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The Securities and Exchange Comission (SEC)  has stressed the need for Nigeria to harness its demographic dividend to advance financial inclusion through investments by 2030 for national survival or face deepening inequality.
The Director-General of the SEC, Dr Emomotimi Agama, said this at the United Capital Asset Management Investment forum on Wednesday in Lagos.
Agama, in his keynote address titled: “Advancing Financial Inclusion through Investments: Bridging
Nigeria’s Knowledge and Wealth Gap,” said Nigeria must harness its demographic dividend to boost investment.
“Our theme, Advancing Financial Inclusion through Investments, is not aspirational; it is foundational to national survival.
“We stand at a pivotal moment. By 2030, Nigeria can either harness its demographic dividend or face deepening inequality. The knowledge-wealth gap is not merely an economic challenge; it is a moral imperative,” Agama said.
He said the term inclusion should be reframed as active financial involvement, where access meets empowerment, and capital becomes a tool for transformation.
Agama said that closing the financial inclusion gender gap could lift 700,000 Nigerians from poverty.
He said, “Nigeria has a great population yet we have a tiny drop of this number of persons involved in the capital market.
Thats one reason for poverty, because we are running from money. We have to do something. Our market capitalisation is an opportunity to do something,
We all have
“We need to change the narrative and move the market forward. We must reach out to make the difference. We are committed to protecting investors and developing the market. Our goal is to do the right thing no matter whose ox is gored. We will work by the principles of fairness and equity to change the market. We will provide a fair ground for everyone to aspire.
He noted that MTN Nigeria’s share offering drew 150,000 new investors – 75 per cent women, 85 per cent under 40.
Agama recommended a four-pillar strategy for bridging the gaps.
He listed the four-pillar strategy as democratisation of financial knowledge, catalyse MSME Investment Channels, blended Finance Vehicles: Partner with Bank of Industry (BOI) to de-risk loans for women-led SMEs.
“We need to educate people about finances. As we drive this market, we do so for a purpose, I enjoin everyone to be the disciple and the apostles. Getting this market to move is a deliberate action” He added.
Online Poster by — June 25, 2025 in Capital Market 0
United Capital Unveils Two New Mutual Funds To Empower Investors In Francophone West Africa

Photo Caption: L-R: Labas Bamba, CEO, United Capital Asset Management West Africa; Chika Mordi, Chairman, United Capital Plc; Tony O. Elumelu, CFR, Group Chairman, Heirs Holdings; Peter Ashade, Group CEO, United Capital Plc; Ejikeme Okoli, Director, Africa Operations, United Capital Plc; at the launch of United Capital Asset Management West Africa Limited.

United Capital Plc has officially commenced operations of its latest subsidiary, United
Capital Asset Management West Africa Limited (UCAMWAL) with the launch of two
CFA franc-denominated mutual funds: the UCAMWAL Bond Fund and the UCAMWAL
Diversified Fund, in Abidjan, Côte d’Ivoire.

A statement explained that this milestone marks a significant step in the
Group’s strategic pan-African expansion and signals a kickstart of the operations of
the newly launched subsidiary.
The new mutual funds, denominated in CFA francs, represent a significant milestone in UCAMWAL’s mission to deliver sophisticated yet accessible wealth management solutions to investors throughout Francophone West Africa.

These products have been
carefully designed to meet the diverse needs of both individual and institutional
investors, offering tailored support to long-term wealth creation while addressing
varying risk appetites.
The funds will be available for intending customers across the eight member countries

  • Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo
    within the WAEMU Region.
  • The UCAMWAL Bond Fund is a low-risk, open-ended fund that focuses on fixedincome
    and money market instruments, making it ideal for steady capital
    preservation and long-term wealth building. This fund is particularly suited for
    conservative investors who prioritize capital preservation while seeking steady,
    consistent returns.
  • The UCAMWAL Diversified Fund provides investors with a balanced risk
    approach through strategic allocation across multiple asset classes by
    investing across fixed income assets, money market instruments, and equities.
    It is targeted at investors seeking a balance of capital appreciation and
    income diversification over the long term.
    Commenting on the significance of the launch of the products, the Group Chief
    Executive Officer, Mr. Peter Ashade, had this to say:
    “This product launch signals the kick-off of the expansion of our pan-African footprint,
    starting with the WAEMU region. As a group, our mission is to shape a more financially
    inclusive and economically resilient Africa, for Africa by Africans. We are here to make
    a difference, and we are bringing our proven investment expertise into this market, to
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    support cross-border investment, and support Africa-driven prosperity.
    This is the beginning of a legacy, for wealth creation, financial empowerment, and a
    new chapter in Africa’s story of innovation, and enduring success.”
    The Director, Africa Operations at United Capital Plc, Mr. Ejikeme Okoli, shared the
    company’s long-term vision for the WAEMU region, saying:
    “Our expansion into WAEMU is about more than presence, it’s about impact. We’re
    building a truly Pan-African financial institution that partners with local economies to
    unlock long-term prosperity. Our strategy is not exploitative but collaborative and will
    harness local insights to create shared value. We aim to deliver tailored financial
    solutions, manage risk effectively, and drive inclusive growth across the region. I invite
    investors to join us on this journey of growth and empowerment, as we stay true to our
    promise of driving progress, delivering value, and powering economic improvement
    across Africa.”
    Also speaking at the launch, Labas Bamba, Managing Director of UCAMWAL, said:
    “Today marks a pivotal step in our mission to reshape asset and wealth management
    in Francophone West Africa. These funds are tailored to meet the distinct needs of our
    investors, blending global standards with local market insight. We recognize that every
    investor’s journey is unique, which is why our solutions are built to support diverse goals
    across different life and business stages.”
    The launch of these funds comes at a critical time for the WAEMU region, as
    governments and the private sector increasingly seek innovative solutions to mobilize
    domestic savings and channel them into productive investments. UCAMWAL’s entry
    into this market is expected to contribute significantly to the development of the
    region’s capital markets while providing investors with professionally managed
    alternatives to traditional savings instruments.
    Backed by a strong track record and trusted legacy of United Capital Plc, which
    manages nearly ₦2 trillion in assets and more than $500 million in mutual funds in
    Nigeria, UCAMWAL is positioned to become a leading investment partner for
    individuals, institutions, and governments across the WAEMU region.
    KEY HIGHLIGHTS
    v United Capital recently launched United Capital Asset Management West Africa
    Ltd (UCAMWAL), its first fully operational subsidiary in Francophone West Africa,
    headquartered in Abidjan, Côte d’Ivoire. The company is licensed to operate as a
    portfolio management company within the WAEMU region.
    v UCAMWAL is licensed by the Financial Markets Authority of the West African
    Economic & Monetary Union (AMF-UMOA), enabling operations across eight
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    WAEMU member countries – Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali,
    Niger, Senegal, and Togo.
    v The subsidiary will provide asset management services, including portfolio
    management, mutual funds, and financial advisory.
    v The newly launched mutual funds – UCAMWAL Diversified Fund and UCAMWAL
    Bond Fund are approved by the Financial Markets Authority of the West African
    Economic & Monetary Union (AMF-UMOA) and open for subscription to investors

Online Poster by — June 20, 2025 in Capital Market 0
Moniepoint Demonstrates Commitment to Nurturing Africa’s Future Leaders

