First Bank deploys 18000 PoS in May

FIRST Bank of Nigeria has deployed a total of 18, 000 Point of Sales (PoS) terminals across Lagos within the last five months of the kick-off of the cash-less economy and transacts N10.6 billion via online.The deployment of 18,000 PoS by First Bank came on the heels of an industry deployments of about 100, 000 PoS from January to May 2012.Speaking to journalists at the weekend on how First Bank intends to boost the Central Bank of Nigeria's Cash-Less economy initiative, Head of Marketing and Corporate Communications at the bank, Mrs. Folake Ani-Mumuney said though, the bank had taken some proactive measures by rolling out various e-transaction services and products even before the new CBN policy came on stream, she added that the cash-less era would further bring out the ingenuity of the bank to churn out more innovative products that will ease banking in the country.Ani-Mumuney explained that the bank was in sync with the Cashless Policy of the CBN and presently driving this policy in Lagos, and Nigeria at large, stressing that this makes the financial institution very fundamental to the nation's goal of becoming one of the top 20 largest economies in the world by the year 2020.The head of Marketing and Corporate Communications, who said the bank have deployed over 18, 000 PoS within the last five months to increase the potential of the cashless economy initiative, added that over N10.6 billion was transacted in the month of May, via its online platform'FirstOnline. She affirmed that banks have increase PoS terminals deployments from the mere 10, 000 as at December 2011 to about 100,000 by May 2012.According to her the policy is gradually bringing back confidence to the banking sector. She highlighted some of the banks new products aimed at increasing citizens' participation in the CBN initiative to include, FirstOnline (an Internet based transaction platform), First Cards, which comprises of various payments card initiatives, FirstMobile (Mobile Money platform), FirstInstant Account, which has been specifically design to bring in low income earners, unbanked and underbanked into the mainstream of the Cash-less economy initiative, among other products.
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