FirstAdvance is a digital lending solution designed to offer a convenient and easy access to cash for payroll customers awaiting payment of their salaries. The product is meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last six months or more. Maximum amount accessible is N500,000.00 subject to 50% of net average 6months salary, whichever is lower. The eligible amount is calculated after deducting all other loan obligations to the Bank. This product can be accessed via our digital channels: FirstMobile & USSD, FirstOnline, and ATM.


  • Salary account must be domiciled with FirstBank
  • Loan amount of up to 50% of net monthly income.
  • Tenor is 30days or next pay day [whichever comes first]
  • Maximum single obligor limit of N500,000.00
  • Interest rate @ 2.5%flat collected upfront
  • Management fee @ 1.0% flat
  • Credit Life Insurance @ 0.50%
  • FirstAdvance is an enhanced and improved version of Digital SODA.
  • The loan can be accessed up to 3 times a day subject to maximum eligible amount
  • The Risk Acceptance Criteria for FirstAdvance is automated.
  • Repayment is taken immediately salary is received, while a lien is placed on unfunded account.
  • All fees, including Interest rate are collected upfront upon disbursement of the loan.

To apply for the FirstAdvance,

    1. Through FirstMobile App Or
    2. USSD CODE-*894*11# or *894#
  1. To apply for FirstAdvance on FirstMobile App
  • Download the recent FirstMobile App from Google Play Store or Apple Store on your smart phone
  • Log on to the FirstMobile App
  • Open menu options on the top left-hand side
  • Select ‘Loans’
  • Next, select ‘FirstAdvance’
  • Next Menu Option shows your eligible amount and the applicable pricing and fees.
  • Next, Accept the Terms & Conditions
  • Next, input desired loan amount not more the eligible amount.
  • Followed by your transaction pin.
  • Successful, Loan is disbursed to your salary account within minutes.
  • Your account is debited for Management fee & VAT, Interest rate and Insurance as upfront fees and Charges.
  • Upon receipt of salary or 30days (whichever comes first) your account is debited for Principal repayment.
  1. To Apply using USSD Code how do I apply on it?
  • Dial *894# to connect to FirstBank’s USSD Banking, select 3, [Get Loans]
  • or *894*11#
  • The next menu shows your eligible loan amount
  • Input desired amount and send
  • Interest rate, Management fees & Insurance is displayed
  • Input 5digit transaction PIN to accept Terms and conditions
  • Loan is disbursed into your salary account within minutes.
  • Your account is debited for Management fee, Interest rate, Insurance and VAT as upfront fees and Charges.
  • Upon receipt of salary or 30days (whichever comes first) your account is debited for Principal repayment

FirstBank of Nigeria Limited (FirstBank’s) shall grant a Salary advance called FirstAdvance to interested and eligible customers of the Bank whose salaries accounts have been domiciled with FirstBank for a minimum of Two (2) months, or salary earners willing to move their salary account to the Bank under the following terms & conditions:


First Bank of Nigeria Limited

Loan Amount:

As may be approved by the Bank


To bridge immediate cash flow gap.


30 days or date of next salary payment (whichever comes first).

Facility Type

 Term Loan payable in 30 days or the next payday whichever comes first.


The interest rate for the facility is 2.5% flat, per month, which shall be subject to review from time to time in line with the prevailing money market condition. Any change in pricing of the facility notified by the Bank to the Borrower shall be binding on the Borrower. However, any excess over the approved limit or any unliquidated expired facility shall attract an interest on authorized excess overdraft at a rate to be determined by the Bank.

Management Fee:

1% flat

Credit Life Insurance:

0.5% flat on facility amount ad to be collected upfront.

Value Added Tax (VAT)

7.5% flat of Management fee

 Late Payment Penalty

A monthly penal charge of 1% flat on overdue amount, in addition to current rate of interest on the unpaid sum until full repayment will be applicable where facility remains outstanding after expiration.

Repayment Source:

Proceeds of monthly salary payment domiciled to the Lender or any BVN linked accounts in any Bank.

Repayment Type:

 Full facility clean up on receipt of salary or according to tenor as agreed in the case of FirstAdvance.

Commencement Date:

This facility shall commence upon drawdown or on the date of disbursement notwithstanding the date on the offer or date of execution.


