Firstmonie news

Firstmonie is a popular mobile money service in Nigeria, and here are some recent news updates about the service:

Recent Updates:

  1. Firstmonie Agents Now Over 150,000: In October 2022, Firstmonie announced that it had reached a milestone of over 150,000 agents across Nigeria. This expansion has made it easier for Nigerians to access financial services, especially in rural areas.
  2. New Services Launched: In September 2022, Firstmonie launched new services, including bill payment, airtime top-up, and mobile money transfer. These services aim to make it easier for customers to manage their daily financial needs.
  3. Partnership with Union Bank: In August 2022, Firstmonie announced a partnership with Union Bank to offer a range of financial services to customers. This partnership aims to increase financial inclusion and provide more options for customers.
  4. Expansion into New States: In July 2022, Firstmonie announced its expansion into new states, including Kano, Kaduna, and Plateau. This expansion aims to increase access to financial services in these regions.

Recent Achievements:

  1. Over 10 Million Customers: Firstmonie has over 10 million customers, making it one of the largest mobile money services in Nigeria.
  2. Over N1 Trillion in Transactions: Firstmonie has processed over N1 trillion in transactions since its inception, demonstrating its impact on the Nigerian economy.
  3. Winner of Several Awards: Firstmonie has won several awards, including the "Best Mobile Money Service" award at the 2022 Nigeria Technology Awards.

Challenges and Controversies:

  1. Security Concerns: There have been concerns about the security of Firstmonie transactions, with some customers reporting unauthorized transactions.
  2. Competition from Other Mobile Money Services: Firstmonie faces competition from other mobile money services, such as MTN Mobile Money and Airtel Money.
  3. Regulatory Challenges: Firstmonie has faced regulatory challenges, including issues with the Central Bank of Nigeria (CBN) and the National Communications Commission (NCC).

Overall, Firstmonie has made significant progress in expanding its services and increasing financial inclusion in Nigeria. However, it also faces challenges and controversies that it must address to maintain its position in the market.