FirstBank daily loan payouts hit N1bn milestone

First Bank of Nigeria Limited has crossed a significant digital lending threshold, recording a historic N1bn single-day disbursement on its flagship salary-backed digital loan product, FirstAdvance. The financial institution announced on Monday that the breakthrough underscores a sharp increase in consumer reliance on automated, short-term credit lines to navigate immediate cash flow pressures without traditional collateral bottlenecks. The bank noted that the rapid scaling of its credit product reflects deep institutional trust in its digital platforms and the effectiveness of its integrated service delivery model across West Africa. Speaking on the development, the Group Executive, eBusiness and Retail Products at FirstBank, Chuma Ezirim, said, “Achieving N1bn daily disbursement is a remarkable milestone for FirstAdvance and a testament to the strength of our digital capabilities and team collaboration at FirstBank. We will continue to empower our customers with quick and convenient access to credit, while continuously enhancing their overall banking experience.” The N1bn single-day peak comes on the heels of a broader multi-year retail expansion strategy by the premier lender. In 2025, the bank celebrated hitting N1tn in cumulative digital loan disbursements, driven by data-backed credit scoring models that assess creditworthiness in real-time. By leveraging alternative electronic channels, including its USSD platform, FirstMobile app, LitApp, and the extensive FirstMonie Agent network, the bank allows salary earners to access short-term credit lines in less than one minute without physical paperwork. Related News United Capital acquires 5% stake in NGX Group CBN bets on digital payments for economic transformation CBN orders banks to localise payments data Market watchers attribute the surge in automated lending to a shifting macroeconomic environment where consumers increasingly rely on instant micro-credit to manage short-term billing cycles, emergencies, and utility variations. “This achievement further strengthens FirstBank’s leadership position in retail and digital banking, demonstrating the bank’s ability to leverage technology to meet evolving customer needs while driving financial services access and economic participation”, Ezirim added. To balance its exposure across non-salaried demographics, the bank has scaled alternative digital credit products alongside its main salary loan offering. These include FirstCredit, which targets non-salaried individuals gainfully engaged in daily commercial trade, and AgentCredit, a specialised one-day liq