FirstBank Surpasses N1 Trillion in Instant Digital Loan Disbursements, Pioneering Credit Access in Nigeria

Firstbank, a Nigerian multinational bank and financial services, has reached a revolutionary stage in the Nigeria financial sector, exceeding 1 Billion de Nairas in the cumulative disbursements of instant digital loans.

This historic feat cements the leadership of the bank in innovation, digital transformation and financial inclusion across Africa.

Firstbank presented its first digital loan service in 2019, marking its entry into an instant and without warranty digital credit. This then extended to a full ecosystem of digital credit offers, in particular Firstadvance, Firstcredit and AgentcreditDelivered via USSD (* 894 #), Firstmobile, Litapp and Firsts Agent.

Since the launch of the digital loan, Firstbank has transformed access to credit to Nigeria. By exploiting artificial intelligence and automatic learning, the bank has created a robust automated loan ecosystem that eliminated traditional barriers such as guarantees, documents or interactions in person.

This allowed 1.5 million unique borrowers, ranging from employees to micro-entrepreneurs, with transparent, secure and instant credit through products such as Firstadvance, FirstCredit and Agentcredit. Whether using the code * 894 # USSD, the Firstmobile, LitApp or Firsts agent application, users receive funds in a few seconds.

Commenting on the milestone, Chuma Ezirim, group executive, electronic and retail products in Firstbank, said, said

“This step does not only concern the figures. It reflects our unwavering commitment to innovation, customer empowerment and financial inclusion. We are proud to allow the dreams of millions by providing real -time access to credit, in particular those often excluded from traditional banking channels. ”

While the world pandemic has accelerated digitization, the need for accessible, effective and reliable financial services has never been so crucial. The transition to the digital bank in Nigeria was both rapid and transformer.

With the growing penetration of mobile phones and internet access, more Nigerians adopt digital solutions for their financial needs. Also, INa country where traditional loan processes are often bogged down by paperwork, collateral requirements and long approval times, Firstcredit appears as an innovation lighthouse.

With more than 1 billion nairas in the daily disbursements of digital loans, Firstbank meets the growing demand for rapid financial solutions and technology focused in Nigeria. Its strategy focuses on the empowerment of everyday Nigerians, small traders in Kano replenishment inventories to young Lagos professionals in spending management promoting financial resilience and economic inclusion.

“We aim to further extend digital loans, especially for poorly served and high risk segments”, “ Ezirim noted. “Our mission is to democratize access to credit in a responsible and large scale.”

In particular, for Firstbank, the improvement of digital loans is not only a strategy to maintain market share or raise more income, but it is also a means of stimulating the growth and profitability of companies. By taking advantage of technology, banks can offer personalized, efficient and scalable financial services that meet the evolutionary needs of their customers, on which Firstbank has exploited.

In addition, the wider adoption of digital loan solutions like Firstcredit can have a transformer impact on the Nigeria economy. It can empower small businesses often described “as the backbone of an economy”, with the capital they need to develop, support individuals in financial need and promote a more inclusive economic environment.

While Nigeria’s economy digitizes, Firstbank remains a key engine of financial empowerment. Thanks to continuous investments in intelligent infrastructure and a customer -oriented design, the bank offers not only loans, but also confidence, improving livelihoods and unlocking the opportunities of millions.