Moniepoint Inc, one of Africa’s leading financial institutions partnered with the Mega Impact Foundation to support the 5th edition of the NextGen Connect Interschool Oratory Competition in Asaba, Delta state. This collaboration showcases Moniepoint’s unwavering commitment to youth empowerment and human capital development across the African continent.
The competition, which was held commemoratively to celebrate this year’s International Day of the Boy Child, brought together SS2 students from across Delta State to address the critical theme: “The Role of Financial Inclusion and Technology in Shaping a Brighter Future for Young People in Africa.” Moniepont has received critical acclaim over its core mission of advancing financial inclusion through innovative digital financial technology solutions and payment services..
The oratory competition showcased exceptional talent among Nigeria’s youth, with Otovo Praise of Crystalloid International School emerging as the champion. His outstanding performance earned him a full-year scholarship through the Tosin Eniolorunda STEM Foundation, reflecting Moniepoint’s philosophy of investing in educational excellence. Second-place winner Audi Innocent of St Patrick’s College received ₦300,000, while third-place winner, Asher David of Glorious Kids Academy was awarded ₦200,000.
“At Moniepoint, we believe that driving sustainable innovation begins with future-proofing and expanding the talent pool by empowering the next generation with the tools that they need to succeed especially basic literacy skills which remain fundamental pillars in socio-economic development,” said Tosin Eniolorunda, CEO Moniepoint Inc.  “These young voices represent the future of African leadership, and their insights into financial inclusion and technology demonstrate the remarkable potential that exists within our communities. Through our various educational and developmental initiatives such as the CAD/CAM lab we donated to OAU last year or the Moniepoint DreamDevs programme, we are betting big on an investment in Africa’s future.”
The initiative extends beyond monetary rewards, creating meaningful platforms for young people to express their ideas on a global stage. Through its support of the NextGen Connect Conference and Tech-In-School conversations, Moniepoint is fostering an environment where youth can develop critical thinking skills, build confidence, and engage with pressing societal issues.
In her remarks, Founder, Mega Impact Foundation, Florence Ogonegbu said that “we reaffirm our commitment to building an Africa where every young person has simplified access to sustainable education, capacity building, and empowerment. By leveraging technology and local initiatives, we are creating platforms that enable our youth to thrive and transform their communities. Together with partners like Moniepoint, we are not just shaping futures—we are driving a movement for social development that will resonate globally. Every boy, every young person, deserves the opportunity to unlock their full potential and drive lasting impact across our continent.”
The competition received additional support from the Ministry of Women Affairs and Social Development, Delta State, highlighting the collaborative approach required to nurture young talent effectively.
Online Poster by — June 19, 2025 in Capital Market 0
NGX Group, SEC Pursue Capital Market Diplomacy To Deepen Nigeria-China Financial Ties

NGX Group, SEC Pursue Capital Market Diplomacy to Deepen Nigeria-China Financial Ties - Proshare

 

In a strategic move to position Nigeria’s capital market as a catalyst for cross-border investments, Nigerian Exchange Group Plc (NGX Group) and the Securities and Exchange Commission (SEC) have reaffirmed their commitment to fostering cross-border capital market partnerships. Their current engagements in China reflect a broader drive to strengthen Nigeria’s connectivity to global financial markets and attract new investment flows.

 

This commitment was demonstrated at the China-Africa CEO Dialogue, organised by Choice International Group in strategic collaboration with NGX Group. The event took place on the sidelines of the 4th China–Africa Economic and Trade Expo in Changsha, where NGX Group, SEC, and other leading African institutions engaged Chinese corporates, regulators, and financial institutions to explore mutually beneficial partnerships.

 

Speaking at the dialogue, Temi Popoola, Group Managing Director / CEO, NGX Group, noted that deepening capital market partnerships is key to unlocking new investment corridors between Nigeria and China. He highlighted NGX Group’s engagement with institutions such as the Shanghai Stock Exchange and Hong Kong Stock Exchange, aimed at creating pathways for Chinese corporates to raise capital locally, whether through bonds, commercial papers, or equity, to help mitigate currency and operational risks while driving growth in key sectors like manufacturing, ICT, and automotive.

 

“Financial flows are often the missing link in many China-Africa engagements,” Popoola said. “By opening these corridors, we are positioning Nigeria as a hub for cross-border investments and supporting the country’s economic diversification agenda.”

 

From a regulatory perspective, Dr. Emomotimi Agama, Director-General of SEC, reaffirmed Nigeria’s commitment to providing a safe, transparent, and enabling investment environment. “Our job is not just to provide the framework, but to assure investors that if they come to Nigeria, they’ll find justice when they need it. Transparency and credibility are key to building investor confidence. While risk is inherent in every business, our role as regulators is to mitigate those risks and ensure a level playing field,” he stated.

 

Alhaji (Dr.) Umaru Kwairanga, Group Chairman, NGX Group, praised the strategic engagements in China as a testament to NGX Group’s ambition to position Nigeria as Africa’s investment gateway. “At NGX Group, we believe the capital market is pivotal to unlocking Africa’s potential. Our engagement in China reflects our commitment to building bridges between Nigeria and key global markets to deliver long-term prosperity for our stakeholders,” Kwairanga remarked.

