First Bank of Nigeria Limited has processed transactions worth N1 trillion on its 894 quick banking, a USSD based channel that enables customers to access banking services, using any type of phone and without data/internet.
The 894 banking scheme grew by about 250 per cent in 2017 to over 4.5million customers with a target base of over 6.5million before the end of this year.
Customers who use 894 are able to check their balance, send/transfer money to any bank account in Nigeria, buy airtime for themselves and for their loved ones, confirm payments (up to last 5 transactions), open accounts, and do lots more.
The “894 Collection & CashOut” service is effectively designed for businesses to receive payments for goods and services, and to address their cash management challenges. It is also a very viable channel for government to collect taxes and other statutory payments.
According to FirstBank’s Group Head, e-business, Mr. Chuma Ezirim, a major element of the bank’s strategy is to make payments and collections easier for businesses around the country. Digitizing payment and collections processes not only improves transparency and efficiency, but also helps a business to grow.
“That’s why our 894 service is very useful for our Corporate and SME customers because every Nigerian can pay using 894 irrespective of the type of phone he/she uses, and without the barrier of internet access,” he enthused.
Ezirim added that in addition to providing FirstBank customers a more convenient and faster way to carry out basic banking transactions, the 894 banking service had led to the creation of over 500 new jobs for young Nigerians who assist customers to adopt digital platforms at the various branches of the bank nationwide.
The 894 service is simple, secure, and easy to use, which is why the adoption rate by customers is very high. The channel is enabling the bank to provide more efficient banking services to its customers, and offers a cost effective growth of the bank’s retail and commercial banking businesses.
