Nigeria’s First Bank has launched FirstMonie Merchant Solution, a digital payment platform aimed at strengthening the country’s cashless economy and supporting businesses of all sizes.
The service, unveiled on Wednesday, provides merchants with automated onboarding, instant settlements, and integrated dispute resolution — features designed to improve liquidity and cut chargeback risks. It also comes with pre-configured point-of-sale (POS) terminals and a real-time monitoring dashboard.
Chuma Ezirim, Group Executive for E-Business and Retail Products, said the platform marks a turning point for the country’s digital commerce sector. “We are empowering businesses of every size and location to thrive within the digital economy,” he said.
Nigeria, Africa’s largest economy, has witnessed rapid growth in mobile and online payments as consumers shift away from cash. Regulators have also intensified efforts to expand financial inclusion, with banks and fintechs racing to offer secure and scalable solutions.
FirstBank said both new and existing account holders can register online to access the platform, which is positioned as part of the bank’s wider digital strategy.
“With its advanced features, FirstMonie is not just a payment tool but part of a broader ecosystem that brings transparency, speed, and trust to merchants,” the bank noted in a statement.
Industry analysts say such platforms will be critical to reducing friction in Nigeria’s $18 billion e-payments market, particularly for small and medium-sized enterprises that remain underserved by traditional banking.
