FirstBank announces the achievement of ₦1 trillion in cumulative instant digital loan disbursements. This 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, particularly for high-risk customer segments.
The Bank created a multi-channel loan disbursement service that requires no collateral, zero documentation, and is devoid of human interaction.
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, Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, 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 committed to creating opportunities for financial independence across Nigeria, in particular, and throughout Africa as a whole.
He added, “We value the trust our customers place in us to support their financial aspirations. Our efforts to advance digital lending will persist, particularly for excluded and underserved customer segments, while effectively managing associated risks.
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 enhance the economic well-being of individuals and businesses nationwide.
