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.
