FirstBank Unveils FirstMonie Merchant Solution to Power Nigeria’s Digital Payments Future
Nigeria’s digital payments ecosystem is entering a new phase of growth as FirstBank of Nigeria Ltd has launched the FirstMonie Merchant Solution—a next-generation platform designed to make accepting digital payments seamless, secure, and profitable for businesses of all sizes.
The rollout, announced by Olayinka Ijabiyi, Acting Group Head, Marketing and Corporate Communications, marks a bold step in FirstBank’s strategy to consolidate its leadership in retail payments and financial inclusion, a sector now at the heart of Nigeria’s transition to a cash-lite economy.
Why It Matters: The Context Behind the Launch
Nigeria’s financial landscape is undergoing rapid transformation. With over 50% of payments still cash-based, regulators and banks are racing to deepen digital adoption while building merchant confidence in electronic channels. For many SMEs, high costs, delays in settlement, and frequent system downtime have been major barriers to uptake.
The FirstMonie Merchant Solution tackles these pain points head-on by combining instant settlement, automated onboarding, and competitive concession management. By offering pre-configured POS terminals, real-time dashboards, and integrated dispute resolution, the product seeks to not only increase merchant adoption but also restore trust in digital channels.
Features at a Glance
- ⚡ Instant Settlement – Merchants access liquidity without the delays that often cripple small businesses.
- 📊 Real-Time Dashboard – Enables merchants to monitor transactions, resolve disputes, and manage operations seamlessly.
- 💳 Automated Terminal Registration – Simplifies onboarding, cutting weeks-long processes down to days or even hours.
- 💼 Flexible Pricing Tiers – Competitive concession management designed to fit SMEs, corporates, and high-volume traders.
- 🛡️ Enhanced Security – Merchant Wallet Solution ensures the safety of funds while minimizing chargeback risks.
FirstBank’s Strategic Bet on Payments
According to Chuma Ezirim, Group Executive, E-Business and Retail Products, this is more than a product launch:
“With its advanced features and seamless onboarding, we are empowering businesses of every size and location to thrive within the digital economy. This is about simplifying processes and giving merchants transparency, control, and speed.”
This approach aligns with global trends where banks are transforming into digital-first financial ecosystems. For FirstBank, with its vast customer base and over 130 years of heritage, payments have become the frontline for competition against fintechs and neobanks.
Implications for Nigeria’s Digital Economy
- Financial Inclusion Boost – With easy onboarding, even small traders in remote areas can adopt digital tools, reducing Nigeria’s reliance on cash.
- SME Liquidity Advantage – Instant settlement means more working capital for businesses, directly impacting productivity and growth.
- Competitive Edge Against Fintechs – By bundling security, transparency, and speed, FirstBank signals it is ready to rival agile fintech challengers.
- Contribution to GDP Growth – Expanding merchant participation in digital payments supports Nigeria’s broader targets of building a $1 trillion economy by 2030.
BRANDECONOMY Takeaway
The launch of the FirstMonie Merchant Solution is not just a product rollout—it is part of Nigeria’s payment revolution. For FirstBank, it reinforces its role as a backbone of commerce, bridging traditional banking and the digital economy.
If execution matches ambition, the solution could redefine merchant payments in Nigeria—offering speed, security, and trust at a time when businesses are seeking more resilience in a challenging macroeconomic environment.
