FirstBank leads digital lending charge with FirstCredit

FirstBank acting MD Olusegun Alebiosu

First Bank of Nigeria (FirstBank) has introduced FirstCredit as a groundbreaking digital lending solution designed to meet the demands of Nigerians.

With the increasing penetration of mobile phones and internet access, more Nigerians are embracing digital solutions for their financial needs.

This trend has been further amplified by the COVID-19 pandemic, which necessitated minimal physical contact and prompted a surge in digital transactions.

Digital banking offers numerous advantages, including convenience, speed, and accessibility. For many Nigerians, especially those in remote areas, digital banking services have provided unprecedented access to financial tools and resources. However, despite these advancements, a significant gap remains in the availability of quick and hassle-free credit facilities. This is where FirstCredit steps in.

FirstBank said FirstCredit emerges as a beacon of innovation in a country where traditional lending processes are often bogged down by paperwork, collateral requirements, and lengthy approval times.

It addresses several critical needs, including accessibility, speed, simplicity, and flexibility.

Some of the features of FirstCredit include easy access via USSD, no documentation or collateral, immediate disbursement, flexible repayment, and eligibility criteria.

FirstBank said the move towards digital lending is not just a strategy for retaining market share but also a means to drive business growth and profitability. By leveraging technology, banks can offer personalised, efficient, and scalable financial services that meet the evolving needs of their customers, which FirstBank said it has taken advantage of.

The bank said digital lending solutions like FirstCredit can have a transformative impact on Nigeria’s economy, empower small businesses with the capital they need to grow, support individuals in financial need, and foster a more inclusive economic environment.