system in Nigeria; and to act as banker and financial adviser to the Federal Government.” As of November 2011, CBN reports total assets of NGN 9.77 trillion (USD 61.9 billion).

Sources and Resources:

WorldStage press release: “First Bank promotes financial inclusion with card-less ATM innovation”, http://www.worldstagegroup.com/worldstagenew/index.php?active=news&newscid=5574&catid=25

MicroCapital.org story, February 27, 2012: “MICROCAPITAL BRIEF: FirstBank of Nigeria, Airtel Nigeria, GLO Nigeria, Etisalat Nigeria to Partner On Mobile Money”, https://www.microcapital.org/microcapital-brief-firstbank-of-nigeria-airtel-nigeria-glo-nigeria-etisalat-nigeria-to-partner-on-mobile-money/

MicroCapital.org story, May 28, 2012: “MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Financial Inclusion Strategy Includes Goal of 63m Savings Accounts by 2020”, https://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-cbn-financial-inclusion-strategy-includes-goal-of-63m-savings-accounts-by-2020/

MicroCapital Universe Profile: First Bank of Nigeria Plc (FirstBank), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=First+Bank+of+Nigeria+Plc+%28FirstBank%29#Description_140_word_limit_

MicroCapital Universe Profile: Central Bank of Nigeria (CBN), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Nigeria+%28CBN%29

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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