FirstBank hits N1.4 trillion in digital loans

FirstBank disclosed that it has disbursed a total of N1.4 trillion in digital loans since the start of its online lending programme, and that monthly digital loan payouts reached N30 billion in August 2026. The figures show that more than 26 million customers have signed up on the bank’s digital channels, which include FirstMobile, FirstOnline, the LIT App, FirstMonie, USSD banking and other self-service platforms.

Olusegun Alebiosu, managing director and chief executive officer of FirstBank Group, said the bank’s digital lending business reflects the growing part technology takes in delivering credit and other financial services to millions of Nigerians. He spoke on the theme "From Enduring Legacy to Digital Leadership: Powering Nigeria’s Next Financial Renaissance", noting that banks bring institutional trust and risk-management expertise while fintech firms contribute speed and customer-focused solutions. Alebiosu warned that the rapid expansion of digital finance raises security concerns. He identified cybercrime, weak infrastructure, low digital literacy and fragmented platforms as key constraints. He urged the industry to move beyond isolated security measures and adopt coordinated fraud-monitoring, intelligence sharing and stronger digital identity verification, stating that "fraudsters collaborate. The industry must collaborate even faster."

The executive also called for shared payment infrastructure, responsible artificial intelligence, and enhanced financial-literacy programmes to improve inclusion for underserved communities and small businesses. He highlighted that over 107 million Nigerians are online and more than 150 million have mobile connections, but stressed that technology alone will not create inclusion without education and reliable services. FirstBank is investing in technology-enabled customer service through its Digital Xperience Centres, which feature humanoid robots, artificial intelligence, video banking, contactless banking and automated self-service facilities.

Alebiosu said the bank will continue to invest in responsible AI, secure digital platforms and strategic partnerships aimed at small businesses, entrepreneurs, rural areas and other underserved segments. The bank was the headline sponsor of Nigeria Fintech Week 2026, the ninth edition organised by the Fintech Association of Nigeria. Alebiosu affirmed FirstBank’s commitment to work with regulators, telecom operators, fintech companies and other ecosystem participants to support innovation and expand access to financial services across the country.