FirstBank Breaks New Ground in Digital Lending
In a groundbreaking achievement, FirstBank of Nigeria has disbursed N1 billion in one day through its Firstmonie Agent Credit Scheme. This milestone reflects the bank’s unwavering commitment to empowering small-scale entrepreneurs and promoting financial inclusion across Nigeria.
What Is the Firstmonie Agent Credit Scheme?
The Agent Credit Scheme is a digital lending solution designed for Firstmonie Point-of-Sale (POS) agents. It provides instant access to short-term credit, helping agents manage liquidity and keep operations running smoothly—even when their account balance is low.
Agents can access up to N1.5 million in loans, disbursed within minutes via the Firstmonie App, with a flat interest rate of just 0.3% and flexible repayment terms.
Bridging Financial Gaps for the Underserved
Many small businesses in rural and underserved areas operate in cash but struggle to access banking services or credit. The FirstBank Agent Credit Scheme bridges this gap. It allows agents with physical cash to get the liquidity they need without closing shop or making long trips to urban centers.
“We are providing our agents with the tools to succeed in today’s fast-paced market,” said Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank.
“This solution not only solves liquidity challenges but also ensures sustained business growth.”
A Catalyst for Economic Development
Launched in 2020, the Agent Credit Scheme has:
- Disbursed over N571 billion
- Empowered over 37,000 Firstmonie Agents
- Facilitated over 3 million loan transactions
By offering credit and training to its agents, FirstBank boosts local entrepreneurship, drives economic growth, and deepens financial inclusion in Nigeria.
Transforming Rural Banking
The introduction of Firstmonie Agents follows the Central Bank of Nigeria’s directive to extend banking services to the unbanked. FirstBank responded swiftly and now operates in 772 out of 779 local government areas across Nigeria.
These agents—often referred to as “mobile ATMs”—provide vital services including:
- Cash deposits and withdrawals
- Bill payments
- Account opening
- Money transfers
This ease of access has drastically reduced the risks and costs associated with rural banking, saving lives and time while expanding financial access.
Beyond Credit: Incentives and Recognition
Firstmonie Agents are not only given credit access but also benefit from:
- Regular training
- Digital tools and innovations
- Incentive programs
- Recognition events with attractive prizes
These additional benefits position agents for long-term success and stability.
A Commitment to Inclusion and Innovation
The recent N1 billion disbursement is more than a financial milestone—it’s a signal of FirstBank’s dedication to inclusive banking. By combining technology, customer-centric strategy, and a vast agent network, FirstBank is setting a high standard for modern retail banking in Nigeria.
