FirstBank, a leading financial institution in West Africa, has announced a significant milestone worth ₦1 trillion in cumulative instant digital loan disbursements, reports ITREALMS.
Since introducing its digital loan services in August 2019, FirstBank said, it has developed a robust digital lending ecosystem powered by Artificial Intelligence and Machine Learning, ensuring seamless and secure access to credit.
The Bank's multi-channel loan disbursement service requires no collateral, zero documentation, and eliminates human interaction, making it an attractive option for Nigerians seeking financial assistance.
Through its FirstAdvance, FirstCredit, and AgentCredit products, FirstBank has empowered over 1.5 million unique borrowers to access credit instantly and securely. These borrowers can access loans through various platforms, including *894# (FirstBank's USSD service), FirstMobile, LitApp, and the FirstMonie Agent App, regardless of their employment status or business type.
Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, said, "This success underscores our ongoing commitment to innovation and a customer-focused approach, which are central to FirstBank's core values. We remain dedicated to fostering opportunities for financial independence across Nigeria and Africa."
He also said, "We value the trust our customers place in us to support their financial aspirations, and our efforts to advance digital lending will persist, especially to the excluded and underserved customer segments, while effectively managing risks."
FirstBank currently disburses approximately ₦1 billion daily in digital loans, demonstrating its commitment to fostering an inclusive, technology-driven future for Nigerians.
By investing in advanced technologies and developing customized financial solutions, the Bank seeks to improve the financial well-being of individuals and businesses across the nation.
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