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FirstBank’s Firstmonie Agents Hits 100,000 – Impacting Hundreds of Thousands of Lives and Communities Across Nigeria
If you live in Lagos, Abuja or Port Harcourt, or you reside in any of the other state capitals, you probably take for granted that you actually live in the better of the two worlds that make up Nigeria when it comes to banking. Take Lagos, for example, you would find a bank in almost any corner you turn. You have many streets in business or commercial areas in the city that are lined up by nothing but banks in all their glory and magnificence. If a count is taken, it could be established that there are probably more bank branches in Lagos than any other branded business outlets or branded activity centres – if street stores and religious centres are excluded.
Many people in city centres somehow assume that this situation of banks being in your face in cities is the same reality that prevails in most parts of the country. They have no idea that there are parts of Nigeria, especially the hinterland, where people take the absence of banks for granted the same way city dwellers take the preponderance of bank branches for granted. To get to the nearest bank, people in the hinterland who live this reality every day would have to travel many kilometres to get to their state capitals or some other large towns. These are the people living in the worse of the two worlds you find in Nigeria as far as having bank presence is concerned.
Imagine if the situation were reversed and city dwellers had to travel many kilometres to get to the nearest bank branch where they could do their transactions. It is not unlikely that such a situation would be accompanied by a ballooning of the stress levels in city dwellers, increased road rage on city highways and heightened frustration generally. How would people who spend multiple hours in traffic on a daily basis, work longer than counterparts elsewhere for far less remuneration, enjoy less sleep on their beds and less time with family and loved ones, cope with the additional burden of walking or driving endlessly in search of a bank to do their transactions? How? Just how?
So city dwellers should indeed be thankful for their world. And while at it, they as well as people in the hinterland, who live in the other world, should not be shy to extend appreciation to those working so hard and tirelessly to bridge the gap between the two worlds in Nigeria. The Central Bank of Nigeria’s (CBN) financial inclusion initiative geared towards bringing the unbanked and underbanked as well as communities in Nigeria’s hinterland into the formal financial ecosystem has been key to efforts to bridge the gap. The CBN’s mandate to ensure the availability of affordable financial products and services to all individuals and groups of people in Nigeria, regardless of location, literacy level, familiarity with technology or accessibility to modern infrastructural facilities, has been wholly embraced, supported and promoted by FirstBank.
FirstBank’s unmatched commitment to financial inclusion is informed by the bank’s undivided focus on making real impact across Nigeria. Hear Dr. Adesola Adeduntan, the Chief Executive Officer of the premier bank in West Africa and the leading financial inclusion services provider in Nigeria for over 127 years: “The key strength of our franchise is our ability to look at gaps in the society and develop products and services that [address those gaps].” Continuing, he notes that as an integral part of the bank’s strategy, “We believe that by significantly working with the Central Bank to improve the financial inclusion index of the country, we would, as FirstBank, be assisting [the] country to address poverty, to address hunger, thereby also promoting security of life and property because when people are gainfully employed, the implication is that they think less of crime.”
It is therefore not surprising that FirstBank has driven the financial inclusion initiative much more vigorously than any other bank in Nigeria, with its Firstmonie Agent channel, which crossed the 100,000 Agents mark a few days ago, being among the bank’s many initiatives to expand financial access in the country. The 100,000 Agents feat in itself speaks volumes about the bank’s strides in the financial inclusion space. No other bank comes anywhere close to FirstBank in terms of number and spread of agents in their agent banking networks. FirstBank’s Firstmonie Agents and the thousands of staff they employ are in all the 774 local government areas in Nigeria save two and, in 2020 alone, processed over 295 million transactions with a total value of N6.65 trillion and opened more than 196,000 accounts. However, for FirstBank, it is not about number or competition with others or even being the largest bank-led network in Africa, but the impact the Firstmonie Agents channel it is creating, as Dr Adeduntan highlighted above. His deputy, Francis Shobo agrees, saying FirstBank is looking beyond numbers and considering impact. He makes a bold declaration, “We are trying to make those Agents the centre of the financial ecosystem in the country.” This probably explains why Firstmonie Agents are considered by the bank as community heroes that it is planting all over the nation. And this is the sense one gets in interviews with Agents and customers across the country.
Aiyetoro is a riverine community in Ilaje Local Government Area of Ondo State. It has no banks, according to Stephen Adeleye, a Firstmonie Agent serving Aiyetoro community. He recounts how Firstmonie has impacted his community. Adeleye says Firstmonie has provided easy access to banking ensuring that “people in the community now have this kind of savings habit” – a reference to the growing savings culture in Aiyetoro. One of his customers, Tina Farodoye, who operates a grocery store in the community says Firstmonie has helped her business to grow. She can now buy her stock in bulk all the way from Lagos where they are relatively inexpensive (even with transport costs added) compared to her community, all because she is able to transfer funds through Agent Stephen to the wholesalers in Lagos. This has improved her business profitability by increasing the profit margin in her business.
