FirstBank Hits ₦1 Trillion in Digital Loan Disbursements
FirstBank, a prominent financial institution and champion of financial inclusion in West Africa, has announced a significant milestone: reaching ₦1 trillion in cumulative instant digital loan disbursements. This achievement further cements the Bank’s reputation for innovation, leadership in promoting financial inclusion, and dedication to empowering customers across the region.
Since launching its first digital loan offering in August 2019, FirstBank has built a pioneering and resilient digital lending ecosystem, leveraging Artificial Intelligence and Machine Learning to enhance access to finance, notably for high-risk customer segments. The Bank has introduced a multi-channel loan disbursement service that requires no collateral, no documentation, and involves no human interaction. Through its FirstAdvance, FirstCredit, and AgentCredit products, approximately 1.5 million unique borrowers have gained instant, secure access to credit—whether they are salaried workers, non-salaried individuals, or micro-business owners. Customers can access these loans via platforms such as *894# (FirstBank’s USSD service), FirstMobile, LitApp, and the FirstMonie Agent App.
Commenting on this achievement, Chuma Ezirim, Group Executive of e-Business & Retail Products at FirstBank, stated: “This milestone highlights our ongoing commitment to innovation and a customer-centric approach, which are fundamental to FirstBank’s values. More than just reaching impressive figures, we are dedicated to creating opportunities for financial independence across Nigeria and Africa at large.”
He added, “We deeply value the trust our customers place in us to support their financial ambitions. Our focus on advancing digital lending will continue, particularly for the excluded and underserved segments, whilst effectively managing associated risks.”
Currently, FirstBank disburses approximately N1 billion daily in digital loans, demonstrating its resolve to foster an inclusive, technology-driven future for Nigerians. Through continuous investment in cutting-edge technology and customised financial solutions, the Bank aims to enhance the financial wellbeing of individuals and businesses nationwide.