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150,000 Firstmonie Agents Process N17trn Transactions—First Bank

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By Dipo Olowookere

Between 2018 and December 2021, the agent banking of First Bank of Nigeria Limited, Firstmonie, recorded transactions worth over N17 trillion, Business Post reports.

The bank’s Managing Director/Chief Executive Officer, Mr Adesola Adeduntan, who disclosed this in an interview with ThisDay, said the financial services were carried out in 817 million transactions by over 150,000 Firstmonie agents spread in 772 of the 774 local government areas of Nigeria.

According to the veterinary doctor turned banker, this has arguably made First Bank the largest bank-led network in Nigeria, and indeed Sub-Saharan Africa.

“The Firstmonie initiative has been a very formidable vehicle for job creation and economic development in several communities across the country, as over 150,000 direct jobs and 450,000 indirect jobs have been created, with an agent earning an average monthly commission/income of N85,000.

“Over 1.5 million individuals have been economically impacted through the jobs created via the First Bank’s Firstmonie agent banking proposition.

“Significant percentage of Firstmonie’s agents are in the rural areas, contributing significantly to the development of the rural economy in Nigeria,” he stated.

Speaking further, Mr Adeduntan said, “First Bank is supporting the social-economic development of Nigeria in a profitable way. During the peak of the lockdown, the Firstmonie network provided an alternative channel for the bank’s customers to conduct transactions and meet their basic financial service needs, serving as quasi-physical touchpoints for the bank’s customers.

“This resulted in the Firstmonie network processing over N6.6 trillion worth of transactions during the period.

“We are not resting on our oars and the growth in 2021 is equally impressive; as at Q3 2021, we had processed more value of transactions than we did in the whole of 2020.

“The outlook for 2022 and beyond is also quite exciting. We will continue to focus on impacting the lives of the communities we serve and deepening the services we offer through collaborations with partners, the regulatory authorities, other industry players, and our customers.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Banking

Applications Open for GTCO ‘Take on Squad’ Hackathon 3.0

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By Dipo Olowookere

Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.

The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.

The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.

Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.

It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.

 “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.

“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.

“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.

“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.

The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.

Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.

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Banking

Easter: Ecobank Assures Customers Uninterrupted Banking Services

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By Dipo Olowookere

Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.

In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.

It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.

All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.

Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.

They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.

“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.

“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.

“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.

Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”

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Banking

Polaris Bank to Limit Access to VULTe for Four Days

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By Dipo Olowookere

Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.

This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.

In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.

Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.

“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.

“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:

“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).

“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.

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