Lagos, Nigeria – In a landmark achievement, FirstBank of Nigeria Limited has disbursed ₦1 billion in a single day through its Agent Credit Scheme, underscoring the bank’s commitment to financial inclusion and retail banking innovation.
Launched in 2020, the Firstmonie Agent Credit Scheme provides agents with instant, low-interest digital loans of up to ₦1.5 million via the Firstmonie App. With a flat interest rate of 0.3% and flexible repayment terms, the scheme is designed to help agents address liquidity gaps and grow their businesses.
Milestone Impact
- Over ₦571 billion disbursed since inception
- More than 37,000 agents empowered
- Over 3 million loans processed
“We are bridging the financial gap and providing our agents with the necessary tools to succeed in today’s fast-paced market,” said Chuma Ezirim, Group Executive, e-Business & Retail Products.
FirstBank emphasized that the initiative supports agents in rural and underserved communities—places historically excluded from traditional banking systems.
More Than Just Credit
The Agent Credit Scheme goes beyond financing:
- Agents receive regular training and digital tools
- Incentives such as award events recognize top performers
- Services include account opening, deposits, withdrawals, bill payments, and transfers—acting as “mobile ATMs”
With a presence in 772 out of 779 local government areas by 2021, FirstBank’s Firstmonie Agent network has become the backbone of rural banking access in Nigeria.
“Agent Credit is a groundbreaking innovation that elevates the agent experience… empowering agents and transforming how they operate,” the bank said in a statement.
This achievement reaffirms FirstBank’s legacy as a trailblazer in retail banking, combining digital innovation with community-based financial empowerment for over 131 years.
