FirstBank's Agent Credit Scheme Achieves N1 Billion Daily Disbursement Milestone, Revolutionizing Financial Inclusion

LAGOS, Nigeria – In a significant demonstration of its commitment to deepening financial inclusion and empowering grassroots businesses, FirstBank of Nigeria Limited has announced a remarkable milestone: the disbursement of N1 billion through its Firstmonie Agent Credit Scheme in a single day. This achievement underscores the Bank’s innovative approach to retail banking and its unwavering dedication to supporting the growth and sustainability of Nigerian enterprises. 

The Firstmonie Agent Credit Scheme is a cutting-edge digital lending solution meticulously designed to empower a wide range of low-income individuals and Firstmonie Point-Of-Sale (POS) agents who often face barriers in accessing traditional credit channels. This innovative program provides crucial financial support, enabling agents to overcome liquidity challenges and capitalize on new opportunities without disruption due to insufficient funds in their accounts.

"With this innovative solution, we are bridging the financial gap and providing our agents with the necessary tools to succeed in today's fast-paced market," remarked Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank. "By extending credit facilities with a low interest rate, increasing eligibility loan amount as transactions increase, and streamlining loan application processes, we are confident that Agent Credit will revolutionize the way our agents operate, enabling them to reach new heights of success and growth. FirstBank remains committed to financial literacy and inclusion, empowering individuals and communities to manage their finances effectively.”

The scheme is a groundbreaking innovation that significantly elevates the agent experience. It digitalizes loan application processes, offering agents instant access to loans with greater ease, convenience, and seamlessness via the Firstmonie App. Loans can be disbursed in under a minute, with agents able to access up to N1.5 million at a flat interest rate of 0.3% and flexible repayment terms, making it an incredibly attractive option for business expansion.

FirstBank's foray into agency banking aligns with the Central Bank of Nigeria’s directive to expand banking services to unbanked areas, fostering financial inclusion across the nation. Within a short period, FirstBank successfully covered 772 out of Nigeria’s 779 Local Government Areas by December 2021, creating employment opportunities and driving economic growth.

Often referred to as "Mobile ATMs," Firstmonie Agents are equipped to carry out a comprehensive range of services including account opening, cash deposits, cash withdrawals, bills payments, and money transfers. This accessibility has drastically reduced the risks associated with traveling from rural settlements to cities for banking facilities, saving lives and time. Beyond just providing funds, FirstBank regularly trains its agents, exposing them to technology and offering incentives through bespoke award events with attractive prizes.

Since its launch in 2020, the Agent Credit Scheme has provided solutions to agents' pressing needs by offering quick access to affordable credit facilities, helping them manage liquidity challenges and expand their businesses. Cumulatively, the scheme has disbursed over N571 billion across more than 3 million loan counts, empowering over 37,000 Firstmonie Agents. This reinforces FirstBank’s commitment to supporting its Firstmonie Point-Of-Sale agents and promoting economic development, serving as a testament to the Bank’s leadership in Retail Banking.

By leveraging cutting-edge technology and its vast agent network, FirstBank has transformed the banking experience for millions of Nigerians, particularly those in remote and underserved communities. The Bank’s retail banking strategy, characterized by customer-centric solutions and digital innovations, continues to set industry standards. These efforts have not only enhanced financial access but have also significantly contributed to job creation and economic empowerment nationwide.

As FirstBank continues to innovate and expand its retail banking services, it remains steadfast in its mission to be the partner of first choice in building the future of its customers and the nation at large, fostering a more inclusive financial ecosystem where banking services are accessible to all Nigerians, regardless of their location.