FirstBank has announced that it has disbursed N1tn in instant digital loans.

This was disclosed in a statement on Friday.

FirstBank launched its first digital loan service in August 2019 and has developed a robust digital lending ecosystem designed with Artificial Intelligence and Machine Learning, to improve access to finance, especially to the high-risk customer segment.

Through its different products, FirstBank said that 1.5 million unique borrowers enjoyed instant and secure access to credit.

Regarding this milestone, Group Executive, e-Business & Retail Products at FirstBank, Chuma Ezirim, said, “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.’

“We value the trust our customers place in us to support their financial aspirations. Our efforts to advance digital lending will persist, especially to the excluded and underserved customer segments, while effectively managing risks in the process.”

FirstBank said that it currently disburses about N1bn daily in digital loans. The lender created a multi-channel loan disbursement service that requires no collaterals, zero documentation and is void of human interactions.