First Bank records N1tr transactions on mobile banking channel

First Bank of Nigeria Limited has recorded over N1 trillion worth of transactions through its 894 quick mobile banking channel.

The *894# is a USSD-based channel that enables customers to access banking services using any type of phone and without data/internet.

The bank in a statement said the 894 banking scheme, is the fastest growing USSD scheme in the market, and has grown by about 250 per cent in 2017 to over 4.5million customers with a target base of over 6.5 million before the end of this year.

First Bank’s Group Head, e-Business, Chuma Ezirim, explained that 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, according to him, not only improves transparency and efficiency, but also helps a business to grow.

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