FirstBank reinstates commitment to e-banking, receives interswitch recognition

By Odunewu Segun

FirstBank has reinstated its committed to lead the drive to move the Nigerian economy away from traditional cash and other generic payment means to modern technological varieties in e-payment.

The bank which was recently recognised as the first financial institution in Nigeria to achieve sustained transaction volumes of 100 million transactions in 2015 and in May 2016 by Interswitch Group, said it would continue to employ novel approaches in providing secure and convenient banking services.

The record transaction volumes represent the total transactions processed by FirstBank’s Front End Processor running on the Interswitch transaction switching platform which seamlessly links all financial institutions in Nigeria to facilitate better and quicker transactions across all platforms.

Divisional Chief Executive, Switching and Processing, Interswitch, Akeem Lawal noted that the development “really says something about the strength and development of electronic transactions in Nigeria that a single banking partner can record 100 million transactions in a single month. When you add this figure to that of our other partners, then you can begin to have an idea of the sheer size and demand for electronic financial services in Nigeria.”

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Also, Managing Director and Chief Executive of FirstBank, Dr. Adesola Adeduntan, noted that the bank promised to drive innovation and extend its leadership of the financial sector services with specialized and technology-driven products and services.

“FirstBank’s investment in e-business reflects our commitment to promoting financial inclusion which is widely regarded as a lever for sustainable economic growth and development as well as enhancing entrepreneurship. Our passion to serve and extend financial services to the unbanked has since inspired several innovations and we thank our esteemed customers for their continued patronage and trust in our services whilst dedicating the recognition to them.”