Business
FirstBank Empowers Nigeria’s Digital Lending Charge with FirstCredit
In the fast-evolving world of digital banking, Nigeria stands on the brink of a financial revolution. As the global pandemic has accelerated digitalization, the need for accessible, efficient, and reliable financial services has never been more crucial. FirstCredit by FirstBank emerges as a groundbreaking digital lending solution designed to meet the demands of Nigerians where the need for quick cash is ticking ever northward.
The shift towards digital banking in Nigeria has been both rapid and transformative. With the increasing penetration of mobile phones and internet access, more Nigerians are embracing digital solutions for their financial needs. This trend has been further amplified by the COVID-19 pandemic, which necessitated minimal physical contact and prompted a surge in digital transactions.
Digital banking offers numerous advantages, including convenience, speed, and accessibility. For many Nigerians, especially those in remote areas, digital banking services have provided unprecedented access to financial tools and resources. However, despite these advancements, a significant gap remains in the availability of quick and hassle-free credit facilities. This is where FirstCredit steps in.
In a country where traditional lending processes are often bogged down by paperwork, collateral requirements, and lengthy approval times, FirstCredit emerges as a beacon of innovation. It addresses several critical needs, including:
Accessibility: Many Nigerians still lack access to traditional banking services. FirstCredit bridges this gap by offering loans that can be accessed from anywhere, anytime, using a mobile phone or tablet. There is no need to visit a bank, making it an ideal solution for those in remote or underserved areas. You do not need a smartphone to access FirstBank’s FirstCredit.
Speed: In a fast-paced economy, waiting weeks for loan approval is not feasible for many individuals and businesses. FirstCredit ensures that loan applications are processed swiftly, with funds disbursed immediately upon approval. This quick turnaround is crucial for addressing urgent financial needs.
Simplicity: Traditional loans often require extensive documentation and collateral, which can be a barrier for many. FirstCredit simplifies the process by eliminating these requirements. All that is needed is an active mobile number registered for USSD banking and a history of regular account transactions with FirstBank.
Flexibility: With a maximum loan amount of N300,000 and a flexible repayment tenor of up to 30 days, FirstCredit offers terms that are adaptable to the borrower’s needs. The flat interest rate of 8% and a 5% insurance fee per transaction are straightforward and transparent, ensuring borrowers are fully aware of the costs involved.
Features of FirstCredit
First Credit is designed with user convenience and financial inclusivity at its core. Here are some of its standout features:
Easy Access via USSD: Customers can apply for loans by simply dialing *894# and following a few straightforward steps. This USSD code is accessible on any mobile device, ensuring that even those without smartphones can benefit from the service.
No Documentation or Collateral: The absence of cumbersome paperwork and collateral requirements makes the application process smooth and accessible.
Immediate Disbursement: Once approved, the loan amount is credited to the borrower’s account immediately, providing instant financial relief.
Flexible Repayment: Borrowers have the option to repay the loan before the 30-day tenor, allowing for flexibility based on their financial situation.
Eligibility Criteria: To qualify, customers must have been in a relationship with FirstBank for at least six months, have a valid BVN, a good credit history, and use the mobile number registered for USSD banking. Regular account transactions further enhance eligibility.
The introduction of FirstCredit marks a significant milestone in Nigeria’s digital banking journey. As digital lending becomes more embedded in the financial ecosystem, it promises to unlock new opportunities for individuals and businesses alike.
For FirstBank, the move towards digital lending is not just a strategy for retaining market share but also a means to drive business growth and profitability. By leveraging technology, banks can offer personalized, efficient, and scalable financial services that meet the evolving needs of their customers, which FirstBank has leveraged on.
Moreover, the broader adoption of digital lending solutions like FirstCredit can have a transformative impact on Nigeria’s economy. It can empower small businesses with the capital they need to grow, support individuals in financial need, and foster a more inclusive economic environment.
FirstCredit is more than just a lending product; it is a visionary step towards a future where financial services are democratized and accessible to all Nigerians. As digital banking continues to evolve, solutions like FirstCredit will play a pivotal role in shaping Nigeria’s more inclusive and dynamic financial landscape.
Qualitative indicators suggest that FirstCredit has successfully addressed key financial needs in Nigeria. It’s design, focusing on accessibility, speed, and simplicity, aligns well with the demands of the Nigerian market. Continued success can be inferred from its widespread adoption and the broader positive trends in digital lending within the country. And Nigerians can trust that with FirstCredit, there is no ‘wayo’ because it is powered by West Africa premier financial institution and financial inclusion services provider, FirstBank.
Culled from NairaMetrics
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has reaffirmed its commitment to strengthening diaspora engagement, advancing healthcare development in Nigeria through the introduction of its healthcare investment proposition to the Nigerian-American medical community at the 2026 ANPA Carolinas Symposium held in Charlotte, North Carolina.
The ANPA Carolinas Symposium, hosted annually by the South Carolina and North Carolina Chapters of the Association of Nigerian Physicians in the Americas (ANPA), convenes over 170 physicians and healthcare professionals for medical and scientific dialogue on issues impacting communities across North America, the Caribbean, and Africa, particularly among people of Nigerian descent.
