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FirstBank’s ₦1trn Digital Loan Disbursement Milestone and New Era of Inclusive Lending in Nigeria

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For decades, Nigeria’s credit system posed significant challenges for small businesses and low-income earners, who often struggled to qualify for loans. Traditional banks demanded collaterals, guarantors, and endless paperwork, effectively shutting out a large portion of the population working in the informal economy.

FirstBank’s digital lending model flipped the script. With the launch of its digital lending model, the bank eliminated collateral requirements and slashed approval times from weeks to under five minutes. Loans now flow through multiple channels including *894# (the Bank’s USSD service), FirstMobile, LitApp, and the FirstMonie agent network, reaching market traders, civil servants, rural farmers and everyday individuals.

When FirstBank disbursed its first instant digital loan in August 2019, the transaction seemed like a bold experiment in tech-driven finance. Today, just six years later, the 131-year-old financial institution has announced cumulative disbursements of over N1 trillion in digital loans, a milestone that redefines the scale of retail digital lending in Nigeria’s financial services industry. This achievement reflects a deep shift in the way and manner Nigerians (salary earners, small and medium scale entrepreneurs, and the financially excluded) access loans. Credit, once a privilege for the wealthy or formally employed, is now a tap away for millions of Nigerians. FirstBank is helping people to grow their businesses, seize opportunities, and stay afloat in challenging times.

The numbers tell a compelling story: over 1.5 million unique borrowers have accessed loans through FirstBank’s digital platforms. For a banking system historically constrained by bureaucracy, and rigid risk models, the existence of collateral-free, instant digital loans comes as a relief. FirstBank has tapped into an unmet demand that traditional lending channels have struggled to capture. Its digital lending ecosystem, designed with Artificial Intelligence and Machine Learning, is tailored to assess high-risk segments that conventional credit scoring often overlooks.

In Nigeria, where over 40 percent of the adult population are still underbanked or completely unbanked, FirstBank is reshaping what inclusion looks like. The issue is not that Nigerians lack ambition or the ability to repay loans; it is that traditional banking systems have long struggled to assess their creditworthiness. Legacy models simply could not capture the financial realities of people outside the formal economy.

FirstBank is rewriting that narrative. Through a range of digital loan products (FirstAdvance for salary earners, FirstCredit for individuals without formal employment, and Agent Credit for micro-businesses operating within the FirstMonie Agent network), the bank is showing how financial inclusion can be scaled with smart, data-driven tools. These products are tailored to meet people where they are, using technology to bridge gaps that paperwork once made impassable.

FirstBank’s digital lending strategy deeply aligns with Nigeria’s broader financial inclusion goals. The 2023 EFInA Survey Report on Access to Financial Services in Nigeria (A2F) shows that 64 percent of the Nigerian population is now formally included in the financial system. Much of this progress is thanks to the increased adoption of mobile money and digital financial services, which are making banking accessible even in the most remote corners of the country.

The implications for micro, small, and medium enterprises (MSMEs) are profound. According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), MSMEs contribute nearly 50 percent to the country’s GDP and employ over 80 percent of the labour force, yet access to formal credit remains one of their greatest constraints. Through Agent Credit, FirstBank empowers small traders, artisans, and shopkeepers, many in areas far from any bank branch, with quick, affordable capital. This redistribution of financial access fosters economic participation and resilience at the grassroots.

The significance of this model extends beyond Nigeria. Across Africa, where an estimated 350 million adults lack access to formal financial services, FirstBank’s model offers a blueprint. African banks can leverage existing mobile adoption, behavioural data, and agent networks to build credit ecosystems suited to local realities, utilising digital lending as a bridge between exclusion and empowerment. It is proof that banks can be more than just gatekeepers; they can be catalysts for inclusive growth.

Industry analysts see FirstBank’s digital lending milestone as part of a broader evolution in Nigeria’s digital economy. In the past decade, the proliferation of mobile banking and agent banking has pushed the boundaries of accessibility. Yet, access to credit has remained a stubborn bottleneck. While savings and payment platforms grew quickly, lending stayed cautious. Banks were held back by the risk of defaults, weak identification systems, and limited credit histories. FirstBank is showing how that equation can be changed. By using data aggregation, alternative credit scoring models, and digital channels, the bank is unlocking new ways to assess risk and extend credit more confidently.