The facility shall be secured with the following:

Irrevocable Domiciliation of Salary and Credit life insurance covering the risk of death/disability, and retrenchment of the Borrower within the tenor of the loan. Employer’s undertaking to domicile salaries and any other allowances, emoluments, entitlements and terminal benefits of employees to the Bank.


This facility shall be available for utilization only upon satisfactory compliance with the conditions precedent to drawdown as may be prescribed by the Bank.

Conditions Precedent to Drawdown

  1. Receipt of monthly salary (through a preapproved customer database) in the Lender (at least Two (2) months’ salary must be received in the Borrower’s account in the Bank).
  2. Completion of Application and Acceptance of offer via FirstBank’s electronic Banking platforms which includes USSD Code *894#, FirstMobile App, ATM and Internet Banking.
  3. Automated confirmation on eligibility.
  4. Irrevocable salary domiciliation to the Bank. Execution of Irrevocable Undertaking by Employer to domicile employee salary and other allowances and benefits to the Bank and not to remit salary and other allowances, emoluments entitlements and terminal benefits of employees elsewhere without the written consent of the Bank.
  5. Acceptance of this Terms and Conditions.

Other Conditions

The Borrower irrevocably and unconditionally undertakes

  1. To maintain a salary account with the Bank during the loan period
  2. That the Salary account would be sufficiently funded up-front to absorb interest, commission and other charges
  3. To supply all necessary information required by the Bank during the validity of the loan
  4. To immediately inform the Bank of any material adverse change in his / her personal finances within 24 hours of the occurrence.
  5. To use the facility strictly for the purpose stated.
  6. The Bank reserves the right at any time to convert this facility to overdraft, advances, commercial papers and other money market instruments available to the Lender.
  7. The Bank reserves the right to withhold further disbursement, recall or cancel the facility for reasons of default or non-compliance with the Covenants hereunder and the occurrence of any or all the following events:
    1. If the Borrower diverts any lodgment meant for the Borrower’s account with the Lender to another Bank.
    2. If the Borrower shall commit any breach or fail to observe or perform the other obligations on its part as contained under the Terms & Conditions or fails to keep to the agreed repayment terms
    3. If it is discovered that there was a material misrepresentation of facts by the Borrower with regards to the purpose, utilization of the facility and the information supplied
    4. The Lender may vary some or all the terms and conditions to reflect the prevailing conditions in the financial markets or monetary authorities’ regulations
    5. If any interest due on the facility is not paid on the date there-of, same shall immediately be added to the principal sum outstanding and shall accordingly attract interest at the rate herein stated
    6. Availability of funds is subject to the Bank’s ability to accommodate this facility within its legal lending limits and subject further to regulations as may be imposed by regulatory authorities.
    7. The renewal of the facility shall be subject to a fresh contract and based on satisfactory performance (the Bank being satisfied that the facility was properly utilized and liquidated 100 %)
    8. All outstanding amounts under this loan shall upon default attract a 1% flat monthly charge.
    9. If the Borrower fails to utilize the facility for the purpose for which it was granted.

Events of Default:

Notwithstanding anything herein before contained, the facility or balance thereof and other monies herein covenanted to be paid whether by way of interest or otherwise shall become immediately due and payable on the demand being made in respect of such on the occurrence of any of the following events:

  1. If the Borrower shall fail to pay any sum outstanding as and when due
  2. If the Borrower commits any breach or fail to observe or perform the other obligations
  3. If any representation or warranty given or made by the Borrower in this Agreement or in any notice or certificate or statement, delivered or made pursuant herein is inaccurate in any respect when made or delivered.
  4. If the Borrower stops or suspends or is deemed to be unable to pay its debt or admits in writing its inability to discharge its obligations
  5. If the Borrower proposes or declares any moratorium on the Borrower’s debt in respect of the facility.
  6. If any extra-ordinary situation arises such that the continuance of the transaction in the opinion of the lender makes it impossible for the Borrower to discharge its obligations.
  7. If the Bank shall be compelled by any Central Bank of Nigeria’s rules, regulations or directives to call the facility;
  8. If there should in the opinion of the Bank be a material adverse change in the financial condition of the Borrower;
  9. If any government consent required by law for the validity, enforceability or legality of this offer or the performance of the terms thereof ceases to be or is not for any reason in full force and effect. In any such event and at any time thereafter if any such event shall be continuing, the Bank shall by written notice to the Borrower, declare that, that portion of the facility outstanding has become immediately payable whereupon the same shall become so payable together with interest accrued thereon.
  10. If any execution or distress is levied upon or against the properties of the Borrower and not discharged within seven days.

