By Tosin Ajayi
In a move that’s changing the game for grassroots banking in Nigeria, FirstBank has achieved a historic milestone, disbursing a staggering N1 billion in just one day through its Firstmonie Agent Credit Scheme — a digital lending solution designed to boost financial access for everyday entrepreneurs.
Across Nigeria’s bustling communities, from remote villages to semi-urban settlements, millions now depend on “mobile ATMs” — the widely trusted Firstmonie Agents — for their everyday financial needs. These agents open bank accounts, facilitate transfers, accept deposits, and more. But behind their growing success is a quiet but powerful innovation: the Agent Credit Scheme.
The scheme, launched in 2020, has one mission — to ensure that liquidity never becomes a bottleneck for these agents, many of whom are small-scale business operators with no access to traditional bank loans. With just a few taps on the Firstmonie App, they can access loans of up to N1.5 million in under a minute — without paperwork, long waits, or branch visits. The credit facility comes with a flat interest rate of 0.3% and flexible repayment options, making it not only affordable but also remarkably accessible.
According to Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, “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. We are confident that Agent Credit will revolutionize the way our agents operate.”
A Lifeline for Thousands
The Firstmonie Agent Credit Scheme has already empowered over 37,000 agents with over 3 million loan disbursements totaling more than N571 billion since inception. But beyond the numbers lie human stories — of market women in rural Nigeria who no longer travel miles to access banking services, and of young entrepreneurs in underserved communities who can now run cash-based businesses confidently, knowing they won’t be stranded for funds.
One agent in a remote town in Nasarawa State said, “Before now, if I didn’t have cash in my account, I’d lose customers. Now, I can access funds instantly through the app. It changed my life.”
Driving Financial Inclusion, One Loan at a Time
FirstBank’s journey with agent banking began in response to the Central Bank of Nigeria’s mandate for banks to deepen financial inclusion by extending services to unbanked and underbanked regions. Within just a few years, FirstBank had established agent presence in 772 out of Nigeria’s 779 Local Government Areas, making it the most expansive banking network in the country.
But what truly sets FirstBank apart is its human-centered approach. The bank doesn’t just offer loans — it offers training, technology exposure, and recognition. Agents are frequently rewarded through bespoke awards events, and many have gone on to build successful businesses beyond agency banking.
A Legacy of Trust and Innovation
With a legacy spanning over 131 years, FirstBank has remained a cornerstone of financial trust and innovation. The success of the Agent Credit Scheme reaffirms its position as a pioneer in retail banking and a key player in Nigeria’s economic development.
Through digital innovation, smart lending, and an ever-expanding agent network, FirstBank continues to redefine the banking experience for millions of Nigerians — making financial services not just available, but truly accessible, regardless of geography or background.
As Nigeria pushes forward with its financial inclusion agenda, FirstBank is not just participating — it’s leading the charge.
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