However, scaling digital credit also raises questions about sustainability and customer protection. In Kenya, for example, the rapid growth of digital loans over the past decade led to concerns about over-indebtedness, data privacy, and predatory lending practices by unregulated operators. Nigeria’s regulatory environment will need to balance innovation with safeguards, ensuring that customers are included and protected. FirstBank is ahead on this, leveraging AI not only for loan approvals but also for proactive risk management, ensuring defaults are minimised and repayment behaviour is nurtured responsibly.

Another dimension is the competitive landscape. Many fintech lenders have built reputations on offering fast, collateral-free loans. Yet, their model has often been characterised by exploitative interest rates and coercive repayment tactics, and regulatory headwinds. FirstBank, with its balance sheet strength, established reputation, and nationwide presence, has a competitive edge in blending the agility and flexibility of fintech with the resilience of traditional. With over N1 trillion digital loans successfully processed, the bank demonstrates the ability to serve Nigerians with speed while providing a level of institutional trust many customers still value.

The milestone also reflects a cultural shift in how Nigerians relate to their banks. For decades, traditional banks were perceived as conservative institutions, more interested in corporate customers than on individuals struggling with school fees, rent, or working capital for their shops. By embedding loan access into its digital channels and the FirstMonie Agent network, FirstBank has repositioned itself as a partner in everyday life. Whether customers use smartphones or basic feature phones, they now have equal access to credit and are no longer sidelined by technology gaps or administrative hurdles.

From an economic perspective, the ripple effects of FirstBank’s digital lending ecosystem are far-reaching. Beyond consumption smoothing for households, instant digital loans catalyse economic activity in local markets. Traders can restock quickly, farmers can purchase farm inputs when they are needed, and artisans are able to meet unexpected orders. When aggregated, these micro-impacts contribute to broader productivity and growth, helping to stabilise the informal economy that forms the lifeblood of local commerce.

As FirstBank marks this landmark achievement, it also confronts the responsibility that comes with scale. Digital lending at this magnitude is not merely a product line; it is a public utility shaping how millions experience financial security. Sustaining this momentum will require continuous innovation and a firm focus on customer empowerment, values that are deeply ingrained in the bank’s DNA.

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Access Sets New Benchmark for Nigeria’s Finance Talent Pipeline

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New data from CFA Society Nigeria is reshaping how the country’s financial sector thinks about talent development, with Access emerging as the single largest source of CFA candidates in Nigeria, a distinction industry watchers say signals a deeper shift in how leading institutions are building investment expertise from within.

In its Where Nigeria’s Finance Professionals Work series, published in a national daily, CFA Society Nigeria placed Access first among employers of CFA candidates nationwide, with 82 candidates enrolled in the programme, more than double the 38 recorded at the next-placed institution and well ahead of every other bank or financial services firm on the list.

Access also ranked second among employers of CFA charterholders, with 11 professionals who have completed all three levels of the Programme and met its experience and ethics requirements.

For an industry that has long measured itself by balance sheet size and branch count, the rankings point to a different kind of competition: one over who is building the deepest bench of certified, globally credentialed talent. CFA Society Nigeria compiled the data from its Salesforce Membership Database as at June 2026, and described the exercise as a way of recognising employers whose people “bring rigour, integrity and global best practices into the workplace every day.”

Analysts following the sector say the outcome is notable less for the ranking itself than for what it suggests about talent strategy across Africa’s financial services industry. A single institution developing more aspiring charterholders than the rest of the market combined raises the floor for professional standards nationally, not just within one balance sheet. Every candidate who advances through the CFA Programme adds to a shared pool of ethics-trained, analytically rigorous professionals that Nigeria’s capital markets, pension funds and asset managers all eventually draw from.

Access Holdings Group Chief Executive Officer, Innocent C. Ike, commenting on the rankings, framed the achievement in terms of institution-building rather than recruitment: “Every candidate on that list represents our commitment to building institutions and professionals that endure.” The remark echoes a broader thesis increasingly voiced by market observers, that talent depth, not scale alone, is what will determine which African financial institutions earn lasting global credibility.

That distinction sits at the centre of Access’s stated ambition to become the World’s Most Respected African Financial Services Group. If the CFA numbers are any indication, the Group’s route to that goal runs less through square metres of branch network and more through the calibre of the people sitting inside it, a bet that Nigeria’s finance professionals, and the institutions that will one day hire them, are already placing alongside Access.

