First Bank of Nigeria (FBN) announced that it has surpassed ₦1 trillion in cumulative instant digital loan disbursements, marking a significant milestone for Nigeria’s financial services industry and highlighting the Bank’s leadership in innovation, digital transformation, and financial inclusion in Africa.
First Bank has completely changed how Nigerians obtain credit since introducing its first digital loan in August 2019. The Bank created a robust, automated lending ecosystem by utilising AI and machine learning, eschewing conventional financial obstacles like collateral requirements, documentation, or even in-person interactions.
With the help of FirstAdvance, FirstCredit, and AgentCredit, 1.5 million distinct borrowers, including wage earners, non-salary earners, and micro-entrepreneurs, now have easy, safe, and convenient access to credit. Users can get money instantly, frequently in seconds, using the FirstMobile App, LitApp, 894# USSD, or the FirstMonie Agent platform.
According to First Bank’s Group Executive, e-Business & Retail Products Head, Chuma Ezirim: “This milestone is not just about numbers. It reflects our unwavering commitment to innovation, customer empowerment, and financial inclusion. We are proud to be enabling the dreams of millions by offering real-time access to credit, particularly to those often excluded from traditional banking channels.”
Currently, FirstBank disburses more than ₦1 billion in digital loans every day, which is a strong sign of the rising demand for tech-driven, responsive financial services in Nigeria.
Whether a young professional in Lagos is handling end-of-month expenses or a small trader in Kano needs a quick top-up to replenish inventory, First Bank’s digital lending strategy is centred on the goal of empowering ordinary Nigerians. In addition to being convenient, these solutions help people who might not otherwise be able to access formal credit systems become more financially resilient and participate in the economy.
Continuing, Ezirim had this to say: “We will continue to scale our digital lending services, particularly in underserved and high-risk customer segments. Our goal is to democratise credit access, responsibly, securely, and at scale.”
BrandSpur banking and finance news reports that First Bank continues to be a driving force behind Nigeria’s economic digitisation, making sure that financial technology and financial empowerment coexist. The Bank is helping Nigerians access loans, improve their livelihoods, build their confidence, and open doors by making consistent investments in intelligent infrastructure and customer-focused product design.
Click here to find out more about First Bank’s digital loan services, or start by entering *894#.
