FirstBank of Nigeria Limited has announced that it crossed the ₦1 trillion mark in cumulative digital loan disbursements, a milestone that underscores its leadership in driving financial inclusion through technology.
Since launching its instant digital loan offering in August 2019, the 131-year-old institution has transformed access to credit in Nigeria, eliminating collateral requirements and reducing loan approval times from weeks to under five minutes.
Through channels such as *894# USSD, FirstMobile, LitApp, and the FirstMonie Agent network, loans now reach market traders, salary earners, artisans, civil servants, and rural farmers.
With over 1.5 million unique borrowers served, FirstBank’s digital lending ecosystem has become one of the largest in Nigeria’s financial services industry.
Products such as FirstAdvance (for salary earners), FirstCredit (for individuals without formal employment), and Agent Credit (for microbusinesses within the FirstMonie network) have expanded the bank’s reach into segments previously excluded from traditional banking.
“This milestone is not just about numbers, it is about impact,” said a senior FirstBank executive. “We are empowering everyday Nigerians from the shopkeeper in a rural community to the civil servant in Lagos with quick, affordable access to credit that enables them to thrive.”
The model, which leverages artificial intelligence and machine learning for alternative credit scoring, aligns closely with Nigeria’s financial inclusion agenda.
According to the 2023 EFInA Access to Financial Services Survey, 64 percent of Nigerians are now formally included in the financial system, with digital banking playing a major role in this progress.
For micro, small, and medium enterprises (MSMEs), which account for nearly 50 percent of Nigeria’s GDP and over 80 percent of its workforce, FirstBank’s Agent Credit has been particularly transformative, providing capital in areas underserved by physical bank branches.
Industry observers say the bank’s success highlights how traditional financial institutions can combine the agility of fintech with the scale and trust of established banks. While digital lenders in Nigeria often face criticism over high interest rates and harsh recovery practices, FirstBank’s balance sheet strength and regulatory compliance position it as a more sustainable and responsible alternative.
Beyond Nigeria, the bank’s model offers a potential blueprint for inclusive finance across Africa, where over 350 million adults remain outside the formal financial system.
As FirstBank marks this ₦1 trillion milestone, it acknowledges both the opportunity and responsibility ahead. Scaling digital lending at this level, the bank says, requires continuous innovation and customer protection measures to ensure sustainability.
“Credit access is no longer a privilege for a few,” the bank noted. “It is a tool for empowerment, available to millions of Nigerians at the tap of a button.”
