First Bank of Nigeria Limited has recorded transactions worth over N1trillion via its 894 quick banking.
The 894 is a USSD-based channel that enables customers to access banking services using any type of phone and without data/internet.
According to a statement from the lender, the 894 banking scheme, which is the fastest growing USSD scheme in the market, grew by about 250 per cent in 2017 to now over 4.5million customers with a target base of over 6.5 million before the end of this year.
“Over N1 trillion worth of transactions have been processed using the 894 services, with over N3 trillion worth of transactions projected to be processed this year alone” the statement indicated.
According to FirstBank’s Group Head, e-business, Chuma Ezirim, a major element of the bank’s strategy is to make payments and collections easier for businesses around the country. Digitising payment and collections processes not only improves transparency and efficiency, but also helps a business to grow.
