Nigeria: First Bank Unveils N1 Million Loans for 86,300 PoS Agents

First Bank of Nigeria Limited has announced the provision of loan facilities of about N1 million each to 86,300 Firstmonie banking agents across the 774 local government areas nationwide.

A statement from the bank said Firstmonie agents have been integral to filling the financial exclusion gap, especially across suburbs and remote environments that have no access to financial services.

It also said the bank's financial inclusion activities are in line with the mandate of the Central Bank of Nigeria (CBN) to ensure the availability of affordable financial products and services nationwide.

Appreciating the Firstmonie agents, the Group Executive, e-Business & Retail Products of the bank, Mr Chuma Ezirim, said: "The roles played by our Firstmonie agents in promoting businesses across the nooks and crannies of the country cannot be overemphasised as they have continued to set the pace in extending financial inclusion to communities with little or no access to financial services."

He further noted that with the 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," he stated.