Firstmonie Agent Credit Scheme is FirstBank’s digital lending solution designed to empower a wide range of low-income individuals who face barriers in accessing traditional credit channels.
This innovative program offers financial support to Firstmonie Point-of-Sale agents, enabling them to overcome liquidity challenges and capitalise on new opportunities without disruption to their business due to a lack of funds in their accounts.
The Agent Credit scheme is designed to bridge financial gaps and address liquidity challenges resulting from depleted account balances, even when agents have physical cash on hand.
The scheme helps them run their business effectively by providing digitalised loans, which are convenient, seamless, and easily accessible via the Firstmonie App.
Agent Credit is a groundbreaking innovation that elevates the Agent experience. This game-changing scheme digitalises loan application processes and enables agents access to digital loans with greater ease.
By proffering varieties of value-added services for Agents, this unlocks new business opportunities, eliminates lengthy payment delays, and provides agents with instant access to loans, hence revolutionising the way they operate and assures their entrepreneurial success.
For over 131 years, FirstBank has been a giant advocate for their customers, enabling their success by providing a secure and trustworthy environment for their financial transactions. Agent Credit is a testament to FirstBank’s commitment to empowering its agents and elevating their business experience.
Reiterating the Bank’s role in deepening financial inclusion in the country, Chuma Ezirim, Group Executive, e-Business & Retail Products, said, “With this innovative solution, we are bridging the financial gap and providing our agents with the necessary tools to succeed in today’s fast-paced market.
By extending credit facilities with a low interest rate, increasing the loan eligibility amount as transactions increase, and streamlining the loan application process, we are confident that Agent Credit will revolutionise the way our agents operate, enabling them to reach new heights of success and growth.
FirstBank remains committed to financial literacy and inclusion, empowering individuals and communities to manage their finances effectively”.
The creation of Firstmonie Agents complied with the Central Bank’s directive for all banks to expand banking to all the unbanked areas of the country in order to create financial inclusion across the nation.
By developing financial services to rural areas, FirstBank creates employment opportunities and drives economic growth.
The presence of banking agents in all the nooks and crannies of the nation was accomplished by FirstBank within a short period of time, such that by December 2021, they had covered 772 out of the existing 779 Local Government Areas in Nigeria.
These services help businesses grow and innovate, while initiatives like Agent Credit promote financial inclusion, education, and access to financial services, ultimately contributing to economic development.
Since the introduction of Agency Banking, the ease of accessing business and personal funds has been significant. Many lives were lost in the past as people travelled from villages or rural settlements to the city to access banking facilities.
Today, “Mobile ATMs,” as the agents are fondly called, are equipped to carry out services that include account opening, cash deposits, cash withdrawals, bill payments, and money transfers.
FirstBank has undergone several transformations, continually adapting to the evolving financial landscape and pioneering innovative banking solutions to meet the diverse needs of its customer base.
The bank’s retail banking division has played a crucial role in providing accessible financial services, thereby contributing to the nation’s economic development.
The scheme offers more than just funds; the Agents are trained regularly, exposed to technology, and receive other incentives, such as bespoke award events where attractive prizes are won.
Disbursing N1 bn in a single day to its Agents through the Agent Credit Scheme is a significant milestone by the Nation’s Pioneer Financial institution.
This accomplishment underscores FirstBank’s commitment to financial inclusion and its innovative approach to retail banking.
Since its launch in 2020, the Agent Credit scheme has provided solutions to the agents’ pressing needs by providing quick access to affordable credit facilities, enabling them to manage liquidity challenges and expand their businesses. Agents can access up to N1.5m with loans disbursed in under a minute through the Firstmonie App.
The facility is not only high-speed, but it also offers a flat interest rate of 0.3% with flexible repayment terms, making it an attractive option for agents seeking to expand their operations.
Since its inception, the bank’s Agent Credit Scheme has disbursed over N571 bn, empowering over 37,000 Firstmonie Agents in 3m loan counts, reinforcing FirstBank’s commitment to supporting Firstmonie Point-of-Sale agents and promoting economic development—a testament to FirstBank’s Retail Banking leadership.
The successful disbursement of N1 bn in a single day through the Agent Credit Scheme highlights the bank’s innovative approach to retail banking and its dedication to financial inclusion.
By leveraging technology and a vast Agent network, the bank has transformed the banking experience of millions of Nigerians, especially those in remote and underserved communities.
FirstBank’s retail banking strategy, characterised by customer-centric solutions and digital innovations, continues to set industry standards.
The bank’s efforts have not only enhanced financial access but also contributed to job creation and economic empowerment nationwide.
By empowering Firstmonie Agents with the necessary tools, resources and incentives, FirstBank fosters a more inclusive financial ecosystem, ensuring that banking services are accessible to all Nigerians, regardless of their location.
As FirstBank continues to innovate and expand its retail banking services, it remains steadfast in its mission to be the partner of first choice in building the future of its customers and the nation at large.
