Nigeria: First Bank to provide credit facilities for Firstmonie agents

First Bank has announced providing credit facilities of up to a million naira for Firstmonie agents across the country.

Inclusion Times
Inclusion Times

First Bank, a renowned and popular bank in Nigeria, has announced providing loans of up to a million naira to its Firstmonie agents across the country. Firstmonie is the agent banking arm of First Bank, where agents carry out banking activities on behalf of First Bank after both parties enter an agreement.

In a statement on Tuesday, Mr Chuma Ezirim, First Bank’s Group Executive e-Business and Retail Products, said the loan is aimed at promoting the business activities of the agents. According to him, these agents have been important and integral in providing easily accessible banking services and filling the financial exclusion gap.

A Firstmonie agent attending to people. Image Source: News Website.

In an earlier story, we reported that First Bank has more than 80,000 agents spread across the country in 772 local government areas. Ezirim repeated the same thing. Furthermore, he said First Bank has been following through with the Central Bank of Nigeria’s mandate to make sure affordable financial products and services are available to individuals and groups. In his words: “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.”

Ezirim emphasised the critical role Firstmonie agents are playing in promoting businesses across the country and how they (the agents) have extended financial inclusion in communities with little or no access to financial services.

“With our Firstmonie agents in every neighborhood, several communities have witnessed a surge in business and financial activities, which is contributory to national growth and development,” Ezirim said. “We commend our agents and are delighted to support them with credit facilities, which they can access 24 hours a day in less than two minutes.”

Nigeria in focus:

Population: 200.9 million (2019)

GDP: $448.12 billion (2019)

GDP Per Capita: $2,229 (2019)

Financial inclusion