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Nigeria: First Bank to leverage on digital banking to get 30 million customers by 2020

  • Comments   -   Friday, 28 April 2017 - 19:45

(Ecofin Agency) - Leveraging on digital banking, Nigeria’s First Bank revealed plans to boost its customer base by 17 million to 30 million customers, by 2020. This was disclosed on Friday by the lender’s chief executive, Adesola Adeduntan.

“We have enough brick and mortar (branches) and need to push digital,” Adeduntan told Reuters by phone. “We have set ourselves an ambitious three-year plan of transformation,” he added.

Besides increasing its customer pool, the bank intends to increase its lending by 5-10% this year. An achievable feat given that 47% of its transactions were carried out electronically by the end of March.

First Bank has 750 branches across Nigeria. It is, according to its chief executive, developing a banking to get more customers, especially in rural areas where more than 60% of Nigeria’s population is. 

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