FirstBank Hits ₦1 Trillion Digital Loan Milestone, Redefining Lending in Nigeria
FirstBank in Nigeria has achieved a significant milestone by disbursing over ₦1 trillion in digital loans, revolutionizing inclusive lending. The traditional credit system's challenges for small businesses have been overcome through the bank's digital lending model, eliminating collateral requirements and reducing approval time to just five minutes.
Since the launch of this model in August 2019, FirstBank has reached various market segments through channels like 894 Bank USSD service, FirstMobile, LitApp, and FirstMonie agent network. This achievement marks a shift in the financial services industry, providing access to loans for salary earners, entrepreneurs, and the financially excluded population in Nigeria.
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