FirstBank’s N1.4 trillion in cumulative digital loan disbursements highlights the growing scale of Nigeria’s fintech opportunity, as financial institutions increasingly use technology to expand access to credit and deliver financial services to millions of customers. Nigerian Banking Launch
The bank’s digital lending figures illustrate the growing role of technology in the delivery of financial services, Olusegun Alebiosu, managing director and chief executive officer of FirstBank Group, disclosed, adding that the bank’s digital lending business reached N30 billion in monthly disbursements as of August 2026, while cumulative disbursements since inception stood at N1.4 trillion.
The bank also recorded more than 26 million customer sign-ups across its digital channels, including FirstMobile, FirstOnline, LIT App, FirstMonie, USSD banking and other self-service platforms.
These figures underscore the scale at which established financial institutions are deploying digital platforms to deliver banking services, including credit, beyond conventional branch-based operations.
Speaking on the theme, ‘From Enduring Legacy to Digital Leadership: Powering Nigeria’s Next Financial Renaissance,’ he said banks offered institutional trust, financial strength and risk-management expertise, while fintech companies brought agility, innovation and customer-focused solutions. Nigerian Banking Launch
‘The next chapter of Nigeria’s financial services story will not be written by banks alone. It will not be written by fintechs alone. It will be written through purposeful collaboration among banks, fintechs, regulators, telecommunications operators, technology providers and other ecosystem participants,’ he said.
However, the expansion of digital financial services also increases the importance of cybersecurity, identity verification and consumer protection, particularly as more transactions and customer interactions move online.
Alebiosu identified cybercrime, inadequate infrastructure, low digital literacy and fragmented financial platforms as major constraints to the sustainable growth of Nigeria’s digital financial ecosystem.
He warned that phishing, identity theft and account takeovers required financial institutions to move beyond isolated security measures towards coordinated industry-wide responses.
‘Fraudsters collaborate. The industry must collaborate even faster,’ he said.
He urged banks and fintech companies to strengthen intelligence sharing, develop industry-wide fraud-monitoring mechanisms and improve digital identity verification to protect customers and sustain confidence in electronic transactions.
The emphasis on coordinated fraud prevention reflects a challenge for an increasingly interconnected financial system, where customers may move money across banks, payment service providers and fintech platforms, while fraudulent transactions can exploit weaknesses across multiple points in the payment chain.
Alebiosu also called for shared payment infrastructure, responsible artificial intelligence adoption and stronger financial literacy programmes to improve access to financial services, particularly for underserved communities and small businesses.
Nigeria’s expanding internet and mobile connectivity presents opportunities for financial institutions to reach customers who have limited access to conventional banking services. According to Alebiosu, more than 107 million Nigerians were connected to the internet, while mobile connections exceeded 150 million nationwide.Nigerian Banking Launch
He said, however, that access to technology alone would not guarantee meaningful financial inclusion without customer education, reliable infrastructure and services designed around the needs of different communities.
‘Technology alone will not create inclusion. People create inclusion,’ he said.
The bank is also 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.
The investments form part of FirstBank’s effort to adapt its operations to changing customer expectations while building on its 132-year institutional history.
Alebiosu said the bank would continue investing in responsible artificial intelligence, secure digital platforms and strategic partnerships, with a focus on solutions for small businesses, entrepreneurs, rural communities and other underserved segments.
For Nigeria’s financial services industry, the challenge is increasingly about translating the growth of digital transactions and platforms into wider access to affordable credit, safer payments and services that meet the needs of businesses and households. Nigerian Banking Launch
Stronger collaboration among banks, fintech companies, telecommunications operators and regulators could help address shared infrastructure gaps and security risks, while improving the ability of financial providers to serve customers across different platforms.
FirstBank was the headline sponsor of Nigeria Fintech Week 2026, the ninth edition of the annual gathering organised by the Fintech Association of Nigeria. The event brought together financial institutions, regulators, technology companies and innovators to discuss the future of financial services and Nigeria’s digital economy.
Alebiosu said FirstBank would continue working with industry stakeholders to support innovation and expand access to financial services.