Nigeria’s oldest bank, First Bank of Nigeria Limited said it has made provision of loans of up to N1 million to its Firstmonie agents.
This, the bank said, is in furtherance of the need to promote the business of the Firstmonie agents.
The bank has over 86,300 Firstmonie Agents, spread across the country’s 772 council areas.
With its location in every neighbourhood, Firstmonie agents have been integral to filling the financial exclusion gap, providing convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments that have no access to financial services.
The bank says its financial inclusion activities is in line with the mandate of the Central Bank of Nigeria (CBN) to ensure the availability of affordable financial products and services to individuals and groups of people in the country; irrespective of location, literacy levels, familiarity with technology and accessibility to modern infrastructural facilities. The Firstmonie Agent channel is among the bank’s many initiatives to expand financial access in the country.
Appreciating the Firstmonie agents, Group Executive, e-Business and Retail Products, First Bank, Chuma Ezirim, said: “The roles played by our Firstmonie Agents in promoting businesses across the nooks and crannies of the country cannot be overemphasized as they have continued to set the pace in extending financial inclusion to communities with little or no access to financial services.
“With our Firstmonie Agents in every neighbourhood, several communities have witnessed a surge in business and financial activities, which is contributory to national growth and development. We commend our Agents and are delighted to support them with credit facilities, which they can access 24 hours a day in less than two minutes.”