First Bank Disburses N17bn Loans Via e-platform

First Bank of Nigeria Limited has said it disbursed over N17bn loans to individuals across the country through digital solutions.

The bank said this in a statement on Wednesday entitled ‘First Bank reinforces its financial inclusion drive; disburses over 17bn naira loans through FirstAdvance.’

It said the loan disbursement was carried out through FirstAdvance, its digital lending solution.

The bank said, “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.

“In barely a year since the launch of FirstAdvance, over 128,000 unique customers in over 782,996 successful transactions have so far benefitted from loans.”

It said processing a loan with FirstAdvance was implemented in less than a minute and it was accessed in two ways, namely its USSD code and mobile banking application.

The bank said customers were advised to upgrade their FirstMobile App to the latest version on android and IOS for requests via the app.

First Bank said it also offered personal loans against salary to individuals in paid employment who needed long-term loan to meet their financial obligations, more especially as the economy returned to normalcy.

It stated that the personal loan guaranteed a convenient repayment plan of up to 60 months.

The Deputy Managing Director, First Bank, Gbenga Shobo, said, “Meeting the needs of our customers has 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.