 

The dialogue underscored the importance of capital markets in facilitating trade, technology transfer, and industrial development between China and Nigeria. Both NGX Group and SEC pledged to continue championing capital market diplomacy as a tool for sustainable economic growth

Online Poster by — June 16, 2025 in Capital Market 0
CBN Debunks Report On BDC Recapitalisation Deadline

 

CBN debunks report on BDC recapitalisation deadline

The Central Bank of Nigeria (CBN) has debunked a news story in circulation suggesting that the Bank has extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.

 

The CBN, through its Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, described the information as false, misleading, and stated that it should be disregarded.

 

According to her, the Bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025.
She consequently urged the general public, journalists, media platforms, and all stakeholders to consistently verify information directly from official CBN sources, such as the Bank’s website and authorised communication channels, before publishing or sharing news about the Bank and its regulatory directives.

 

The CBN remains committed to ensuring transparency, stability, and compliance in the foreign exchange market and will continue to engage with all relevant stakeholders in accordance with its statutory mandate,” Sidi Ali noted.

 

As part of the revised framework introduced in February 2024, BDCs are required to meet new minimum capital requirements: ₦2 billion for Tier-1 and ₦500 million for Tier-2 operators.

Online Poster by — June 12, 2025 in Capital Market 0

 

The Securities and Exchange Commission (SEC) has warned Nigerians against investing in Punisher Coin, also known as Spun. In a notice on Saturday, the commission said its investigations showed that Spun is a meme coin and its promoters or issuers are not registered to operate in any capacity in the Nigerian capital market. The SEC said meme coins have no use case, value, or projects backing them.

“The attention of the Securities and Exchange Commission (“The Commission”) has been drawn to several online publications advertising an unauthorized presale of Crypto coin termed “PUNISHER COIN” aka “SPUN”,” the statement reads.

“The Commission hereby informs the public that the promoters or issuers of “PUNISHER COIN” aka “SPUN” are NOT REGISTERED to operate in any capacity in the Nigerian Capital Market, and also PUNISHER COIN ($PUN) is not approved by the Commission for issuance to the public.

“Preliminary investigations revealed that PUNISHER COIN ($PUN) is a Meme coin. Meme coins generally have no use case, intrinsic value or tangible projects backing them.

 

“Any attributed value to meme coin is usually linked to its promoters or the community effort which most often than not are susceptible to pump and dump schemes (a form of fraudulent activity that involves promoters spreading false or misleading information to create a buying frenzy that “pumps” up the price of a ‘coin’ and then “dumps” the coin by selling their own coins at the inflated price.”

 

The SEC said once the promoters dump their coins and stops hype, the coin’s price “typically falls and investors lose money”.

 

Accordingly, the agency advised the public to refrain from engaging in the purported presale of Punisher coin, warning that “any person who invests in the scheme, does so at his/her own risk”.

 

“The Commission similarly reminds the investing public of the need to always VERIFY the authenticity of crypto/virtual or digital assets, the registration status of their promoters and trading platforms via the Commission’s dedicated portal: https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/ before engaging in any form of virtual or digital assets investment,” the statement reads.

 

The warning comes amid growing concerns over the rise of crypto-related ponzi schemes in Nigeria.

 

On May 1, the commission warned Nigerians against investing in tofro.com, an alleged illegal investment platform posing as a cryptocurrency trading website.

In April, some Nigerians lost their funds after investing in Crypto Bridge Exchange (CBEX), a digital trading platform.”

