FirstBank hits N1trn in instant digital loan disbursements

FirstBank, a leading financial institution and provider of financial inclusion services in West Africa, has announced the achievement of N1 trillion in cumulative instant digital loan disbursements. 

The bank, in a statement on Friday, disclosed that this accomplishment further consolidates its reputation for innovation, leadership in financial inclusion, and commitment to customer empowerment.

The statement explained that 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, especially to the high-risk customer segment. 

The Bank created a multi-channel loan disbursement service that requires no collateral, zero documentation and is void of human interactions. “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.”

Speaking on 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 dedicated to fostering opportunities for financial independence across Nigeria in particular, and in Africa at large.’’

He added, “We value the trust our customers place in us to support their financial aspirations. Our efforts to advance digital lending will persist, especially to the excluded and underserved customer segments, while effectively managing risks in the process.”

The bank further disclosed that it 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 improve the financial well-being of individuals and businesses across the nation.,” the statement added. 

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