FirstBank enhances inclusive economic growth with N10.5bn Commission to agents

Chief Executive Officer (CEO), FirstBank Nigeria Limited, Dr Adesola Adeduntan, has said that the financial institution in its quest to enhance inclusive economic growth has paid over N10.5billion commission to First Money agents across the country.

First Money is also said to have economically impacted over 870,000 people with over 200,000 directs and indirect job across the country.

This was disclosed in Lagos at the University of Ibadan Alumni Association 2020 annual lecture titled, ‘Stimulating The Development of The Nigerian Economy Through Inclusive Growth’

Dr Adeduntan who is the guest lecturer of the day said First Bank has promoted inclusive growth agenda by focusing on the rural area, adding that First Money has employed over 4000 agent across 774 local government targeted to penetrate rural environs.

According to him, First Money has 4000 nationwide agents, with over 200,000 directs and indirect job across the country. We have paid over N10.5billion in commission to these agents over the years.

“When talking about employment we must also signify job equality. We can create 15,000 jobs for women where over 870,000 is said to have been economically impacted.

“Also apart from First Money Agent, we have several platforms that are targeted at inclusive economic growth; First Gem: which is aimed at assisting women financial inclusion, E-learning Program: it was partnered with Lagos State and IBM to enhance student online learning,” he added.

Also, First Bank boss further acknowledged that 50 per cent of the populations are young and the need for cross-sectorial inclusive growth should be paramount in-line with the formation of rural economy and Medium Small Medium Enterprises MSME’s in the country.

“Our population of over 200million people are assets which can also be a liability, however, what is also degrading about the population is that 50per cent of the population is into poverty.

“We must also recall that during COVID-19 our health infrastructure was deeply challenged. The need for inclusive growth in the formation of the rural economy and MSME’s in the country should be further enhanced.”

Dr Adeduntan, further analyses China impacts on its economy which should serve as a detriment of fact for Nigeria.

He analysed that China the liberalisation of trade and investment led to the decline in the poverty rate from 58.3per cent of the population to 0.7per cent and increase adult literacy from 65per cent of the population to 96.9per cent.

He also analysed how Singapore has also impacted its economy through liberalization of trade and investment urges Nigeria to imbibe the same acts.

Further speaking on Nigeria state of the economy, Dr Adeduntan highlighted that 40per cent of the population are into poverty and Adult literacy is at the pike of 20.4per cent of the population.