Speaking at the event, UBA’s Head of Diaspora Banking, Anant Rao, made a compelling case for structured diaspora participation in Nigeria’s healthcare transformation, encouraging attendees to expand their contribution beyond remittances toward long-term institution-building.
“The financial infrastructure required to connect your success abroad to sustainable institutional impact at home has not been intentionally designed for diaspora healthcare investors until now,” Rao said.
During his presentation, Rao introduced the ANPA–UBA Diaspora Healthcare Investment Platform — a professionally managed investment vehicle designed to channel diaspora capital into specialist hospitals, diagnostic centres, telemedicine infrastructure, and medical training institutions across Nigeria.
“Every dollar invested delivers a dual return — creating value for investors while contributing meaningfully to Nigeria’s healthcare future. We now have the regulatory framework, banking infrastructure, governance structures, and institutional commitment to make this possible,” he added.
Under the proposed structure, UBA will serve as custodian and structuring bank, while United Capital Asset Management, one of Nigeria’s leading asset managers with over ₦1.2 trillion in assets under management, will act as fund manager.
As part of deepening engagement with the Nigerian-American medical community, Rao also proposed a Memorandum of Understanding (MoU) between UBA and the two ANPA chapters. The proposed collaboration is anchored on six strategic pillars: preferred banking offerings for ANPA members; quarterly financial education sessions; the joint Healthcare Infrastructure Fund; a dedicated ANPA Wealth and Legacy Desk; access to group-rate family healthcare plans through Avon HMO; and a UBA co-matching contribution framework to support qualifying impact vehicles under the Pearl Endowment Fund.
The initiative represents a further expansion of UBA’s diaspora value proposition, which currently includes Non-Resident Nigerian (NRN) accounts in multiple currencies, fixed-income and dollar-denominated investment solutions through United Capital, elder-care trust solutions under the Homeland Anchor Care Trust programme in partnership with Avon HMO, and private wealth management offerings tailored to senior diaspora professionals.
The 2026 ANPA Carolinas Symposium marks another milestone in UBA’s strategic engagement with the diaspora community and reinforces the Bank’s long-held belief that diaspora capital can play a transformative role in accelerating healthcare and infrastructure development across Africa.
Business
One-Day MD/CEO Children’s Day Initiative: Wema Bank Makes Final Call for Submission of Entries
As the deadline of May 20, 2026, fast approaches, Wema Bank has announced the last call for submissions for children and teens interested in participating in becoming MD/CEO of Wema Bank for one day.
Launched in May 2025 as part of Wema Bank’s 80th anniversary celebration, the One-Day MD/CEO initiative was introduced by Wema Bank to commemorate Children’s Day in a uniquely unprecedented manner. Inspired by the Bank’s 80th anniversary theme “80 Years of Impact, A Future of Possibilities”, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.
As 12-year-old Chiderije Mbah emerged winner, the Wema Bank One-Day MD/CEO initiative dominated the conversation on May 27, 2025, with children across Nigeria inspired to put in the work towards a successful future and parents commending the Bank’s consistent commitment to empowering children and helping them build the right future. This year, 2026, the Wema Bank One-Day MD/CEO initiative has returned on a larger scale.
For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of Managing Director/CEO of Wema Bank, for a day. The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.
To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve. This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges winner and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day.
Both parents and teens are encouraged to hurry and make their submissions now as entry closes in less than two days, specifically on Wednesday, May 20, 2026.
More details on the Bank’s social media platforms @wemabank
First Bank of Nigeria Limited has announced the launch of its Naira Visa Debit Card, in partnership with Visa to extend accessible, reliable electronic payment capabilities to a broader segment of the Nigerian population.
The card is targeted at everyday consumers who require a dependable payment instrument for routine domestic and international transactions. Accepted across POS terminals, ATMs, and online platforms through Visa’s payments network, the Naira Visa Debit Card is designed to reduce friction for customers transitioning from cash to electronic payments across retail, utilities, and digital commerce.
The launch aligns with Nigeria’s ongoing drive toward a cashless economy, a policy direction that has gained significant momentum following successive Central Bank of Nigeria directives encouraging the adoption of electronic payment channels. The card is intended to serve customers across the country’s diverse economic segments.
Speaking on the launch, Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “Everyday transactions should be simple, secure, and rewarding. The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online. By extending reliable electronic payment access across Nigeria, we are helping more people transition confidently from cash to digital payments, supporting the nation’s cashless policy and empowering communities with greater financial inclusion.”
Commenting on the strategic importance of the partnership, Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “A strong payments ecosystem is one that works for everyone. The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers, and this in addition to the cards in our portfolio continues to demonstrate what a truly comprehensive card portfolio looks like for the Nigerian market. Visa is proud to power this offering with FirstBank.”
The launch of the Naira Visa Debit Card broadens Visa card portfolio at FirstBank that already includes products spanning credit cards and High-end premium lifestyle spending cards. The addition completes its offering across customer segments, ensuring that cardholders at every income level have access to a product suited to their needs.
The Naira Visa Debit Card is available to all eligible FirstBank account holders through any of the bank’s branches nationwide.
