Mobile payment solution from First Bank of Nigeria Ltd secures U.S. $12 Million from Gates Foundation

Wednesday, March 12, 2014

In apparent move to boost the nation’s financial inclusion drive, the mobile payment solution from First Bank of Nigeria Ltd, Firstmonie has secured a grant of $12million US dollars from the Bill & Melinda Gates Foundation to execute the project.

The grant, according to Firstmonie is to help deepen the penetration of its mobile financial services in Nigeria to the underbanked and low income communities, with the aim of driving financial inclusion in Nigeria.

The funds are expected to be disbursed in tranches attached to performance milestones.

Source: All Africa (link opens in a new window)

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banking, Bill & Melinda Gates Foundation, digital payments, mobile finance, mobile money