First Bank of Nigeria, a trailblazer in financial inclusion across West Africa, has officially launched the FirstMonie Merchant Solution, a cutting-edge digital payments platform tailored for merchants and businesses seeking seamless, reliable transaction processing.
Key Features & Benefits
The FirstMonie Merchant Solution introduces a broad set of features designed to improve merchant operations:
- Digital Onboarding & Referrals – The solution simplifies merchant enrolment with automated onboarding and a referral system that supports rapid network expansion.
- Multiple Payment Methods – Merchants can accept payments through “Pay with Transfer” and “Purchase,” offering flexibility for customers.
- Instant Settlement & Pricing Tiers – Funds are settled immediately, while merchants enjoy transparent, tiered concession rates.
- Automated Terminal Registration – POS hardware comes pre-configured, ensuring businesses can start transacting without technical delays.
- Real-Time Dashboard – A monitoring platform allows merchants to track transactions, manage disputes, and handle complaints with ease.
- Improved Liquidity & Accuracy – The system reduces chargebacks and ensures greater precision in transaction handling.
Leadership Perspective
Chuma Ezirim, Group Executive of E-Business and Retail Products at FirstBank, emphasised the platform’s transformative potential:
“FirstMonie Merchant Solution is set to transform digital payments in Nigeria. With its advanced features and seamless onboarding, we are empowering businesses of all sizes and locations to thrive in the digital economy.”
He added that the initiative is not just another product launch but a step toward simplifying payment workflows, giving merchants more transparency, speed, and control. Ezirim reaffirmed FirstBank’s commitment to delivering financial systems that consistently provide value, convenience, and trust.
Accessibility & Inclusion
The new platform is open to both new and existing FirstBank customers, who can register easily through the bank’s website. With a large agent network already exceeding 300,000 FirstMonie outlets, the bank is well positioned to drive nationwide adoption of the solution. This rollout also fits within FirstBank’s broader mission of strengthening financial inclusion by equipping small and medium-sized enterprises, as well as remote businesses, with affordable and user-friendly digital payment systems.
What This Means for Nigerian Businesses
For Nigerian merchants, the FirstMonie Merchant Solution offers faster and easier adoption, thanks to its online registration and ready-to-use POS hardware. It also provides operational clarity through a simple dashboard that supports effective monitoring and reconciliation. By offering transparent, tiered concession rates, FirstBank ensures that the solution is cost-effective while enabling even smaller enterprises to benefit. Ultimately, the service creates opportunities for businesses across the country to expand their digital reach with minimal barriers.
Outlook
FirstBank’s unveiling of the FirstMonie Merchant Solution lays the groundwork for a more inclusive digital economy, one where merchants of all scales can process payments swiftly, securely, and with greater control. As Nigeria accelerates toward cashless commerce, this launch represents a strategic turning point for businesses nationwide.
