In a historic milestone for Nigeria’s financial sector, FirstBank of Nigeria Limited has announced the disbursement of over ₦1 trillion in digital loans, a transformative achievement that cements its position as a trailblazer in the country’s push for inclusive lending.
What began as a bold experiment in August 2019—when the bank disbursed its first instant digital loan—has evolved into a financial revolution. In just six years, the 131-year-old financial institution has turned credit access from a privilege of the elite into an everyday reality for millions of Nigerians, from bustling city traders to rural farmers.
From Barriers to Breakthroughs
For decades, Nigeria’s credit system was defined by exclusion. Traditional banks demanded collaterals, guarantors, and exhaustive paperwork, effectively shutting out millions—particularly small businesses, informal workers, and low-income earners.
FirstBank flipped the script. By introducing collateral-free, instant loans processed in under five minutes, it removed the bottlenecks of bureaucracy. Today, loans can be accessed seamlessly through USSD (*894#), the FirstMobile app, LitApp, and the FirstMonie Agent Network—reaching not just the urban middle class but also rural communities long ignored by the formal banking system.
The Numbers Behind the Revolution
The scale is staggering:
₦1 trillion cumulative digital loans disbursed.
1.5 million unique borrowers served through digital platforms.
Loan products tailored to different segments—FirstAdvance for salary earners, FirstCredit for individuals without formal jobs, and AgentCredit for micro-entrepreneurs.
This data-driven lending ecosystem, powered by Artificial Intelligence (AI) and Machine Learning (ML), allows FirstBank to assess borrowers traditionally sidelined by rigid credit scoring models.
Nigeria still has over 40 percent of its adult population underbanked or unbanked. For these individuals, the challenge has never been ambition or repayment ability—it has been visibility. Conventional systems struggled to capture the realities of the informal economy.
FirstBank is rewriting that narrative. Its products are designed for real people in real circumstances, whether it’s a teacher waiting for salary arrears, a farmer needing inputs ahead of planting season, or a trader looking to restock goods. By leveraging behavioural data, agent networks, and mobile adoption, FirstBank is dismantling the barriers of exclusion.
The results are profound: according to the 2023 EFInA A2F Survey, 64 percent of Nigerians are now formally included in the financial system, with digital services like FirstBank’s playing a pivotal role.
Empowering MSMEs and the Informal Economy
The backbone of Nigeria’s economy, Micro, Small, and Medium Enterprises (MSMEs), contribute nearly 50 percent of GDP and employ over 80 percent of the labour force. Yet, they remain starved of credit.
Through AgentCredit, FirstBank is channeling capital directly to shopkeepers, artisans, and rural entrepreneurs—empowering them to thrive in places far removed from physical bank branches. This bottom-up approach is not just redistributing access but fueling resilience and growth at the grassroots level.
Africa still unbanked, FirstBank’s model has continental significance. It demonstrates how banks can leverage mobile penetration, behavioural analytics, and agent networks to scale inclusive lending sustainably. The Nigerian experience is fast becoming a blueprint for African financial transformation.
Yet, scaling digital lending comes with responsibilities. Lessons from Kenya show how rapid expansion, if unchecked, can lead to over-indebtedness, predatory practices, and data misuse.
FirstBank is taking a proactive stance. Its AI-driven platforms are not just approving loans but also monitoring repayment behaviours, ensuring responsible borrowing while protecting customers. Unlike many fintech lenders notorious for exploitative rates, FirstBank blends the agility of fintech with the stability and trust of a traditional bank, offering Nigerians speed without compromising integrity.
This milestone signals more than financial innovation—it is a cultural redefinition of banking in Nigeria. Once perceived as rigid and detached, banks are now becoming partners in daily life. Whether through a smartphone or a basic feature phone, Nigerians can access loans with dignity and without fear of exclusion.
The ripple effects are undeniable:
Households can cushion emergencies.
Traders can restock instantly.
Farmers can boost productivity at critical moments.
Artisans can take on new jobs without delay.
Aggregated at scale, these micro-moments translate into broader economic resilience, productivity, and stability for the informal economy, which remains the lifeblood of Nigeria’s commerce.
As FirstBank celebrates this ₦1 trillion milestone, it is clear that digital lending is no longer just a product—it is a public utility, shaping how millions experience financial security. The bank’s challenge now is sustaining momentum: continuing to innovate, protecting consumers, and deepening its role as an enabler of Nigeria’s inclusive growth.
In an era where financial access is synonymous with opportunity, FirstBank has positioned itself not just as a lender but as a catalyst of dreams—redefining what it means to bank the unbanked, empower the excluded, and finance the future.
PIONEER NEWS 