FirstBank Hits N1trn Digital Loan Disbursements

FirstBank said it has achieved N1 trillion in cumulative instant digital loan disbursements to over 1.5 million customers.

The bank said it achieved the milestone through its FirstAdvance, FirstCredit and AgentCredit products, where 1.5 million unique borrowers enjoyed instant and secure access to credit. This is irrespective of whether they are salary earners, non-salary earners, or micro business owners.

Since its inaugural digital loan in August 2019, FirstBank has developed an unconventional and robust digital lending ecosystem designed with Artificial Intelligence and Machine Learning, to improve access to finance, especially to the high-risk customer segment.

The Bank created a multi- channel loan disbursement service that requires no collaterals, zero documentation and is void of human interactions. Customers also have the convenient options of accessing these loans through platforms such as *894# (FirstBank’s USSD service), FirstMobile, LitApp and the FirstMonie Agent App.

Commenting on the milestone, Group Executive, e-Business & Retail Products at FirstBank, Chuma Ezirim, said “this success underscores our ongoing commitment to innovation and a customer-focused approach, which are central to FirstBank’s core values. Beyond achieving substantial figures, we remain dedicated to fostering opportunities for financial independence across Nigeria in particular, and in Africa at large.

“We value the trust our customers place in us to support their financial aspirations. Our efforts to advance digital lending will persist, especially to the excluded and underserved customer segments, while effectively managing risks in the process.”

FirstBank currently disburses about N1 billion daily in digital loans, demonstrating its commitment to fostering an inclusive, technology-driven future for Nigerians. By consistently investing in advanced technologies and developing customised financial solutions, the Bank seeks to improve the financial well-being of individuals and businesses across the nation.