First Bank Empowers Firstmonie Agents With N100 Billion Loan

Nigeria:Loans to Firstmonie agents hit N100 billion - First Bank - REGTECH  AFRICA

Yemisi Izuora

Just about one year after the launch of its Agent Credit scheme, First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider, has economically empowered its Firstmonie Agents with the sum of N100 billion.

The Bank currently has over 120,000 Firstmonie Agents, spread across 772 Local Government Areas in the country.

The Agent Credit scheme was created by the banking giant to promote and expand the business activities of its foremost agent banking platform – Firstmonie Agents – whilst putting them at an advantage to positively impact their immediate environment.

The Bank has been at the forefront of promoting financial inclusion in the country, impacting Nigerians, regardless of their locations nationwide.

The Agent Credit scheme was launched a year ago to empower its Firstmonie Agents to grow their businesses, whilst being at an advantage to contribute to national development.

Firstmonie Agents have been integral to bridging the financial exclusion gap, providing convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments that have no access to financial services.

The Bank’s financial inclusion activities are in line with the mandate of the Central Bank of Nigeria (CBN) to ensure the availability of affordable financial products and services to all individuals and groups of people in the country, irrespective of location, literacy levels, familiarity with technology and accessibility to modern infrastructural facilities. The Firstmonie Agent channel is amongst the Bank’s many initiatives to expand financial access in the country.

Reiterating the Bank’s role in deepening financial inclusion in the country, Chuma Ezirim, Group Executive, e-Business & Retail Products, said “we are truly excited about the tremendous impact of the Agent Credit on the performance of our Firstmonie Agents nationwide. Since the introduction of the Agent Credit to support our ‘Human ATMs’ as we fondly call our Firstmonie Agents, they have recorded immense growth in their businesses, at levels they never envisaged in such a short period.

 

Our key goal is to continue to deliver financial services to the underserved and unbanked populations, employing modern technology for processing real-time transactions and in doing so, contribute to building capacities and learning new skills in information technology, cash management and relationship management for our FirstMonie agents.

We encourage our Firstmonie Agents to keep being exemplary in setting the pace to promote financial inclusion as we collectively work towards the continuous growth and development of the national economy.”

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