First bank becomes first financial institution to achieve 100m Monthly transactions


Interswitch Transnational Africa’s leading integrated payment and transaction processing company has officially recognized First Bank Nigeria Ltd. as the first financial institution in the country to achieve a transaction volume of 100 million transactions in a month.

The record transaction volume, which was achieved in the month of December 2015, represents the total transactions processed by First Bank’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.

As one of Nigeria’s largest financial institutions with over 8 million customers, the achievement by First Bank is a pointer toward its desire to promote the cashless policy of the CBN and boost economic growth via e-payments across Nigeria and the African continent.

“It 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,” said Divisional CEO, Switching and Processing, Interswitch, Akeem Lawal.

The milestone by First Bank is another marker of the scale of success recorded by Interswitch since its launch in 2002. It will be recalled that the company in 2014 was listed by Deloitte as the fastest growing tech company in Africa with a year-on-year growth rate of over 1500%.

Interswitch has also made considerable inroads into the East African market with the acquisition of Paynet Kenya alongside a strategic partnership with KCB Bank across several East African countries.

: http://www.vanguardngr.com/2016/02/first-bank-becomes-first-financial-institution-to-achieve-100m-monthly-transactions/

Good for them

Also good for the Nigerian market that keeps embracing the e-option.

That does not resist the MACHINE-INTERFACE

Its good for the InterSwitch as a partner,

abi

Mods.

Good

how does this increase the available jobs right now.

calculator123:
how does this increase the available jobs right now.

Let me ask Oracle9i

Or better still - Google

Hmmmmm...

truly the first

lalasticlala have you heard this?

Yet their ATM no dey always work.

Going to a first bank ATM is a promotion exam to disappointment.

Our money

k

Apc bank

First bank 2ruly d first

Truly the FIRST

No be lie at all,they are everywhere.

With their usual long queue at their ATM and cash deposit center, i'd be suprise if they don't.

Won ku orire.........

If I close my account, that record ko spoil

How does this rise the already sleeping naira #1$=N385... #teamGodblessNigeria

You guyz have been doing a great job. I'm not surprised 2 see this 'cause you know what? YOU WORTH IT@firstbank

Goodnews to both customers, staff and bank owners

So how's this gonna reduce the price of dollar

Goodnews for them

Dis no be news

ALL the guys dat quoted me below, i knew u guys will eventually quote me, chai nairalanders got no chill, person nr go fit joke again.

It can only be First Bank.

Their marketers body don hear am

Ok. First Bank, Idumota branch.

ssoftappless:
100 million monthly when lionel messi is receiving 150million naira weekly as wages after tax. "chai!!!! papa GOD pick my call.

Confusion is your name.

100m transactions not N100m

IamMissMarvel:
Yet their ATM no dey always work.

Going to a first bank ATM is a promotion exam to disappointment.

based on ATM uptime, 1stbank dey try.

if yu know how much heat from the head office is given to Ops Heads abd ATM custodians to ensure max uptime, u would be marveled .

though you can be disappointed cos of failures which could be anything from faulty machine(vendor could be the issue), lack of cash, staff inability to load etc

i wish them well but can be better if pressure on staff about ATM can be better managed

hmmn .. a lot at the background (people, technology, processes, application, infrastructure, security and all ... ko easy mehn)

100Cents:

Confusion is your name.
100m transactions not N100m

calm down, im aiming at a bashing.