FirstBank, a Nigerian multinational bank and financial services company has achieved a groundbreaking milestone in Nigeria’s financial sector, surpassing N1 trillion in cumulative instant digital loan disbursements.
This historic feat cements the bank’s leadership in innovation, digital transformation, and financial inclusion across Africa.
FirstBank introduced its first digital lending service in 2019, marking its entry into instant, collateral-free digital credit. This later expanded into a full ecosystem of digital credit offerings, including FirstAdvance, FirstCredit, and AgentCredit, delivered through USSD (*894#), FirstMobile, LitApp, and Firstmonie Agent platforms.
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Since the launch of the digital loan, FirstBank has transformed credit access in Nigeria. By harnessing Artificial Intelligence and Machine Learning, the bank created a robust, automated lending ecosystem that eliminated traditional barriers like collateral, paperwork, or in-person interactions.
This has empowered 1.5 million unique borrowers, ranging from salary earners to micro-entrepreneurs, with seamless, secure, and instant credit through products like FirstAdvance, FirstCredit, and AgentCredit. Whether using the *894# USSD code, FirstMobile App, LitApp, or FirstMonie Agent platform, users receive funds in seconds.
Commenting on the milestone, Chuma Ezirim, group executive, e-Business & Retail Products at FirstBank said,
“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.”
As the global pandemic has accelerated digitalization, the need for accessible, efficient, and reliable financial services has never been more crucial. The shift towards digital banking in Nigeria has been both rapid and transformative.
With the increasing penetration of mobile phones and internet access, more Nigerians are embracing digital solutions for their financial needs. Also, in a country where traditional lending processes are often bogged down by paperwork, collateral requirements, and lengthy approval times, FirstCredit emerges as a beacon of innovation.
With over N1 billion in daily digital loan disbursements, FirstBank meets the rising demand for fast, tech-driven financial solutions in Nigeria. Its strategy focuses on empowering everyday Nigerians from small traders in Kano restocking inventory to young professionals in Lagos managing expenses fostering financial resilience and economic inclusion.
“We aim to further expand digital lending, particularly for underserved and high-risk segments,” Ezirim noted. “Our mission is to democratize credit access responsibly and at scale.”
Notably, for FirstBank, the move towards digital lending is not just a strategy for retaining market share or amassing more revenue, rather it is also a means to drive business growth and profitability. By leveraging technology, banks can offer personalized, efficient, and scalable financial services that meet the evolving needs of their customers, which FirstBank has leveraged on.
Moreover, the broader adoption of digital lending solutions like FirstCredit can have a transformative impact on Nigeria’s economy. It can empower small businesses often described “as the backbone of an Economy”, with the capital they need to grow, support individuals in financial need, and foster a more inclusive economic environment.
As Nigeria’s economy digitizes, FirstBank remains a key driver of financial empowerment. Through ongoing investments in intelligent infrastructure and customer-focused design, the bank is not only providing loans but also building confidence, enhancing livelihoods, and unlocking opportunities for millions.