As digital payments continue to experience widespread adoption in Africa, driven by mobile money services and increasing digital transformation, the First Bank of Nigeria (FirstBank) has introduced a platform for merchants and businesses across the country to accept them.
Nairametrics, a local publication, reports that the FirstMonie Merchant Solution offers a streamlined and automated onboarding process, an integrated referral system, and customisable features such as Pay with Transfer and Purchase.
The Central Bank of Nigeria noted that the payment landscape in the West African nation has undergone significant changes in recent months. Nigerians now prefer digital methods for making payments, said the institution, reflecting a shift away from traditional cash-based transactions.
And while cash remains relevant, the adoption of non-cash payment channels has surged. Point of sale terminals (POS) terminals deployed stood at nearly three million in the first half of 2024, representing a 20% increase from 2.4 million in the second half of 2023.
FirstBank’s FirstMonie Merchant Solution has pre-configured, point of sale terminals, and offers a network dashboard providing real-time monitoring, dispute resolution, and complaint management. These functionalities contribute significantly to improving the merchant experience by enhancing liquidity, accuracy, and operational control, while minimising chargebacks.
Chuma Ezirim, group executive for e-business and retail product at FirstBank, said the initiative aims to empower businesses of all sizes and locations to thrive in the digital economy, targeting both new and existing account holders.
He said: “We are simplifying payment processes and providing merchants with improved transparency, control, and speed for daily transactions.”
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