Online Poster by — June 9, 2025 in Capital Market 0
Union Bank’s Wlpher Initiative Enabled Business Success At The NBCC’s Entrepreneurship Programme

Union Bank of Nigeria has reiterated its commitment to entrepreneurship and women’s empowerment through its alpher initiative by sponsoring the Nigerian British Chamber of Commerce (NBCC) Women and Youth Entrepreneurship Development Centre (WYEDC) Cohort 2 Programme, which has graduated 125 entrepreneurs who have benefited from firsthand entrepreneurship training and business grants.
Small and medium-sized enterprises (SMEs) in Nigeria account for more than 50% of industrial employment and contribute approximately 48% to the country’s GDP.
This makes entrepreneurship one of the economy’s building blocks and is a testament to Union Bank’s unwavering dedication to national development in partnership with NBCC.
In her welcome speech, the Director General of NBCC, Dr. Ebere Njoku, reiterated NBCC’s commitment to supporting entrepreneurship, women’s empowerment, and youth empowerment, citing these as catalysts for economic development and sustainability.
She appreciated the sponsors, partners and facilitators who devoted their resources and time to upskilling the participants.
The entrepreneurship initiative stemmed from the visionary goal of Mr. Ray Atelly, President and Chairman of the Council, NBCC, FRPA, to provide entrepreneurship and grant opportunities to Nigerian women and youths.
Mr. Atelly told the graduates in his speech, “This is your chance, make sure you take it. Don’t let any obstacle stop you because there will be many; if you let it stop you, your dreams are not strong enough. You need to keep pushing, someday you will sit at the top of a conglomerate and people will aspire to be like you.”
Also in attendance was the NBCC’s Patron, Senator Akin Odunsi, FRPA, who congratulated the Cohort 2 graduates.
 He said, “I encourage all of you not to take the training you have received for granted. Use it as a landmark opportunity to be a beacon of hope to others who look up to you.”
He also urged the Chamber to provide internship opportunities after the six-month entrepreneurship training in organisations for the incoming Cohort 3 and beyond.
He added that the internship experience will give trainees the unique chance to practice what they learned and, in return, benefit the organisations from their acquired skills.
The goodwill message at the graduation ceremony was delivered on behalf of Mrs. Yetunde Oni, Managing Director and Chief Executive Officer of Union Bank of Nigeria, by Mrs. Vivian Imoh-Ita, the Bank’s Head of Retail and SME Business, who appreciated NBCC for the life-transforming training they are providing to the youth and women entrepreneurs.
She further stated, “As a Bank, we understand that when we invest in women and youth entrepreneurs, we are investing in the most powerful catalysts of economic transformation. Through the Bank’s alpher initiative, we have enabled success for women-led businesses. In a volatile economy like Nigeria, the challenges facing entrepreneurs are dynamic and significant. As a Bank, we intend to prove that these barriers are not unconquerable and are growth opportunities.”
Three entrepreneurs, namely Evelyn Ekene Ani of Evani.Ng (First place), Martha Padonu of Beyond Photography (Second place), and Therietta Vershima of La Teriz (Third place) were declared winners of the Union Bank Business Pitch competition held during the graduation ceremony and were rewarded with funding for their businesses.
The Bank’s sponsorship of the training demonstrates its commitment to fostering a vibrant, innovative, and inclusive entrepreneurial ecosystem for women and all individuals.
Note to Editors:
alpher is the correct sentence case in the context of this press release. Please do not write as Alpher at any point.
About Union Bank Plc:
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank offers various banking services to individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.
Online Poster by — June 9, 2025 in Capital Market 0
Union Bank, PAPSS Simplify Cross-Border Transactions

To deliver simpler, smarter banking solutions, Union Bank of Nigeria has partnered with the Pan-African Payment and Settlement System (PAPSS) network, a Financial Market Infrastructure that provides hassle-free and convenient cross-border money transfers to some selected African countries.

This revolutionary payment solution for implementing the African Continental Free Trade Agreement (AfCFTA) is designed to transform how payments are made across Africa.

With PAPSS, customers can send money instantly to Ghana, Kenya, Rwanda, Liberia, Sierra Leone, Gambia, Malawi, Zambia, Zimbabwe, Djibouti, Nigeria and more African countries in the future.

Using PAPPS offers numerous benefits to customers, including, but not limited to, instant payments or transfers, cheaper foreign transaction costs, no need to source FX, enhanced security, and intra-African trade opportunities.

Commenting on this partnership that goes across borders, Peter Amadi, Head of Transaction Banking at Union Bank of Nigeria, said,
” At Union Bank of Nigeria, we are committed to driving innovation and excellence in banking. Our focus is on providing seamless and efficient banking through simpler, smarter solutions that meet the evolving needs of our customers. We believe in fostering strong relationships and delivering exceptional value to our customers, ensuring their success in today’s dynamic financial landscape.”

