In a significant boost to financial inclusion and retail banking innovation, FirstBank of Nigeria has recorded a landmark achievement with the disbursement of N1 billion in a single day through its Firstmonie Agent Credit Scheme.
The Firstmonie Agent Credit Scheme is a digital lending solution designed to support Firstmonie Point-of-Sale (POS) agents—primarily low-income individuals who often face challenges accessing credit through traditional channels. The initiative enables agents to overcome liquidity issues by providing instant, digital loans that can be accessed via the Firstmonie app.
The scheme offers agents quick access to loans of up to N1.5 million, with disbursements processed in less than a minute. With a flat interest rate of just 0.3 per cent and flexible repayment terms, the credit facility provides a seamless and affordable financial solution for agents looking to expand their operations and meet urgent liquidity needs.
Speaking on the milestone, Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, said:
“With this innovative solution, we are bridging the financial gap and providing our agents with the tools to succeed in today’s fast-paced market. The Agent Credit scheme not only simplifies the loan application process but also supports business growth through easy access to credit. It’s a key part of our commitment to financial inclusion.”
Since the scheme’s launch in 2020, over N571 billion has been disbursed in more than three million loan transactions, benefiting over 37,000 Firstmonie agents nationwide. The initiative has not only strengthened agent businesses but also stimulated job creation and boosted economic activities in underserved communities.
The Firstmonie Agent network was established in response to the Central Bank of Nigeria’s directive to promote financial inclusion across the country. By December 2021, FirstBank had deployed agents in 772 out of 779 Local Government Areas, including hard-to-reach rural locations.
These agents, often referred to as “mobile ATMs”, offer services such as account opening, cash deposits and withdrawals, fund transfers, and bill payments. The bank also provides agents with regular training, technology support, and incentive programmes, including recognition and award events.
FirstBank, which has been at the forefront of Nigeria’s financial services industry for over 131 years, continues to lead in retail banking through its customer-focused innovations. The success of the Agent Credit Scheme underlines the bank’s strategy of leveraging technology to deepen financial access and economic empowerment.
“With Agent Credit, we are redefining access to finance and supporting the entrepreneurial journeys of thousands of Nigerians,” said Ezirim. “It’s about more than just loans, it’s about creating opportunities and building a more inclusive financial ecosystem.”
As FirstBank continues to expand its digital offerings and agent network, the institution remains committed to empowering individuals, driving financial literacy, and promoting inclusive economic growth across Nigeria.
