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Firstbank Records N1trn Transactions Via USSD Platform - Business - Nairaland

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Firstbank Records N1trn Transactions Via USSD Platform by postbox: 6:42am On Feb 14
First Bank of Nigeria Limited said its 894 quick banking, a USSD-based mobile telephony channel that enables customers to access banking services using any type of phone and without data or internet recorded transactions worth N1 trillion done by 4.5 million customers in 2017, a 250 percent increase compared to what it recorded in 2016.

The bank said it plans to increase its customer base on the USSD platform to over 6.5 million before the end of this year, with over N3 trillion worth of transactions projected to be processed this year. According to FirstBank’s group head, e-business, Chuma Ezirim, over 60 percent of its customers currently use the bank’s digital platforms (FirstMobile, Firstonline, and 894 Banking) to transact accounting for about 21 percent of transactions on the NIBSS Instant Payment platform.

Ezirim noted that 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 improve transparency and efficiency but also helps a business to grow. “That is 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.”

Speaking on the impact of the bank’s financial inclusion services on customers and the economy, Ezirim said that in addition to providing FirstBank customers a more convenient and faster way to carry out basic banking transactions, the 894 banking service has 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.

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, open accounts, and do lots more. The “894 Collection and CashOut” service is effectively designed for businesses to receive payments for goods and services, and to address their cash management challenges.

SOURCE : https://brandspurng.com/firstbank-records-n1trn-transactions-on-its-ussd-platform/

2 Likes

Re: Firstbank Records N1trn Transactions Via USSD Platform by BrandSpurNG: 7:06am On Feb 14
Trully the First...

4 Likes

Re: Firstbank Records N1trn Transactions Via USSD Platform by Felixalex(m): 7:38am On Feb 14
If to say MMM de reach today, e for don reach 100 trillion be dat grin

Those days my neighbor go de make call, I go de hear "I sent you 600k please confirm" "I sent you 77k please confirm"


My friend say "the thing wey de tire me with these Ponzi schemes be say I go throwey my money finish, I go still carry my phone de call one werey to confirm" grin grin grin grin

14 Likes 2 Shares

Re: Firstbank Records N1trn Transactions Via USSD Platform by GreenArrow1(m): 7:38am On Feb 14
Na FirstBank na. Wetin we for expect before? They are a very reliable bank.

6 Likes

Re: Firstbank Records N1trn Transactions Via USSD Platform by KingsleyCEO: 7:40am On Feb 14
Wow! I can't wait for profit sharing o.
Re: Firstbank Records N1trn Transactions Via USSD Platform by Olawalesadiq(m): 7:41am On Feb 14
Dont worry first bank that Snake is on his way coming to swallow the money. ..
Re: Firstbank Records N1trn Transactions Via USSD Platform by dingbang(m): 7:42am On Feb 14
The only bank that commands respect.



Why not join the train and open an account with Firstbank?


For our existing customers, download your first mobile app through my link.


Its easy, fast and secure..thank you

6 Likes

Re: Firstbank Records N1trn Transactions Via USSD Platform by DWJOBScom(m): 7:43am On Feb 14
That's the revolution sweeping in......

Make First bank great again

1 Like

Re: Firstbank Records N1trn Transactions Via USSD Platform by trippleKAY(m): 7:45am On Feb 14
very fast and easy

1 Like

Re: Firstbank Records N1trn Transactions Via USSD Platform by phpfx(m): 7:47am On Feb 14
Kicking ass since 1894!

3 Likes

Re: Firstbank Records N1trn Transactions Via USSD Platform by internationalman(m): 8:09am On Feb 14
Diamond Bank is best in online transaction..
Re: Firstbank Records N1trn Transactions Via USSD Platform by IamAirforce1: 8:11am On Feb 14
Like someone rightly said , Firstbank is truly reliable

The best among the rest.

4 Likes

Re: Firstbank Records N1trn Transactions Via USSD Platform by martinz1: 8:18am On Feb 14
They should also tell us the number of people they kept on trauma by hanging their money after a failed ussd command before it was resolved grin

1 Like

Re: Firstbank Records N1trn Transactions Via USSD Platform by makdcash(m): 8:18am On Feb 14
The bank strong kakaraka for ground

2 Likes

Re: Firstbank Records N1trn Transactions Via USSD Platform by lonelydora: 8:27am On Feb 14
They shouldn't count multiple transactions oooo. A friend of mine buys airtime of N100 more than 10 times a day from it.
Re: Firstbank Records N1trn Transactions Via USSD Platform by gabbasin: 8:32am On Feb 14
check this out: 4.5 million transactions times 20 naira deduction per transaction = 90 million naira. First bank carry go

2 Likes

Re: Firstbank Records N1trn Transactions Via USSD Platform by joeanointing(m): 8:35am On Feb 14
You First. #ILove FBN.

