FirstAdvance: First Bank disburses N17 billion loans to aid businesses

FirstAdvance, FirstBank’s financial inclusion initiative, has over N17 billion as loans to individuals, across the country.

The loan disbursement is carried-out through FirstAdvance, its digital lending solution.

Folake Ani-Mumuney,  the bank’s Group Head, Marketing & Corporate Communications says in a statement that  FirstAdvance is designed to offer a convenient and easy access to cash for salary earners whose accounts are domiciled with FirstBank and have received regular salaries for two months, prior to the loan request.

According to the bank,  “FirstAdvance is  barely a year. Since the launch, over 128,000 unique customers in over 782,996 successful transactions have so far benefitted from loans.”

The statement added that “Processing a loan with FirstAdvance is implemented in less than a minute. It is accessed in two ways, the USSD code; *894*11# or the Bank’s recently upgraded mobile banking application.

The bank however, advises its  FirstMobile customers to upgrade their FirstMobileApp. They could upgrade to the latest version on android and ios for requests via the App.  

Said the bank “In providing options to Nigerians across all income bands, FirstBank’s also offers Personal Loan Against Salary (PLAS). PLAS is for individuals in paid employment who need a long-term loans to meet their financial obligation. This is especially so as the economy returns to normalcy post COVID-19 pandemic and as schools resume. FirsBank’s Personal Loan guarantees a convenient repayment plan of up to 60 months.

PLAS

“Meeting the needs of our customers have always been our priority and we are delighted with the volume of loans disbursed to Nigerians as it reinforces the confidence of Nigerian workers in FirstAdvance, our digital lending solution and also our long-term offerings through Personal Loans for people in paid employment” said Gbenga Shobo, FirstBank’s Deputy Managing Director.   

“We are excited that FirstAdvance has been added to the channels through which we deepen financial inclusion. This is no doubt an expansion of our commitment and support to every household in the country,” he concluded.    

Business owners and individuals who are salary account holders with FirstBank and in need of quick loan to cater for pressing need should  “dial 894*11# or initiate your loan request via FirstMobileApp to make that need a reality.”