First Bank Loan To Firstmonie Agents Hits N100B In One Year

The growth trajectory of First Bank’s Firstmonie continues as loan to agents hit N100 billion in just one year.

Now, one year after it commenced its agent credit scheme, First Bank of Nigeria Limited, said it has given out N100 billion to its 114,000 Firstmonie agents spread across the 772 local government areas in the country.

According to the bank,  its agent banking network is part of its drive to  increase the level of financial inclusion in the country whilst creating jobs and empowering its customers.

A statement by the bank explained that the agent credit scheme was created by the First Bank 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.

Firstmonie Agents network which is amongst the bank’s many initiatives to expand financial access in the country, 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.

Reiterating First Bank’s role in deepening financial inclusion in the country, group executive, e-Business and retail products of the bank, Chuma Ezirim, 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 of 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.”