Digital leap: FirstBank disburses N1 trillion in record-breaking loan milestone

Stanley Ihedigbo

In a groundbreaking achievement, FirstBank has surpassed ₦1 trillion in cumulative instant digital loan disbursements, solidifying its position as a leader in digital financial services.

According to the Ag. Group Head, Marketing & Corporate Communications, First Bank of Nigeria, Olayinka Ijabiyi, the accomplishment further consolidates the Bank’s reputation for innovation, leadership in financial inclusion, and commitment to customer empowerment.

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 collateral, zero documentation and is void of human interactions.

Through its FirstAdvance, FirstCredit and AgentCredit products, 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.

They 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.

Regarding this milestone, Group Executive, e-Business & Retail Products at FirstBank, Chuma Ezirim, stated: “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.

He added, “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.