Agent Credit - FirstBank Nigeria

Firstmonie Agent loan: How to borrow a loan and requirements

Last Updated on December 8, 2023 by admin

Firstmonie Agent credit-Are you a firstbank Active Agent for a minimum of three months and you are looking for a fund to solve your liquidity challenges? If yes , this article is designed to guide you on how to get Firstmonie Agent Credit.

The Firstmonie Agent Banking enables customers in unbanked or underbanked regions to process financial requests through registered Agents and existing businesses. The FirstMonie helps Agents to solve liquidity challenges resulting from depleted account balances, even when the Agents have physical cash at hand. The Agent can access this fund, pending cash lodgment at the nearest Branch.

Customers can access up to N1 Million subject to 25% of daily average credit turnover.The maximum tenor for weekday loan is 24hours, while Weekend/Public Holiday is Maximum of 72hours for the next working day. With an interest rate of 0.3% flat on the principal amount.


What are the Benefits of Agent Credit?

1.The firstmonie agent can Get up to N1Million to fund more Transactions.
2.Access to fund before Cash lodgment at the Branch.
3.Available for use every day including Peak Period (Weekdays, Weekend and Public Holiday).
4. Business Expansion and Increase in Income.


What are the Features of FirstMonie loan

1.Loan amount is 25% of average daily credit turnover for a period of three months subject to Maximum loan amount of N1Million.
2.Tenor is 24hours during the Weekdays and maximum of 72hours or next working day during the Weekends and Public Holidays.
3.Agent must have been in account relationship with FirstBank for a minimum of 3 months.
Interest rate @ 0.3% flat on disbursed amount.
4.Keyman Insurance of N1,000 per annum.
5.Minimum loan amount is N20,000.
6.Positive Credit Check.
7.Satisfactory KYC Report.

Also Read: How to apply for First Bank Salary Loans and FirstAdvance


What is the Eligibility requirements to borrow FirstMonie loan?

To be eligible to borrow the FirstMonie credit as an agent, you must meet these criteria:


1. Have been in an account relationship with FirstBank (own an account) for at least 3 months.

2. You should have a positive credit check.

3. Have been an active FirstMonie Agent for at least three months to qualify for a loan.

4. Satisfactory KYC Report.

5. A minimum working capital of just N50,000.

6. Have valid means of identification (Voter’s card/NIN/Driver’s License, National ID card/International Passport).


How to become Firstmonie Agent?

To become a Firstmonie Agent you need to have:

1.An existing business
2.A visible and accessible business location
3.A valid means of identification (Voters’ card, National ID card, Drivers’ License, International Passport)
5.Utility bill not more than three (3) months old
6.Business registration documentation for corporate bodies


Reasons to Become a Firstmonie Agent

The following reasons is why you should become Firstmonie agent as adumbrate d below:

1.Quick access to working capital support
2.Get a free POS terminal when you onboard as a Firstmonie Agent
3.Instant credit / settlement for transactions processed
4.Comprehensive insurance for you the Agent and your workers; priced at the cheapest rate
5.Excellent support structure
6. You have the Opportunity to join the largest Agent network in Nigeria
7. Quick Registration within minute

You can also read: Business Loans | First Bank: how to apply and requirements

What is Firstmonie Agent Credit
Firstmonie Agent Credit is a digital lending solution designed to provide bridge finance to help our Agents to solve liquidity challenges resulting from depleted account balances, even when the Agents have physical cash at hand.


What is the maximum amount I can borrow as Firstmonie Agent?

Customers can access up to N1Million subject to 25% of daily average credit turnover.

How long does it take for my account to be credited after applying?
The loan will be disbursed to your account under one minute.

How long can I be an Agent before I apply?
You must have been an Active Agent for a minimum of three months to qualify for loan.

What happens if I don’t pay my loan as at when due?
Your other accounts linked to your BVN will be debited, you will be blacklisted from getting further loan and your Agent License will be withdrawn.


How to Apply for Firstmonie Agent loan?

You can Apply through the Firstmonie App by clicking the link and follow the prompts. To get the app kindly download the app from the Google play store or the App Store

2. Next, register on it as a FirstMonie agent and click on “Get Loan Now”.

3. Borrow the amount of loan you are eligible to access


What is the loan tenor and interest rate for FirstMonie loan?

The loan Tenor is just 24 hours if you borrow during the weekdays. However, the platform gives you a maximum of 72 hours or the next working day when it’s weekends or public holidays. As for the interest rate, they charge you 0.3% flat on any disbursed amount.

Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies

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