FirstBank Disburses N17bn Loans through FirstAdvance

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First Bank of Nigeria Limited has announced that it has disbursed loans worth over N17 billion to individuals across the country.

The loan disbursement is carried-out through FirstAdvance, its digital lending solution.

According to a statement, FirstAdvance was 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.

Processing a loan with FirstAdvance is implemented in less than a minute and it is accessed in two ways, the USSD code; *894*11# or the Bank’s recently upgraded mobile banking application, FirstMobile. Customers are advised to upgrade their FirstMobile App to the latest version on android and ios for requests via the App.

“Further to its pursuit of providing options to Nigerians across all income bands, FirstBank’s also offers Personal Loan Against Salary (PLAS) to individuals in paid employment who need long term loan to meet their financial obligation more especially as the economy returns to normalcy post COVID-19 pandemic and as schools resume. FirsBank’s Personal Loan guarantees a convenient repayment plan of up to 60 months.

“Meeting the needs of our customers have 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,” FirstBank’s Deputy Managing Director, Gbenga Shobo said.

He added: “We are excited that FirstAdvance has been added to the channels through which we deepen financial inclusion as it is no doubt an expansion of our commitment and support to every household in the country.”