Ephraim Osinachi, is a Firstmonie Agent in Obehie, Asa Ukwa West, Abia State. He serves customers across all ages, including the very aged, as all customers are assisted with their transactions, unlike the use of ATM where the customer is practically on their own. He says market traders take advantage of his presence in the community to make lodgements at the end of the day’s trade. He and his staff wait until traders are done at the market (unlike your regular banks which shut their doors to customers at four o’clock, generally). The advantage this offers the people is invaluable. He cites a case where a customer’s house was raided by robbers in their absence and all the robbers could find after ransacking the entire house was fifty naira cash and old phones valued at N3,000. His services are enabling his community to avoid keeping bulk cash at home and the consequent risk of being robbed and traumatised by men of the underworld.
Orode Hesse, Firstmonie Agent in Ubeji, Warri South, Delta State is both emphatic and ecstatic about impact Firstmonie has had on her life. She enthuses that it has really impacted and empowered her financially and enabled her to empower others, especially other women. She has six employees, five of whom are female. So she sees Firstmonie as a business or platform to employ and empower women. Interestingly, Orode is part of the 26 per cent of Firstmonie Agents that are women, a fact that points to the important role Firstmonie is playing in driving women economic empowerment.
Abubakar Aki Bolaji, is a Firstmonie Agent along Karishi Road, Orozo in FCT, Abuja. He points out that the nearest bank to his community is 15km away. He is pleased that his presence as an Agent in the community has cut out the costs of transportation his people would have continued to incur in order to access banking services. His sentiment and delight are shared by the teeming customers he serves. This situation is very common in the North given its landmass and the dispersed nature of human settlements. Dr Adeduntan relates how a senior government official in Jigawa State highlighted how important the presence of Firstmonie Agents was when he informed him that all across a 70km stretch from Gumel, where there was the branch of a bank, there were no banks anywhere in sight. All he saw were at least two Firstmonie Agents in that long stretch of 70km, no banks. Without those two Agents, all the people in the settlements along that 70km stretch would be without access to banking services.
Another Firstmonie Agent, Mohammed Tatari, serving Tudun Wada in Bununu, Bauchi State, says his services are helping to drive commerce in his community as traders are now able to transfer funds to the wholesalers elsewhere from whom they buy. His services are helping traders to avoid carrying large cash with them given the dire security situation. He noted that the people used to travel elsewhere just to access banking service. His presence has changed all that now. He concludes that Firstmonie is changing his community (for good). One woman who would agree with him is Halima, a housewife and petty trader in the outskirts of Abuja. She discovered Firstmonie through her co-tenant, during the recent lockdown due to COVID-19, and was excited that she could access funds at the Firstmonie Agent outlet close to her and send money to her mother in far away, Maiduguri in Borno State. She had been unable to move to Garki where her bank branch was because of the lockdown.
Besides ensuring that individuals in the suburbs do not have to travel for long hours to the city for their banking activities, Firstmonie Agents are also bridging the gap between the tech-savvy and the low-literacy clients as the Agent network represents the convenient and comfortable alternative for customers that are unacquainted with sophisticated digital channels. And as Firstmonie Agents give their best, FirstBank, on its part, has been doing everything to encourage the Agents. In its inaugural Firstmonie Agent Banking Awards, FirstBank rewarded 37 leading Agents that have promoted financial inclusion in the country. Thirty-one (31) Agents each won the sum of N250,000 at the state level while five Agents won the sum of N1,000,000 at the regional level. At the national level, the grand prize of N2,500,000 was won by Zayyanu Hassan Ishaq, an Agent from Abuja (North Central), who described it as a miracle and noted that it would spur him to work harder.
As further encouragement and to promote the business activities of Firstmonie Agents, the bank announced the provision of loan facilities of up to N1,000,000 to the Agents. This new credit scheme, which they can access 24 hours a day, can be processed in less than two minutes. The scheme means more empowerment and business expansion for Firstmonie Agents. And the expansion can go beyond Nigeria as Dr Adeduntan says FirstBank is looking beyond Nigeria to other African countries where FirstBank operates, like Ghana and DRC – a country with over 80 million people – to promote financial inclusion and begin to address poverty on the African continent through the Firstmonie plat.
