In a major boost for financial inclusion and digital innovation in Africa’s banking sector, FirstBank has announced that it has disbursed over ₦1 trillion in instant digital loans since launching its digital lending service in 2019. The bank currently disburses around ₦1 billion daily, offering quick, collateral-free credit to millions of Nigerians via its AI-powered platform.
The milestone, disclosed in a statement on Friday, reflects FirstBank’s ongoing investment in a technology-driven credit ecosystem. Launched in August 2019, the bank’s digital loan service was developed using Artificial Intelligence (AI) and Machine Learning (ML) to expand access to finance, particularly for individuals considered high-risk or traditionally excluded from formal credit systems.
According to FirstBank, more than 1.5 million unique borrowers have accessed instant and secure credit through its digital channels, underlining its position as a leading force in Nigeria’s digital lending space.
Commenting on the achievement, Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, stated:
“This success underscores our ongoing commitment to innovation and a customer-focused approach, which are central to FirstBank’s core values. Beyond achieving substantial figures, we remain dedicated to fostering opportunities for financial independence across Nigeria in particular, and in Africa at large.”
He emphasized that the bank will continue scaling its digital lending capabilities to better serve underserved and excluded segments of society while ensuring risk is effectively managed.
FirstBank’s digital loan offerings require no collateral, zero documentation, and involve no human intervention, making access to credit faster, more secure, and fully automated. The system is accessible through multiple digital channels, including the bank’s mobile app and USSD platforms, allowing customers across various income groups to access funds in real-time.
This development is particularly significant for micro, small, and medium-sized enterprises (MSMEs) across Nigeria and Africa. Access to credit remains one of the biggest barriers to growth for small businesses. FirstBank’s AI-powered lending platform provides a scalable solution by removing traditional bottlenecks such as paperwork, collateral, and long approval timelines.
As Africa continues its push toward a more inclusive digital economy, FirstBank’s model demonstrates how technology can be leveraged to bridge the finance gap, support business resilience, and empower financially marginalized populations.
