By Tosin Ajayi
Firstmonie Agent Credit Scheme is FirstBank’s digital lending solution designed to empower low-income individuals who face barriers to accessing traditional credit.
This innovative program provides financial support to Firstmonie Point-of-Sale (POS) agents, enabling them to overcome liquidity challenges and seize business opportunities without disruptions due to insufficient account balances.
The Agent Credit Scheme aims to bridge financial gaps resulting from depleted digital balances, even when agents have physical cash on hand. It helps them operate more effectively by providing digitized loans that are convenient, seamless, and easily accessible via the Firstmonie App.
Agent Credit is a groundbreaking initiative that enhances the agent experience. It digitizes the loan application process and makes access to credit faster and easier. By offering a variety of value-added services, the scheme unlocks new business opportunities, eliminates delays in accessing working capital, and ensures agents can scale their operations successfully.
For over 131 years, FirstBank has championed the financial well-being of its customers, providing a secure and trustworthy environment for financial transactions. The Agent Credit Scheme is a testament to the bank’s commitment to empowering its agents and improving their business outcomes.
Reiterating the bank’s role in deepening financial inclusion in Nigeria, Chuma Ezirim, Group Executive, e-Business & Retail Products, said:
“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. By extending credit facilities at low interest rates, increasing loan eligibility as transaction volumes grow, and streamlining loan applications, we are confident that Agent Credit will revolutionize how our agents operate—enabling them to reach new heights of success. FirstBank remains committed to financial literacy and inclusion, empowering individuals and communities to manage their finances effectively.”
The establishment of Firstmonie Agents aligns with the Central Bank of Nigeria’s directive for banks to expand financial services to unbanked areas, fostering inclusion across the nation. By extending banking access to rural areas, FirstBank not only creates employment but also stimulates economic growth. By December 2021, the bank had deployed agents in 772 of Nigeria’s 779 Local Government Areas.
Agency banking has drastically improved access to funds for both business and personal needs. In the past, lives were lost during long travels from remote areas to urban centres just to access banking services. Today, these agents—often referred to as “Mobile ATMs”—offer services such as account opening, cash deposits and withdrawals, bill payments, and money transfers.
FirstBank has continually evolved to meet the changing financial needs of Nigerians, pioneering various banking solutions. The bank’s retail division has played a central role in expanding access to financial services and boosting national development. Beyond funding, Firstmonie Agents receive regular training and technological exposure and are incentivized through award events with attractive prizes.
A key milestone in this journey is FirstBank’s disbursement of ₦1 billion in a single day through the Agent Credit Scheme—demonstrating its commitment to innovative, inclusive retail banking. Launched in 2020, the scheme addresses agents’ liquidity needs by offering quick, affordable credit. Loans of up to ₦1.5 million are disbursed in under a minute via the Firstmonie App, with a flat interest rate of 0.3% and flexible repayment terms.
Since inception, over ₦571 billion has been disbursed through more than 3 million loan counts, empowering over 37,000 Firstmonie Agents. This achievement reinforces FirstBank’s leadership in retail banking and its dedication to supporting POS agents nationwide.
By leveraging technology and an extensive agent network, FirstBank has transformed the banking experience for millions—especially in underserved and remote areas. Its customer-centric retail strategy and digital innovations continue to set industry standards, enhancing financial access, creating jobs, and fostering economic empowerment.
Through continuous support, resources, and incentives, FirstBank is building a more inclusive financial ecosystem, ensuring that every Nigerian—regardless of location—can access essential banking services. As the bank continues to innovate and expand its retail banking footprint, it remains committed to being the partner of first choice in building the future of its customers and the nation at large.
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