Zenith Bank Plc has released its unaudited financial results for the nine months ended 30 September 2025, with a remarkable 16% year-on-year growth in gross earnings from N2.9 trillion recorded in Q3 2024 to N3.4 trillion in Q3 2025. The Group’s performance continues to demonstrate resilience, strong momentum, disciplined execution and an ability to deliver long-term shareholder value in spite of challenging macroeconomic environment.According to the financial results presented to the Nigerian Exchange (NGX), the growth in gross earnings was driven by a sustained growth in interest income which grew by 41% year-on-year to N2.7 trillion. The growth in interest income was supported by a high-yield rate environment and an expansion in the Bank’s investment portfolio. Despite the increase in interest expense by 22% to N814 billion on the back of a tightening monetary cycle and a growth in the Bank’s funding base, the Bank was able to achieve a healthy Net Interest Margin (NIM) of 12% as against 10% in September 2024. Non-interest income declined by 38% to N535 billion, underpinned by a 60% decline in trading gains.Profitability remained strong, with profit before tax at N917 billion as against N1.00 trillion reported in September 2024. Profit after tax also declined by 8% to N764 billion and Earnings Per Share (EPS) came in at N18.60 as against N26.34 in September 2024, as the Bank took bold measures to improve the quality of its loan portfolio.The Bank’s total assets grew by 4% from N30 trillion in December 2024 to N31 trillion as at September 2025. This was largely supported by customer deposits, which rose by 8% to N23.7 trillion within the same period. Gross loans declined by 9% to N10 trillion as at September 2025, while Non-Performing Loan (NPL) ratio improved to 3% due to the write-off of non-performing loans.Return on Average Equity (ROAE) and Return on Average Assets (ROAA) stood at 23.3% and 3.3% respectively. Cost of funds increased to 4.5%, underscored by the broader elevated interest rate environment. The Group’s cost of risk stood at 10% while cost-to-income ratio rose to 45%.Coverage ratio and liquidity ratio remain solid and well within regulatory limits at 211.1% and 53% respectively. This highlights the Bank’s strong capital position and liquidity profile as well as its ability to fund strategic growth opportunities. It also reflects its unwavering commitment to a prudent risk management, compliance and corporate governance culture. Commenting on the results, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “the Bank’s robust performance is an attestation to the resilience of the Zenith brand, result-driven strategy, and the adaptability of our people in an evolving operating environment. We have fortified our capital base, reset our asset quality, and are well positioned for sustainable and profitable growth”.Looking to Q4 2025, Dame Dr. Umeoji reinforced her optimistic outlook: “This result confirms the resilience of both our business model and our people. We’re on a solid growth path that we expect to maintain through the remainder of the year. Our focus on innovation, digital transformation, and developing solutions that address our clients’ changing needs positions us to capitalise on emerging .
opportunities whilst maintaining our disciplined approach to growth.” She assured shareholders that the robust performance, combined with improved asset quality and the Bank’s strong capital base, positions Zenith Bank to deliver exceptional returns with expectations of sustained value creation. “We’re well placed to sustain this momentum whilst maintaining responsible leadership in the Nigerian banking industry and delivering exceptional value to all our stakeholders.”The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year in the 2025 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.Further recognitions include Best Commercial Bank, Nigeria for five consecutive years from 2021 to 2025 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for four consecutive years from 2022 to 2025 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.The Bank’s commitment to excellence led to Zenith being also being named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year at the Nairametrics Capital Market Choice Awards 2025.Zenith Bank has also bagged several non-financial awards including, Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024.
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Guaranty Trust Holding Company Plc (“GTCO” or “the Group”) has released its Unaudited Consolidated and Separate Financial Statements as of September 30, 2025, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE)
The Group posted profit before tax of ₦900.8billion on the back of strong performance on the core earnings lines of interest income and fee income which grew y-o-y by 25.6% and 16.8% respectively. The strong core-earning performance continued to narrow the y-o-y dip in PBT to 26%, thereby cushioning the impact of the ₦523.2bn fair value gains recognised in Q3-2024, which did not recur in Q3-2025.
The Group recorded growths across all its Asset lines and continues to maintain a well-structured, healthy liquid and diversified balance sheet in all the jurisdictions wherein it operates a Banking franchise, as well as across its Payments, Pension and Funds Management business verticals.
Group’s total assets and shareholders’ funds closed at ₦16.7trillion and ₦3.3trillion, respectively. Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 36.5%, likewise asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.3% and 4.4% % at Bank and Group level in Q3-2025 (Bank 3.5%, Group 5.2% in December 2024). Cost of Risk (COR) also improved to 2.2% from 4.9% in December 2024. In specific terms, the Group’s loan book (net) grew by 16.5% from ₦2.79trillion as of December 2024 to ₦3.24trillion in September 2025. Similarly, deposit liabilities grew by 16.0% from ₦10.40trillion to ₦12.06trillion during the same period.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our third quarter performance underscores the consistency and resilience of our business model, as well as the continued strength of our diversified financial services ecosystem. We are seeing steady, sustainable growth across our banking and non-banking businesses, supported by disciplined execution and a strong focus on operational efficiency. The improvements we have made to our digital and payments infrastructure are enhancing customer experience, deepening engagement, and driving greater integration across our ecosystem.”