Mike Ogbalu III, CEO of PAPSS, commenting on this partnership, said
“I am very excited and proud to see Union Bank of Nigeria, a bank with over a century of banking legacy, joining the PAPSS network. This shows how PAPSS will be a game changer for the continent by enabling infrastructure to spur the growth of intra-African trade and commerce, with the active participation of regional economic communities, private sectors, and other stakeholders.”

Union Bank’s partnership with PAPSS marks a significant milestone in the Bank’s commitment to driving innovation and excellence in banking.

By providing seamless and efficient banking solutions through simpler, smarter means, the Bank aims to meet the evolving needs of its customers.

This collaboration enhances the Bank’s service offerings, fosters strong relationships, and delivers exceptional value to customers, ensuring their success in today’s dynamic financial landscape.

Online Poster by — June 3, 2025 in Capital Market 0

Unity Bank Plc has reaffirmed its commitment to advancing electronic payment adoption and financial inclusion by partnering with domestic card scheme provider, AfriGo, to boost card usage across its retail customer segments.

This pledge was made during a high-level strategic business engagement held at Unity Bank’s head office in Lagos on Friday, with AfriGo’s Executive Management team.

Speaking during the session, Unity Bank’s Managing Director/CEO, Mr. Ebenezer Kolawole, stated: “We are committed to making the AfriGo Card a primary delivery channel for Unity Bank. As a national domestic card scheme, it deserves to be promoted both internally and externally as a local solution with significant potential to redefine Nigeria’s card payment landscape.”

Mr. Kolawole also pledged the Bank’s continued support for the adoption of AfriGo cards across its network, while urging AfriGo to intensify awareness campaigns to drive greater market acceptability.

In his remarks, the Managing Director of AfriGo, Ebehijie Momoh, commended Unity Bank for the support it has given the scheme, stating that the Bank ranks among the top five adopters of the AfriGo card and highlighted its growing impact in expanding financial inclusion and improving access to electronic payments.

He noted that AfriGo has continued to innovate with technologies that support instant payments and offline capabilities, ensuring broader access to e-payment systems across underserved markets. He added that partnerships with solutions like Tap & Go have helped boost contactless payment adoption, improving convenience for cardholders who commute for work, business, or leisure.

Momoh expressed optimism about the potential of Unity Bank’s extensive retail network to drive deeper collaboration aimed at enhancing e-banking penetration nationwide.

This collaboration underscores Unity Bank’s enduring culture of digital innovation and its commitment to financial inclusion through homegrown technology. Over the years, the Bank has introduced several digital solutions that demonstrate this commitment.

Notably, Unity Bank pioneered USSD banking, *7799#, in local languages, an initiative aimed at deepening access among underserved rural and semi-urban populations. It also launched Unifi, a youth-focused digital banking platform designed to meet the lifestyle and financial needs of the younger demographic. Most recently, the Bank unveiled GenFi, a gamified mobile banking solution tailored for children and teenagers to cultivate smart money habits from an early age.

Online Poster by — June 2, 2025 in Capital Market 0
Another Milestone Achieved : FirstBank Disburses N1 Billion In One Day , Via Agent Credit Scheme

Firstmonie Agent Credit Scheme is a FirstBank’s digital lending solution designed to empower a wide range of low-income individuals who face barriers in accessing traditional credit channels.

This innovative program offers financial support to Firstmonie Point-Of- Sale agents by enabling them to overcome liquidity challenges and capitalize on new opportunities without disruption in business due to lack of funds in agents accounts.

The Agent Credit scheme is aimed at bridging financial gaps and solving liquidity challenges, resulting from depleted account balances, even when the Agents have physical cash at hand.  The scheme helps them to run business effectively by providing digitalized loans which is convenient, seamless and easily accessible via the Firstmonie App.

Agent Credit is a groundbreaking innovation that elevates the Agent experience. This game-changing scheme digitalise loan application processes and enables agents access to digital loans with greater ease. By proffering varieties of value-added services for Agents this unlocks new business opportunities, eliminates lengthy payment delays, and provides agents with instant access to loans, hence revolutionizing the way they operate and assures their entrepreneurial success.

