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FirstBank tackles financial inclusion

FirstBank Ghana is undertaking an initiative aimed at improving financial inclusion in the country. This was revealed by the Bank’s Head of e-Business, Henry Obike, who explained that the major strategic objective would be achieved through the expansion of FirstBank’s agent banking network across Ghana.

This initiative will also result in bridging the gap to access to financial services for communities and enable the ease and affordability of banking services for the unbanked and underserved population.

FirstBank’s agent banking network is a key component of the Bank’s mission to extend financial services to every corner of Ghana. The initiative focuses on recruiting local agents within the unbanked communities to provide essential banking services. These agents enable community members to perform transactions such as deposits, withdrawals and transfers even if they are not FirstBank customers, thereby broadening the reach of financial services.

The Head of E-Business at FirstBank Ghana, Henry Obike said, “FirstBank looks to increase its footprint across the country thereby expanding its agent banking network to bridge access to financial services to excluded communities across the country. The FirstBank Agent Banking channel is focused on promoting financial inclusion by enabling ease and affordability of financial service for the unbanked and underserved population.

“We at FirstBank believe the Agent Banking platform enables inclusivity, where potential First Bank customers can utilise our services at any agent location to perform transactions across all mobile money platforms or banks in Ghana. Through collaborations with our fintech partners, we have developed products and services that offer cheaper access to capital for the financially excluded to promote financial inclusion.”

In terms of FirstBank’s support for the unbanked populations, Mr. Obike said, “FirstBank leverages its agent banking services to support the unbanked population, and this is achieved by recruiting agents within the unbanked communities who provide limited banking services to these communities. Currently, our agents are present in almost all the regions of the country, providing banking services to the unbanked population within these areas with the goal of deepening financial inclusion.”

In recent times, FirstBank has initiated some banking programmes to promote financial inclusion. Key among such initiatives is FirstBank’s partnership with an Agritech start-up, which undertook a financial education and literacy programme for 5,000 people in the Ashanti Region and the northern parts of Ghana. This initiative was focused on improving individual farmers knowledge and understanding of financial products and services. The aim was to improve the financial skills of these farmers and provide them access to financial products and services in order that they are empowered to make informed financial decisions.

Over the years, FirstBank has leveraged its digital solutions to enhance financial inclusion in very strategic ways. By utilising technology, the Bank can reach underserved populations, provide affordable and accessible financial services, and educate customers to improve their financial literacy.

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