Banking at the Speed of Trust
In a move that shocked industry watchers and thrilled informal sector players, FirstBank Nigeria has disbursed a jaw-dropping ₦1 billion in just 24 hours through its Agent Credit Scheme. This isn’t just a headline it’s a major leap forward in Nigeria’s quest for financial inclusion, targeting microentrepreneurs and last-mile agents across the country.
For a bank that has operated for over 130 years, this digital milestone shows FirstBank isn’t just resting on its legacy it’s aggressively adapting to the future.
What Is the Agent Credit Scheme?
FirstBank’s Agent Credit is a digitally-driven microloan program for registered Firstmonie Agents individuals who provide banking services in underserved communities. Instead of relying on traditional loans that take days or weeks to process, this system:
- Disburses loans instantly
- Has zero paperwork
- Is fully automated via FirstBank’s mobile platforms
- Offers credit limits based on the agent’s transaction history
According to the bank’s Group Executive, e-Business and Retail Products, Chuma Ezirim, the product is designed to empower agents with working capital so they can meet rising customer demands, especially in cash-heavy areas.
Why ₦1 Billion in One Day Matters
Let’s break this down:
- That’s over 33 million Naira disbursed every hour
- Potentially supports tens of thousands of microtransactions
- Reflects strong backend infrastructure capable of real-time disbursements
This isn’t just lending it’s scalable empowerment.
By arming local banking agents with instant access to liquidity, FirstBank is strengthening the base of the economy small shops, mobile money agents, and informal vendors many of whom have no other access to formal credit.
Economic Fallout: What It Means for Nigeria
Nigeria’s unbanked and underbanked population still hovers around 38 million people, most of them rural. With the CBN tightening regulations and inflation hitting multi-decade highs, commercial banks must innovate or risk irrelevance.
FirstBank’s move:
- Reduces pressure on physical branches
- Expands banking to rural and peri-urban areas
- Supports the cash-in, cash-out economy, which is still king in Nigeria
- Reduces unemployment by supporting agent networks
In a year where inflation is projected to end above 22%, this form of localized liquidity is lifesaving for families and small businesses.
Implications
This scheme also has implications for regulatory compliance and credit scoring models. By using internal data (like transaction volume and frequency), FirstBank bypasses the traditional bottlenecks of:
- BVN delays
- Collateral verification
- Physical bank visits
This shift toward behavioural lending could reshape how risk is assessed in Nigeria’s financial ecosystem.
Agent Banking Is Just Getting Started
With this success, we can expect:
- Other banks to mimic or license similar instant credit engines
- Fintechs to plug into FirstBank’s model or challenge it with more nimble versions
- A push for API-level integration that allows faster cross-platform credit disbursement
- Investors to increasingly look toward agent-focused fintech infrastructure
Final Insight
What FirstBank has done here isn’t just move money it’s moved the conversation. From exclusion to inclusion. From legacy to innovation. From form-filling to mobile-click credit.
If you’re a small business operator, fintech strategist, or investor in Nigeria’s financial services, pay attention to agent credit it’s no longer optional, it’s the future.