1 Like

Re: Firstbank Records N1trn Transactions Via USSD Platform by Kooldon(m): 9:02am On Feb 14
I Just Used It 2hrs Ago. #100 Deduction Multiply By 1 Trillion Naira. See The Profit Margin Without Doing Anything. This Is Business...

1 Like

Re: Firstbank Records N1trn Transactions Via USSD Platform by ihollarmide(m): 9:08am On Feb 14
GTBank still leads the way with USSD transactions
*737# far more reliable than *894#
GTBank already recorded this since April 2017.

1 Like

Re: Firstbank Records N1trn Transactions Via USSD Platform by jazinogold(m): 9:28am On Feb 14
cheesy

WEMA bank 945 is the best, especially the cardless withdrawal feature, also the wema bank ALAT app is superb, I use am apply for small loan on Monday and I was credited immediately cheesy cheesy

1 Like

Re: Firstbank Records N1trn Transactions Via USSD Platform by directonpc(m): 9:52am On Feb 14
Ussd is bae
Re: Firstbank Records N1trn Transactions Via USSD Platform by begwong: 9:52am On Feb 14
Thanks to MMM and other ponzis
Re: Firstbank Records N1trn Transactions Via USSD Platform by nex(m): 10:20am On Feb 14
Last week they told us that Nigerians use First Bank ATMs the most for bills payment, and this week, they are telling us that First Bank had N1,000,000,000,000 worth of USSD transactions. All this news is not for nothing.

It is either they're trying to make it result in a rise in their share price, or they are looking for someone to merge with or acquire them. All of these na marketing strategy.
Re: Firstbank Records N1trn Transactions Via USSD Platform by nex(m): 10:24am On Feb 14
Kooldon:
I Just Used It 2hrs Ago. #100 Deduction Multiply By 1 Trillion Naira. See The Profit Margin Without Doing Anything. This Is Business...


You don't multiply the commission you paid by N1 trillion to know the profit First Bank makes from USSD transactions annually. You divide N1 trillion by the amount you transferred to get the average number of transactions then multiply the answer by N100 commission to get an estimate of what they could be making annually. Also, remember that some people transfer up to N200,000 via USSD.

1 Like

Re: Firstbank Records N1trn Transactions Via USSD Platform by maskid(m): 10:31am On Feb 14
ihollarmide:
GTBank still leads the way with USSD transactions
*737# far more reliable than *894#
GTBank already recorded this since April 2017.

Story for the gods. how many you cannot compare the number of customers of GTB with FBN. GTB doesnt even come close.

how many branches or ATMs does GTB have .

which IT Infrastructure dem get to use service 4.5 million customers in USSD

2 Likes

Re: Firstbank Records N1trn Transactions Via USSD Platform by mfm04622: 10:34am On Feb 14
gabbasin:
check this out: 4.5 million transactions times 20 naira deduction per transaction = 90 million naira. First bank carry go

90 million is chicken change for any bank
Re: Firstbank Records N1trn Transactions Via USSD Platform by maskid(m): 11:00am On Feb 14
mfm04622:


90 million is chicken change for any bank


e no reach to provide diesel to power the over 750 branches nationwide for a day sef. + more than 1500 ATMs

1 Like

Re: Firstbank Records N1trn Transactions Via USSD Platform by newslifeop: 11:44am On Feb 14
Really
Re: Firstbank Records N1trn Transactions Via USSD Platform by mymilicent: 1:12pm On Feb 14
Ponzi schemes has gone into extinction and so the reverse may be the case this year

1 Like

Re: Firstbank Records N1trn Transactions Via USSD Platform by mymilicent: 1:13pm On Feb 14
Sorry 'have'
Re: Firstbank Records N1trn Transactions Via USSD Platform by babatee1985(m): 3:08pm On Feb 14
dingbang:
The only bank that commands respect.


Why not join the train and open an account with Firstbank?

For our existing customers, download your first mobile app through my link.

Its easy, fast and secure..thank you
FBN marketer spotted

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