By Ayomide Otitoju
In a landmark achievement for financial inclusion in Nigeria, FirstBank has announced the disbursement of N1 billion in a single day through its innovative Firstmonie Agent Credit Scheme. The digital lending initiative, launched in 2020, is designed to empower Firstmonie Point-of-Sale (POS) agents—many of whom operate in underserved and rural communities—by providing them with instant access to affordable loans.
The scheme addresses the liquidity challenges faced by agents, enabling them to continue business operations even when account balances are low, despite having physical cash on hand. The credit is accessed seamlessly via the Firstmonie App, with loans disbursed in under a minute and offering up to N1.5 million at a flat interest rate of 0.3%, coupled with flexible repayment terms.
According to Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, the initiative is a cornerstone in the bank’s broader strategy to deepen financial inclusion nationwide.
“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,” said Ezirim. “By extending credit facilities at low interest rates and streamlining the application process, we are confident that the Agent Credit Scheme will transform how our agents operate and scale.”
Since inception, the scheme has disbursed over N571 billion across three million loan counts, empowering more than 37,000 Firstmonie Agents. The bank’s efforts have significantly contributed to rural economic development, providing financial services in 772 out of Nigeria’s 779 Local Government Areas by the end of 2021.
The Firstmonie Agent Network, often referred to as “mobile ATMs,” offers critical banking services such as account opening, cash deposits and withdrawals, bill payments, and money transfers. FirstBank also invests in regular training, technological exposure, and incentive programs for agents, including tailored awards and recognitions.
The success of the Agent Credit Scheme is not just in numbers but in its impact. Many agents now have the liquidity to grow their businesses, eliminate service disruptions, and enhance customer satisfaction—furthering FirstBank’s mission to build a robust and inclusive financial ecosystem.
FirstBank’s initiative aligns with the Central Bank of Nigeria’s directive to extend financial services to unbanked regions and supports national efforts toward economic inclusion and job creation. With over 131 years of banking legacy, FirstBank continues to set industry benchmarks through customer-centric innovation, reinforcing its status as a trailblazer in retail banking.
As the bank expands its reach and deepens its commitment to digital transformation, FirstBank remains a partner of first choice for millions of Nigerians—enabling financial empowerment and building a more inclusive future for all.