Right of Set-off

The Borrower covenants that in addition to any general lien or similar right to which the Lender as a banker may be entitled by law, the Lender may at any time and without notice to the Borrower combine or consolidate all or any of the Borrower’s accounts with any liabilities to the Lender and set off or transfer any sum or sums standing to the credit of anyone or more of such accounts in or towards satisfaction of the Borrower’s liabilities to the Lender or any other respect whether such liabilities be actual or contingent, primary or collateral and several or joint.

Further to the above and by signing these Terms and Conditions, the Borrower covenants to repay the Loan as and when due. In the event that the Borrower fails to repay the Loan as agreed, and the Loan becomes delinquent, the Bank shall have the right to report the delinquent Loan to the Central Bank of Nigeria (“CBN”) through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off the Borrower’s indebtedness from any money standing to the Borrower’s credit in any bank account and from any other financial assets they may be holding for the Borrower’s benefit.

The Borrower covenants and warrants that the Bank shall have power to set-off the Borrower’s indebtedness under these Terms and Conditions is Loan from all such monies and funds standing to the Borrower’s credit/benefit in any and all such accounts or from any other financial assets belonging to the Borrower and in the custody of any such bank and/or any other financial institution.

Legal and other Expenses

The Borrower shall reimburse the Bank for all reasonable out of pocket expenses, costs, and charges incurred by the Bank in connection with the preparation, execution, administration and enforcement of the terms of this offer, including but not limited to Solicitors fees, Stamp Duties and Registration fees. Such charges and costs shall in the event of non-payment by the Borrower on demand be added to the facility and other moneys owing under the terms of this offer and shall bear interest accordingly.


The Borrower shall maintain a credit life insurance policy against loss of life and such other risks as the Bank may from time to time consider necessary in an Insurance Company approved by the Bank. The Borrower shall duly pay all premiums for keeping such insurance. The Bank’s interest as first loss payee must be duly endorsed on the insurance policy.


All payments whether of principal, interest or otherwise shall be made free and clear of and without deduction of any taxes, duties, charges, fees, deductions, withholdings, set-offs, counterclaims, restrictions or conditions of any nature. If at any time, provision of the law or any taxing authority shall require the Borrower to make any such deduction or withholding from any such payment, then the sum due from the Borrower in respect of such payment shall be increased to the extent necessary to ensure that after making of such deductions or withholding, the Bank receives a net equal to the sum which it would have received had no such deduction or withholding been required to be made.

Representations and Warranties

The Borrower hereby irrevocably and unconditionally represents and warrants that:

  1. The Borrower has the right to accept this facility and has taken all necessary actions to authorize same upon the terms and conditions herein.
  2. The Borrower is not in default or under any obligation in respect of any borrowed money, and that the acceptance of this facility will not be or result in a breach of or default under any provisions of any other agreement to which the Borrower is a party.
  3. It is agreed that the facility herein granted shall be cancelled and the outstanding sums shall become payable forthwith upon demand thereof if any event or series of events (including without limitation, any material adverse change on the financial condition of the Borrower) occurs, which in the opinion of the Lender may affect the ability or willingness of the Borrower to repay the facility.
  4. It is agreed that the facility herein granted shall be cancelled and the outstanding sums shall become payable forthwith upon demand thereof if any event or series of events (including without limitation, any material adverse change on the financial capability of the Borrower) occurs, which in the opinion of the Lender may affect the ability or willingness of the Borrower to repay the facility.
  5. All information given to the Bank is true, correct, complete and not misleading.
  6. There are no pending or threatened actions or proceedings affecting the Borrower before any court or other body which may adversely affect the Borrower’s ability to perform and observe its obligations on this facility.
  7. The Borrower is not in default under any other agreement relating to indebtedness
  8. No part of this facility will be used to pay amounts owing to the Bank or any entity or person related to the Bank under another credit arrangement, without the consent of the Bank in writing.
  9. No legal action shall be instituted howsoever, instigated and/or sustained by the Borrower against the Lender jointly or severally without first giving the Lender a ninety (90) day prior written pre-action notice of the Borrower’s intention to so proceed against the Lender, such notice to be served at the Lender’s registered office address.


