The assertion by the Central Bank of Nigeria that 46.3 percent of the nation’s population is financially excluded makes a valid case for the collaboration of concerned stakeholders to chart a course for addressing the situation.

In comparison, South Africa, Kenya, Botswana has financial inclusion figures of 26.0 percent, 32.7 percent and 33.0 percent, respectively.

Enhancing Financial Innovation & Access (EFInA) defines financial inclusion as the provision of a broad range of high quality financial products, such as savings, credit, insurance, payments and pensions, which are relevant, appropriate and affordable for the entire adult population, and especially the low income segment.

According to the CBN, the nation as of December, 2011 had 24 deposit money banks with 5,789 branches and 816 microfinance banks bringing the total bank branches to 6,605. The ratio of bank branch to total population is 24,224 persons, a situation that calls for creative ways of ensuring access for the otherwise disadvantaged groups like the farmers, women, aged citizens, self-employed, jobless school leavers and SMEs into the financial system.

Nigerian banks through various products and interventions have been introducing platforms that offer in-roads into the financial system to enhance entrepreneurship and economic development in the nation.

One of such products is FirstInstant, recently introduced by Nigeria’s number one bank brand, FirstBank of Nigeria Plc. The FirstInstant Account is a new savings product designed to provide quality, accessible and affordable financial services for the unbanked and under-banked segments of the populace.

FirstInstant is designed to encourage low income savers to utilize alternative banking channels like the ATMs, PoS terminals, mobile money and Internet banking, among others. The product is one of FirstBank’s Cashless policy initiatives to empower the previously unbanked populace to open accounts and perform e-transactions across the nation without having to visit the Bank’s branches.

Features of the FirstInstant Account include minimum opening balance of N1,000.00, minimum operating balance of N500, and simplified account opening form. FirstInstant can be opened as a salary account, attracts regular interest rates as other savings accounts, and also accepts Trade/Market Association ID, students’ ID (backed by admission letters), Military/para-military/NYSC ID, and Government parastatal ID, as valid means of identification.

A letter of Introduction from Mai-Anguwa (Ward Head as applicable to the Northern part of the country or any other locality around the country) and Secretary of the Local Education Authority is also accepted as a valid means of identification for signing up to the product.

FirstBank’s Head of Marketing and Corporate Communications, Folake Ani-Mumuney said FirstInstant Account was a product of robust research on how to provide tailored financial services to segments of the society that have been excluded from mainstream banking as a result of low income/literacy level, and remote location, amongst other factors.

Ani-Mumuney said the concept of financial inclusion had been globally acclaimed as a panacea for ensuring sustainable economic growth and development, adding that it was also necessary for promoting entrepreneurship and wealth creation.

“As a foremost and innovative financial institution, we have a responsibility to ensure that Nigerians have access to reliable and affordable banking products regardless of their status, what they do for a living and where they live. At FirstBank, we see FirstInstant as a vehicle for empowering the under-banked and unbanked populations across the nation to live their dreams and succeed in their businesses,” she said.