FirstBank Marks Significant Milestone: ₦1 Trillion In Instant Digital Loan Disbursements

<h4>FirstBank Marks Significant Milestone<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that FirstBank&comma; a leading financial institution and provider of financial inclusion services in West Africa&comma; announces the achievement of ₦1 trillion in cumulative instant digital loan disbursements&period;<&sol;p>&NewLine;<p>This accomplishment further consolidates the Bank’s reputation for innovation&comma; leadership in financial inclusion&comma; and commitment to customer empowerment within&period;<&sol;p>&NewLine;<p>Since its inaugural digital loan in August 2019&comma; FirstBank has developed an unconventional and robust digital lending ecosystem designed with Artificial Intelligence and Machine Learning&comma; to improve access to finance&comma; especially to the high-risk customer segment&period;<&sol;p>&NewLine;<p>The Bank created a multi- channel loan disbursement service that requires no collaterals&comma; zero documentation and is void of human interactions&period;<&sol;p>&NewLine;<p>Through its FirstAdvance&comma; FirstCredit and AgentCredit products&comma; 1&period;5 million unique borrowers enjoyed instant and secure access to credit&period; This is irrespective of whether they are salary earners&comma; non-salary earners&comma; or micro business owners&period;<&sol;p>&NewLine;<p>They also have the convenient options of accessing these loans through platforms such as &ast;894&num; &lpar;FirstBank’s USSD service&rpar;&comma; FirstMobile&comma; LitApp and the FirstMonie Agent App&period;<&sol;p>&NewLine;<p>Regarding this milestone&comma; Chuma Ezirim&comma; Group Executive&comma; e-Business &amp&semi; Retail Products at FirstBank&comma; stated&colon; <em><strong>&OpenCurlyDoubleQuote;This success underscores our ongoing commitment to innovation and a customer-focused approach&comma; which are central to FirstBank’s core values&period;<&sol;strong><&sol;em><&sol;p>&NewLine;<p><em><strong>&&num;8220&semi;Beyond achieving substantial figures&comma; we remain dedicated to fostering opportunities for financial independence across Nigeria in particular&comma; and in Africa at large&period;’’<&sol;strong><&sol;em><&sol;p>&NewLine;<p>He added&comma; <em><strong>&OpenCurlyDoubleQuote;We value the trust our customers place in us to support their financial aspirations&period; Our efforts to advance digital lending will persist&comma; <a href&equals;"https&colon;&sol;&sol;www&period;vanguardngr&period;com&sol;">especially<&sol;a> to the excluded and underserved customer segments&comma; while effectively managing risks in the process&period;”<&sol;strong><&sol;em><&sol;p>&NewLine;<p><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">FirstBank<&sol;a> currently disburses about N1 Billion daily in digital loans&comma; demonstrating its commitment to fostering an inclusive&comma; technology-driven future for Nigerians&period;<&sol;p>&NewLine;<p>By consistently investing in advanced technologies and developing customised financial solutions&comma; the Bank seeks to improve the financial well-being of individuals and businesses across the nation&period;<&sol;p>&NewLine;