He further stated: “Looking ahead, our focus remains on advancing our competitive edge through innovation, operational excellence, and a commitment to superior customer outcomes. With a clear growth trajectory and strong organizational alignment, we are well-positioned to sustain performance momentum and deliver another year of industry-leading results.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 39.5%, Pre-Tax Return on Assets (ROAA) of 7.6%, Capital Adequacy Ratio (CAR) of 36.5% and Cost to Income ratio of 28.8%.
Guaranty Trust Holding Company Plc is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, GTCO Plc provides a wide range of banking and non-banking services including payments, funds management, and pension fund administration. The Group is committed to delivering long-term value to stakeholders while driving growth and development across its markets
Access Holdings Plc (“the Group” or “the Company”) today announced its half-year audited financial results for the period ended June 30, 2025.The Group’s financial results for the half year ended June 30, 2025, reflect the resilience of our business model, the diversification of our revenue streams, and the steady progress to the execution of our five-year strategic plan. Gross earnings increased by 13.8% year-on-year to 2.5 trillion in H1 2025 from 2.2₦ ₦ trillion in H1 2024, driven by strong growth in interest income which increased by 38.9% year-on-year to 2.0 trillion from 1.5 billion in H1 2024. Net interest income also increased by 91.8% year-on-year to 984.6 billion in H1 2025 from 513.4 billion in H1 2024. Complementing this performance was a growth in net fees and commission income, which increased by 16.1% year-on-year to 237.7billion in H1 2025 from 204.7 billion in H1 2024. Profit before tax (PBT) and profit after tax (PAT) closed at 320.6 billion and 215.9 billion respectively underscoring the strength and resilience of our business model in the markets we operate in. Key balance sheet indicators remain strong with total assets, customer deposits, loans and advances, and shareholders’ equity closing at 42.4 trillion, 22.9 trillion, 13.2 trillion 3.8 trillion respectively. The Banking group demonstrated resilient performance in H1 2025. Interest income grew by 38.7% year-on-year to 2.0 trillion in H1 2025 from 1.5 trillion in H1 2024. Net interest income increased by 85%, from 536.7 billion in H1 2024 to 992.7 billion in H1 2025. Fee and commission income increased by 27% to 294.9 in H1 2025 from 232.5 billion in H1 2024 driven by increased transaction volumes. Profit before tax (PBT) and profit after tax (PAT) closed at 303.0 billion and 199.3 billion respectively. Banking group subsidiaries contributed 65% to the Banking group’s profit before tax (PBT) in H1 2025. This result highlights our journey towards sustainable performance and execution across our key African and international markets. The Group’s non-banking subsidiaries maintained a strong growth momentum. For Access – ARM Pensions, financial performance was robust, with revenue up 29.9% to 21.0 billion and profit before tax up 65.1% to 13.1 billion. The business delivered a₦ ₦
www.accessbankplc.com solid ROAE of 48.1%, a cost-to-income ratio of 35.1%, and a PBT margin of 62.5%, underscoring strong operational efficiency and profitability. Hydrogen Payments recorded a 40.5% growth in top-line revenue compared to H1 2024. Profit before tax (PBT) grew by 273% year-on-year. The total transaction value processed increased by 211%, reaching 41.1 trillion in H1 2025, up from 13.8 trillion in H1 2024. Access Insurance Brokers has sustained strong momentum, recording a 125% year-on-year increase in gross written premium, 146% growth in revenue, and a 161% improvement in profit before tax (PBT). Oxygen X, the Group’s digital lending arm, has sustained strong momentum since launch in Q3 2024, delivering 5.4 billion in revenue and 2.2 billion in profit before tax in H1 2025. Access Holdings’ businesses are well-positioned to deepen market penetration, expand product offerings, and leverage cross-sell opportunities across the Group to drive continued growth and profitability. The group’s focus remains on driving prudent growth and continued execution of its strategic priorities, scaling its digital and transaction-led income streams, increasing revenue diversification, embedding efficiency, innovation, and disciplined portfolio management across all areas of the business. It will also continue to uphold the highest standards of risk and governance discipline to ensure sustainable profitability.Access Holdings remains confident that it will continue to deliver sustainable value and returns to its shareholders. Its long-term objective is to build a stronger, more agile Group that consistently delivers superior returns, fosters innovation-driven growth, and optimises portfolio performance to create inclusive value across its markets while reaffirming investor confidence in the strength and future of Access Holdings. The Group appreciates the continued trust and support of its shareholders, customers, and employees. Together, the Group is building a stronger future.
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