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UBA Partners Mikano to Launch Auto Financing Scheme

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has partnered Mikano Motors to launch an auto financing scheme, themed: ‘Drive Your Dream Today’, specifically designed to ease the purchase of new vehicles by making them more accessible to Nigerians. The flexible Financing solutions Initiative, requires customers to make an initial payment of just 30 percent while the Bank finances the remaining 70 percent.

Unveiled at the Mikano Motors showroom in Victoria Island, Lagos, the scheme allows eligible customers to repay the financed amount in instalments over a period of 36 months at an interest rate of 23 percent.

The financing is available to a broad range of customers, including individuals who are not on a salaried income, providing entrepreneurs, and other eligible Nigerians with a structured pathway to vehicle ownership.

The process begins with a simple eligibility check. Interested customers can visit their nearest UBA branch or email consumerlending@ubagroup.com to confirm their eligibility. Once approved, customers can proceed to Mikano Motors to obtain a proforma invoice for their preferred vehicle and continue with the financing process.

Speaking at the launch, UBA’s Group Executive Director, designate, Personal and Business Banking, Chidi Okpala, said the partnership reflects the Bank’s commitment to making everyday aspirations more attainable while promoting a stronger credit culture and advancing financial inclusion.

“Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable,” Okpala said. “A customer puts down 30 percent, we finance the rest, and they pay us back comfortably over a three years period. By removing the single biggest barrier to vehicle ownership where a customer just commits with an upfront cost, we are showing what customer-first banking looks like in practice, which is making their lives easier, by meeting our customers where they are and helping them get where they want to be.”

Also speaking, UBA’s Group Head, Consumer Lending, Frank Okoh, said the scheme was designed to make vehicle financing straightforward and accessible to both salaried and self-employed customers.

“We have kept the entry simple and the terms clear, whether you earn a salary or run your own business,” Okoh said. “A short eligibility check at any branch or by email is all it takes to begin, and our team guides the customer through every step to the moment they collect their keys.”

For Mikano Motors, the partnership provides an opportunity to extend its vehicle ownership proposition to a wider pool of Nigerians

The company’s General Manager, Tarek Mostafa, said the collaboration aligns with Mikano Motors’ vision of providing customers with a high-end ownership experience supported by reliable after-sales services.

“Mikano Motors was established to give Nigerians a high-end ownership experience, from the showroom to years down the road,” Mostafa said. “The backbone of any automotive business is not just the sale, but the after-sales service that follows. Every vehicle we sell is backed by genuine spare parts, reliable maintenance and quality service available anywhere in the country. Wherever you are we would come meet you at no extra cost”

“Partnering with UBA lets more customers enjoy that experience, and we are proud to build lasting relationships alongside a bank that shares our commitment to service,” he added.

Established in 2018 under Mikano International, Mikano Motors builds on more than 35 years of the group’s presence in Nigeria. The company offers a diversified portfolio of vehicles supported by nationwide sales and after-sales services.

The partnership further strengthens UBA’s consumer lending proposition, providing customers with structured financing solutions designed around accessibility, affordability and convenience. Through partnerships such as this, the Bank continues to expand access to credit while helping customers meet significant personal and lifestyle needs with ease.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

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Access Bank Issues Disclaimer, Says Shutdown Notice False, Misleading

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Access Bank Plc has said that a social media post announcing a shutdown of the bank’s operations, is false and misleading.

In a statement signed by the bank’s management, and made available to the media, the Bank insisted that the notice is the handiwork of mischief makers, who impersonated the bank’s official handle.

It advised members of the public to disregard the notice, and pay attention only to verified information from the verified accounts of the bank.

Below is the full statement:

“A message impersonating Access Bank’s official handle is currently circulating on social media and WhatsApp. It is false and misleading.

“We wish to reassure our customers, partners, stakeholders, and the public that Access Bank is safe, financially strong, and fully operational across all our subsidiaries. Our services continue to run seamlessly, and we remain committed to serving our customers with the highest standards of excellence.

“We are working closely with the relevant regulatory and law enforcement authorities to identify those responsible for creating and spreading this false information to cause panic and business disruption. Appropriate legal action will be taken in accordance with applicable laws and regulations.

“We also remind members of the public that creating, publishing, and disseminating false information capable of causing public alarm, damaging reputations, or undermining confidence in institutions constitutes an offence under Section 24 of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024.

“If you receive a false and misleading message, please do not share or forward it. Instead, disregard it and rely only on information communicated through Access Bank’s official and verified channels.

“We thank our customers, partners, and stakeholders for their continued trust and confidence in Access Bank.”

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