For over 131 years, FirstBank has been a giant advocate for their customers, enabling their success by providing a secure and trustworthy environment for their financial transactions. Agent Credit is a testament to FirstBank’s commitment to empowering their agents and elevating their business experience.

Reiterating the Bank’s role in deepening financial inclusion in the country, Chuma Ezirim, Group Executive, e-Business & Retail Products, said “With this innovative solution, we are bridging the financial gap and providing our agents with the necessary tools to succeed in today’s fast-paced market. By extending credit facilities with a low interest rate, increasing eligibility loan amount as transaction increases and streamlining loan application processes, we are confident that Agent Credit will revolutionize the way our agents operate, enabling them to reach new heights of success and growth. FirstBank remains committed to financial literacy and inclusion, empowering individuals and communities to manage their finances effectively”.

The creation of Firstmonie Agents was in compliance with the Central Bank’s directive for all banks to expand banking to all the unbanked areas of the country in order to create financial inclusion across the nation.

By expanding financial services to rural areas, FirstBank creates employment opportunities and drives economic growth.
The presence of banking agents in all the nooks and crannies of the nation was accomplished by FirstBank within a short period of time such that by December 2021 they had covered 772 out of the existing 779 Local Government Areas in Nigeria.
These services help businesses grow and innovate, while initiatives like Agent Credit promote financial inclusion, education, and access to financial services, ultimately contributing to economic development.

Since the creation of Agency Banking, the ease of access to business and indeed personal funds has been great.   Many lives were lost in the past through travels from villages or rural settlements to the city in order to use banking facilities. Today, “Mobile ATMs” as the agents are fondly called are equipped to carry out services which includes account opening, cash deposit, cash withdrawal, bills payment, and money transfers.

 FirstBank has undergone several transformations, constantly adapting to the changing financial landscape, pioneering various banking solutions to meet the needs of its diverse customer base. The bank’s retail banking division has been instrumental in providing accessible financial services, contributing to the nation’s economic development.
The scheme offers more than funds, the Agents are trained regularly, exposed to technology and other incentives like bespoke award events where attractive prizes are won.

Disbursing N1 billion in a single day to its Agents through the Agent Credit Scheme is a significant milestone by the Nation’s Pioneer Financial institution.

This accomplishment underscores FirstBank’s commitment to financial inclusion and its innovative approach to retail banking. Since its launch in 2020 the Agent Credit scheme has provided solutions to the agent’s pressing needs by providing quick access to affordable credit facilities, enabling them to manage liquidity challenges and expand their businesses.
 Agents can access up to N1.5m with loans disbursed in under a minute through the Firstmonie App. The facility is not only super-fast, it offers a flat interest rate of 0.3% with flexible repayment terms, making it an attractive option for agents seeking to increase their operations.

Since its inception, the bank’s Agent Credit Scheme has disbursed over  N571 billion empowering over 37,000 Firstmonie Agents in 3million loan counts, reinforcing FirstBank’s commitment to supporting Firstmonie Point-Of- Sale agents and promoting economic development. A testament to FirstBank’s Retail Banking leadership.

 The successful disbursement of N1 billion in a single day through the Agent Credit Scheme highlights the bank’s innovative approach to retail banking and its dedication to financial inclusion.

By leveraging technology and a vast Agent network, the bank has transformed the banking experience of millions of Nigerians especially those in remote and underserved communities.  FirstBank’s retail banking strategy, characterized by customer-centric solutions and digital innovations continues to set industry standards.

 The bank’s efforts have not only enhanced financial access but also contributed to job creation and economic empowerment across the country.

By empowering Firstmonie Agents with the necessary tools, resources and incentives, FirstBank fosters a more inclusive financial ecosystem, ensuring that banking services are accessible to all Nigerians, regardless of their location.

 As FirstBank continues to innovate and expand its retail banking services, it remains steadfast in its mission to be the partner of first choice in building the future of its customers and the nation at large.

Source: Tosin Ajayi

Online Poster by — June 2, 2025 in Capital Market 0