First Bank reaches ₦1 trillion in digital loan disbursements, offering instant, collateral-free credit to over 1.5 million Nigerians through AI-powered platforms.
By NIGPOST Business Editor
In a moment that signals a transformative shift in Nigeria’s financial landscape,
FirstBank of Nigeria has crossed a historic threshold disbursing more than ₦1 trillion in cumulative instant digital loans to over 1.5 million borrowers.
What makes this achievement remarkable isn’t just the eye-popping numbers.
It’s how quietly and consistently the bank has empowered everyday Nigerians from market traders to micro-entrepreneurs,
salary earners to the self-employed using a blend of cutting-edge technology, zero-collateral policies, and inclusive financial strategy.
Reimagining Lending for the Average Nigerian
Traditional lending in Nigeria has long been a fortress with high walls: strict requirements, paperwork overload, and endless delays.
But FirstBank has been on a quiet mission to flip this script.
By introducing FirstAdvance, FirstCredit, and AgentCredit, the bank has created a loan ecosystem that is entirely digital, requiring:
- No physical documentation
- No collateral
- No face-to-face screening
- Real-time approval and disbursement
It’s a model that prioritizes speed, accessibility, and security putting borrowing power directly into the hands of people who need it most, without the traditional bottlenecks.
“This isn’t just about loan products. It’s about empowerment,” says Chuma Ezirim, Group Executive for e-Business & Retail Products at FirstBank.
“We’re helping individuals turn their aspirations into realities.”
A Journey That Began in 2019
The story of this trillion-naira triumph began in August 2019, when FirstBank quietly launched its first digital lending service.
The goal was clear: build a modern credit system that caters to both the banked and the unbanked.
The bank bet big on Artificial Intelligence (AI) and Machine Learning (ML) not just to automate loan approvals, but to intelligently assess credit risk based on customer behavior, transaction patterns, and predictive analytics.
By removing the need for in-person interviews or paperwork, FirstBank opened its doors wider than ever before.
AI-Powered Lending: The Game Changer
At the heart of this revolution is intelligent automation. FirstBank’s digital infrastructure uses AI to analyze data points like:
- Salary inflows
- Account activity
- Spending habits
- Mobile usage behavior
- Loan repayment history (if any)
This enables the bank to offer loans within minutes often without the customer making a formal application.
Offers are proactively pushed to eligible customers via mobile notifications or USSD (*894#), with amounts tailored to their financial profile.
It’s a strategy that removes guesswork, minimizes fraud, and maximizes financial inclusion.
Multi-Platform Access: Credit in Every Corner
One of the most empowering aspects of this system is its multi-channel accessibility. Borrowers don’t need a smartphone or data connection to access credit.
FirstBank’s solutions are accessible through:
- *USSD Code (894#) – for feature phone users
- FirstMobile App – for urban digital users
- FirstMonie Agent App – for grassroots banking agents
- LitApp – for lifestyle and digital-savvy users
This multi-platform access means that credit is no longer just for city dwellers with smartphones.
From Lagos to Lokoja, Abuja to Aba, Nigerians everywhere can access loans anytime, anywhere.
Who’s Borrowing? The Real Faces Behind the Figures
While ₦1 trillion is an impressive figure, the deeper story lies in who’s receiving this money.
According to internal data and product reports:
Salaried Workers use loans to cover shortfalls between paychecks or handle emergencies.
Small Business Owners use AgentCredit to restock, scale, or cover operating costs.
Market Traders and artisans use micro-loans to grow informal businesses and manage cash flow.
Unbanked Populations are now accessing credit for the first time especially through the FirstMonie agent network.
In essence, FirstBank is not just lending money. It’s giving millions of Nigerians a fighting chance at economic self-reliance.
₦1 Billion Disbursed Daily And Growing
As of mid-2025, the bank is disbursing an average of ₦1 billion daily in digital loans a number that reflects both the increasing demand and the bank’s technological strength.
“We built our system to scale securely,” Ezirim notes. “Whether it’s 1,000 or 100,000 loans in a day, we’re ready.”
This scale has been achieved without compromising fraud prevention, data security, or regulatory compliance, thanks to robust backend architecture and cybersecurity protocols.
Financial Inclusion: Beyond the Buzzword
While many institutions tout “financial inclusion” as a goal, FirstBank is actually delivering on it.
By providing access to capital in seconds, the bank is doing what development agencies and governments have struggled with for decades.
In rural areas where ATMs and branches are rare, FirstMonie agents act as local finance hubs, helping customers:
- Register accounts
- Receive loans
- Repay in cash
- Learn basic financial literacy
This grassroots engagement turns banking into a community-based experience, with digital loans serving as the bridge to long-term financial habits.
Challenges Faced and How FirstBank Navigated Them
This scale and success didn’t come without its hurdles. Digital lending in Nigeria is still a tough space, plagued by:
- Low credit trust culture
- Poor digital literacy
- Fraud attempts and impersonation
- Infrastructure challenges in remote areas
However, FirstBank invested early in cybersecurity, user education, and agent empowerment, turning these challenges into advantages.
“We never aimed to just digitize loans. We aimed to humanize them make them accessible, secure, and sustainable,” says a senior insider at FirstBank’s digital operations.
The Road Ahead: Scaling Beyond ₦1 Trillion
With this milestone now behind them, what’s next?
Industry experts believe FirstBank will:
- Expand into larger loan amounts and longer tenures
- Integrate with credit bureaus for smarter lending
- Offer cross-border microcredit to support regional traders
- Collaborate with fintech startups to deliver hybrid lending solutions
As Nigeria’s economy becomes more digitized, banks that lead with tech will shape the continent’s financial future. And FirstBank is already miles ahead.
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What It Means for Other Banks
FirstBank’s success sends a clear signal to other financial institutions: the future of credit is digital, inclusive, and on-demand.
Legacy models must now compete with real-time, mobile-first solutions.
Fintech players may have ignited the revolution, but FirstBank has proven that traditional banks when driven by innovation can scale it responsibly.
Final Thought: A Quiet Revolution That’s Just Beginning
₦1 trillion disbursed. 1.5 million people reached. Countless lives changed.
FirstBank’s digital lending journey is a powerful case study in what’s possible when innovation meets empathy.
With each loan, the bank isn’t just creating transactions it’s building trust, nurturing resilience, and rewriting the story of access in Nigeria.
For many Nigerians, that loan notification from *894# isn’t just a number it’s a lifeline.
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Published: July 20, 2025
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