The First Bank Loan To Firstmonie Agents In A Year, Has Reached N100 Billion

First Bank of Nigeria Limited says it had given out N100 billion to its 114,000 Firstmonie agents dispersed across the country’s 772 local government areas, one year after launching its agent credit scheme.

The bank’s agent banking network, according to the bank, is part of its effort to enhance financial inclusion in the country while also creating jobs and empowering its consumers.

The agent credit scheme was designed by the First Bank to encourage and expand the commercial activities of its leading agent banking platform, Firstmonie Agents, while also giving them an edge to positively impact their surrounding area, according to a statement from the bank.

The Firstmonie Agents network, which is one of the bank’s many initiatives to expand financial access in the country, has been instrumental in bridging the financial exclusion gap by providing convenient banking services that are easily accessible, thereby saving time and travel costs for people living in the suburbs and other remote areas who do not have access to financial services.

“We are truly excited about the tremendous impact of the agent credit on the performance of our Firstmonie agents nationwide,” said Chuma Ezirim, group executive, e-Business and retail products at First Bank, reiterating the bank’s commitment in deepening financial inclusion in the country. Since the introduction of agent credit to help our Firstmonie agents, who we affectionately refer to as “Human ATMs,” they have seen tremendous development in their businesses, reaching heights they never imagined in such a short time.

“Our primary goal is to continue to provide financial services to underserved and unbanked populations by utilizing modern technology for real-time transaction processing and thereby contributing to the development of new skills in information technology, cash management, and relationship management for our FirstMonie agents.

“As we collectively work towards the continued growth and development of the national economy, we encourage our Firstmonie Agents to continue to be exemplary in setting the pace to promote financial inclusion.”