*Firstmonie Agent Credit Scheme is FirstBank鈥檚 digital lending solution, designed to empower low-income consumers of financial products and services facing barriers in accessing traditional credit channels

Alexander Davis | 绿帽献妻

In a bid to enable agents to overcome liquidity challenges among others, First Bank of Nigeria Limited has activated its

Firstmonie Agent Credit Scheme, a digital lending solution designed to empower a wide range of low-income individuals, who face barriers in accessing traditional credit channels.

The bank disclosed this innovative programme offers financial support to Firstmonie Point-of-Sale agents, enabling them to overcome liquidity challenges while capitalising on new opportunities without disruption to their business because of paucity of funds.

绿帽献妻 learnt the bank recently disbursed N1billion in a single day to its Agents in Nigeria through the Agent Credit Scheme.

The Agent Credit Scheme is a significant milestone by the leading financial institution in Nigeria.

This accomplishment, again, is said to have underscored FirstBank鈥檚 commitment to financial inclusion and its innovative approach to retail banking in the country.

FirstBank also said the Agent Credit scheme is designed to bridge financial gaps and address liquidity challenges resulting from depleted account balances, even when agents have physical cash in hand.

The scheme, the financial institution stated, helps them to run their business effectively by providing digitalised loans, which are convenient, seamless, and easily accessible via the Firstmonie App.

The bank has described Agent Credit as a groundbreaking innovation that elevates the Agent experience in the country’s banking and finance ecosystem.

According to FirstBank, this game-changing scheme digitalises loan application processes and enables agents access to digital loans with greater ease.

By proffering varieties of value-added services for Agents, this unlocks new business opportunities, eliminates lengthy payment delays, and provides agents with instant access to loans, hence revolutionising the way they operate and assures their entrepreneurial success.

It further explained that for over 131 years, FirstBank has been a giant advocate for its customers, enabling their success by providing a secure and trustworthy environment for their financial transactions.

Agent Credit is a testament to FirstBank’s commitment to empowering its agents and elevating their business experience.

Restating the bank鈥檚 role in deepening financial inclusion in Nigeria,

Chuma Ezirim, Group Executive, e-Business & Retail Products, said: 鈥淲ith 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.

“By extending credit facilities with a low interest rate, increasing the loan eligibility amount as transactions increase, and streamlining the loan application process, we are confident that Agent Credit will revolutionise the way our agents operate, enabling them to reach new heights of success and growth.

“FirstBank remains committed to financial literacy and inclusion, empowering individuals and communities to manage their finances effectively.”

The bank, in a statement, said the creation of Firstmonie Agents complied with the Central Bank of Nigeria鈥檚 (CBN) directive for all banks to expand banking to all the unbanked areas of the West African country.

The objective is to create financial inclusion across Nigeria, it said.

It stated that by developing financial services to rural areas, FirstBank creates employment opportunities and drives economic growth.

The presence of banking agents in all the nooks and crannies of the country was accomplished by FirstBank within a short period of time, such that by December 2021, the financial institution had covered 772 out of the existing 774 Local Government Areas (LGAs) in Nigeria.

These services help businesses grow and innovate, while initiatives like Agent Credit promote financial inclusion, education, and access to financial services, ultimately contributing to economic development.

Since the introduction of Agency Banking, the ease of accessing business and personal funds has been significant.

Several lives were lost in the past as people travelled from villages or rural settlements to the city to access banking facilities.

Today, 鈥淢obile ATMs,鈥� as the agents are fondly called, are equipped to carry out services that include account opening, cash deposits, cash withdrawals, bill payments, and money transfers.

FirstBank has undergone several transformations, continually adapting to the evolving financial landscape and pioneering innovative banking solutions to meet the diverse needs of its customer base.

The bank鈥檚 retail banking division has played a crucial role in providing accessible financial services, thereby contributing to the nation鈥檚 economic development.

The scheme offers more than just funds; the Agents are trained regularly, exposed to technology, and receive other incentives, such as bespoke award events where attractive prizes are won.

As this accomplishment underscores FirstBank鈥檚 commitment to financial inclusion, it is said to be its innovative approach to retail banking in the ecosystem.

Since its launch in 2020, the Agent Credit scheme has provided solutions to the agents鈥� pressing needs by providing quick access to affordable credit facilities, enabling them to manage liquidity challenges and expand their businesses.

Under the scheme, Agents can access up to N1.5 million with loans disbursed within seconds through the Firstmonie App.

The facility is not only high-speed, but it also offers a flat interest rate of 0.3 percent with flexible repayment terms, making it an attractive option for agents seeking to expand their operations.

It was gathered that since its inception, the bank鈥檚 Agent Credit Scheme has disbursed over N571 billion, empowered over 37,000 Firstmonie Agents in three million loan counts, and reinforced FirstBank鈥檚 commitment to supporting Firstmonie Point-of-Sale agents and promoting economic development鈥攁 testament to FirstBank鈥檚 Retail Banking leadership.

The successful disbursement of N1 billion in a single day through the Agent Credit Scheme highlights the bank鈥檚 innovative approach to retail banking and its dedication to financial inclusion.

Besides, by leveraging technology and a vast Agent network, the bank is said to have transformed the banking experience of millions of Nigerian consumers, especially those in remote and underserved communities.

FirstBank鈥檚 retail banking strategy, characterised by customer-centric solutions and digital innovations, continues to set industry standards.聽 The bank鈥檚 efforts have not only enhanced financial access but also contributed to job creation and economic empowerment nationwide.

Therefore, by empowering Firstmonie Agents with the necessary tools, resources and incentives, FirstBank fosters a more inclusive financial ecosystem, ensuring that banking services are accessible to all Nigerians, regardless of their location.

As FirstBank continues to innovate and expand its retail banking services, it stated that it remains steadfast as a partner of first choice in building the future of its customers in particular, and Nigeria at large.

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