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Loans to Firstmonie agents hit N100 billion First Bank claims

First Bank empowers over 114,000 Firstmonie agents with N100 billion loans a year after it launched its agent credit scheme

Last year, First Bank launched its agent credit scheme to promote and expand the business activities of its Firstmonie Agents whilst putting them at an advantage to impact their immediate environment positively.

One year after the launch of this scheme, First Bank claims it has economically empowered over 114,000 Firstmonie agents with N100 billion loans.

Firstmonie Agents network, which is amongst the bank’s many initiatives to expand financial access in the country, have been integral to bridging the financial exclusion gap. Firstmonie agents provide convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments with no access to financial services.

Chuma Ezirim, group executive, e-Business and Retail Products, said, “we are truly excited about the tremendous impact of the agent credit on the performance of our Firstmonie Agents nationwide. Since the introduction of the Agent Credit to support our ‘Human ATMs’ as we fondly call our Firstmonie Agents, they have recorded immense growth in their businesses, at levels they never envisaged in such a short period.

“Our key goal is to continue to deliver financial services to the underserved and unbanked populations, employing modern technology for processing of real-time transactions and in doing so, contribute to building capacities and learning new skills in information technology, cash management and relationship management for our Firstmonie agents.

“We encourage our Firstmonie Agents to keep being exemplary in setting the pace to promote financial inclusion as we collectively work towards the continuous growth and development of the national economy.”

Nigeria in focus

GDP: $432.294 billion in 2020 compared to $448.12 billion in 2019

Population: 206,139,587 in 2020 compared to 200,963,03 in 2019

GDP per capita: $2,097 in 2020 compared to $2,229 in 2019