By Tosin Ajayi
Firstmonie Agent Credit Scheme is a FirstBank’s digital lending solution designed to empower a wide range of low-income individuals who face barriers in accessing traditional credit channels. This innovative program offers financial support to Firstmonie Point-Of- Sale agents by enabling them to overcome liquidity challenges and capitalize on new opportunities without disruption in business due to lack of funds in agents accounts.
The Agent Credit scheme is aimed at bridging financial gaps and solving liquidity challenges, resulting from depleted account balances, even when the Agents have physical cash at hand. The scheme helps them to run business effectively by providing digitalized loans which is convenient, seamless and easily accessible via the Firstmonie App.
Agent Credit is a groundbreaking innovation that elevates the Agent experience. This game-changing scheme digitalise 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 revolutionizing the way they operate and assures their entrepreneurial success.
For over 131 years, FirstBank has been a giant advocate for their 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 their agents and elevating their business experience.
Reiterating the Bank’s role in deepening financial inclusion in the country, 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 with a low interest rate, increasing eligibility loan amount as transaction increases and streamlining loan application processes, we are confident that Agent Credit will revolutionize 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 creation of Firstmonie Agents was in compliance with the Central Bank’s directive for all banks to expand banking to all the unbanked areas of the country in order to create financial inclusion across the nation. By expanding 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 nation was accomplished by FirstBank within a short period of time such that by December 2021 they had covered 772 out of the existing 779 Local Government Areas 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 creation of Agency Banking, the ease of access to business and indeed personal funds has been great. Many lives were lost in the past through travels from villages or rural settlements to the city in order to use banking facilities. Today, “Mobile ATMs” as the agents are fondly called are equipped to carry out services which includes account opening, cash deposit, cash withdrawal, bills payment, and money transfers. FirstBank has undergone several transformations, constantly adapting to the changing financial landscape, pioneering various banking solutions to meet the needs of its diverse customer base. The bank’s retail banking division has been instrumental in providing accessible financial services, contributing to the nation’s economic development. The scheme offers more than funds, the Agents are trained regularly, exposed to technology and other incentives like bespoke award events where attractive prizes are won.
Disbursing N1 billion in a single day to its Agents through the Agent Credit Scheme is a significant milestone by the Nation’s Pioneer Financial institution. This accomplishment underscores FirstBank’s commitment to financial inclusion and its innovative approach to retail banking. Since its launch in 2020 the Agent Credit scheme has provided solutions to the agent’s pressing needs by providing quick access to affordable credit facilities, enabling them to manage liquidity challenges and expand their businesses. Agents can access up to N1.5m with loans disbursed in under a minute through the Firstmonie App. The facility is not only super-fast, it offers a flat interest rate of 0.3% with flexible repayment terms, making it an attractive option for agents seeking to increase their operations.
Since its inception, the bank’s Agent Credit Scheme has disbursed over N571 billion empowering over 37,000 Firstmonie Agents in 3million loan counts, reinforcing FirstBank’s commitment to supporting Firstmonie Point-Of- Sale agents and promoting economic development. A testament to FirstBank’s Retail Banking leadership. The successful disbursement of N1 billion in a single day through the Agent Credit Scheme highlights the bank’s innovative approach to retail banking and its dedication to financial inclusion.
By leveraging technology and a vast Agent network, the bank has transformed the banking experience of millions of Nigerians especially those in remote and underserved communities. FirstBank’s retail banking strategy, characterized by customer-centric solutions and digital innovations continues to set industry standards. The bank’s efforts have not only enhanced financial access but also contributed to job creation and economic empowerment across the country.
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 remains steadfast in its mission to be the partner of first choice in building the future of its customers and the nation at large.