Change in Circumstance

If the Lender has determined that the introduction of or change in any applicable law or government or other regulatory authority charged with the administration thereof or court of competent jurisdiction makes it apparent that it is unlawful or illegal for the Borrower or the Lender to fund or maintain or perform their obligations as contemplated by the terms of this Offer Letter, the Lender shall forthwith give notice of such occurrence to the Borrower and the commitment shall forthwith be cancelled or discharged and the Borrower shall on the next succeeding payment date or such earlier date as may be required repay to the Lender the principal amount so disbursed together with accrued interest, if any, and other amount due to the Lender hereunder.

Remedies and Waivers

Failure or delay by the Lender in exercising any remedy, power or right as a Lender shall not be considered as a waiver or impairment thereof nor shall it affect or impair any such remedies, powers or rights in respect of any default.


The Borrower undertakes to:

  1. Immediately notify the Bank should there be any change in circumstances or any information supplied to the Bank; and
  2. Provide the Bank with any other information relating to the Borrower as the Bank as it may reasonably require from time to time.
  3. Domicile the salaries and any other allowances, emoluments, entitlements and terminal benefits to the Bank via the Bank’s payroll administration scheme.
  4. Inform the Bank within 2 days of resignation, or transfer or dismissal or termination.
  5. Advise the Bank of all cash advances, internal loans, financial accommodations or any other obligations granted to the employees which is deductible from monthly salaries, within 24 hours.
  6. Notify the Bank of all terminal benefits/entitlements including but not limited to death-in-service benefits, shares/staff investment trust benefit, cooperative society contributions, benefits or entitlement due to be credited to the Borrower’s account with the Bank, before the disengagement of the Borrower from employment

Electronic Communications

The Borrower hereby consents to notices, documents and any other communications relating to the facility and these terms and conditions being sent by the Bank to the Borrower or made available to the Borrower via email or other electronic means (including without limitation to an SMS message). The Borrower also consents to receiving electronic messages the Bank may send from time to time (including SMS messages and email).



The Borrower agrees that the Bank will process his/her personal information for the following purposes and in line with the Bank’s data policy deployed on its portal;

  1. To conduct its business
  2. To offer and provide its Products and Services.
  3. To manage its relationship with the borrower.
  4. To comply with Laws and Regulations.
  5. To provide information to Credit Agencies.
  6. To update the Borrower’s records.
  7. To develop statistics as may be required.
  8. To comply with its Internal Policies.
  9. To contact the Borrower when necessary.

The borrower further agrees that his/her consent has been given to FirstBank for the processing of his/her personal data when;

  1. The Borrower completes any form, brochure or material issued by FirstBank at any of its service points (mobile, online, in-branch etc.) requesting for such personal information
  2. The Borrower registers, checks or ticks the acceptance box on any of the Bank’s electronic platforms (Online or Mobile) relating to terms and conditions of any service or product offered by FirstBank.
  3. The Borrower sends a request, complaint or other communication to FirstBank.
  4. The Borrower uses the service or product offered by FirstBank.

Amendment to these Terms

The Bank may change the provisions of these Terms and Conditions, including the charges without recourse or notice to the borrower. Any variation to these terms and conditions is binding on the Borrower from the date specified in such notice.


The Borrower shall not assign all or any part of his/her rights, title, interest or obligations in the facility to a third party without the Bank’s written permission. The Bank may assign in whole or in part, any of its rights, title, interest and obligations in the facility without the consent of the Borrower.


No communication will be effective until received by the Bank. A communication from the Bank to the Borrower is, however, deemed to be received:

  1. In the case of a letter, on the second Business Day after posting; and
  2. In the case of electronic communications, on completion of transmission to the relevant electronic address provided that if such communication is made at a time which is outside ordinary business hours, such communications shall be deemed received on the next Business Day. The term “Business Day” means a day (other than a Saturday or Sunday) upon which Banks are open for business in Nigeria.


These terms and conditions shall remain in force as long as the Bank remains a creditor of the Borrower or as long as any part of the facility remains outstanding.

General Terms

  • No delay in the enforcement of any clause contained herein shall be deemed to be a waiver of the Bank’s rights under these Terms; neither shall the Bank be prevented from enforcing its rights under these Terms at a later date.
  • We may, at our sole discretion record phone calls and other communications between you and us, for monitoring and/or regulatory purpose.
  • You authorize us to exercise a right of set‐off at any time we deem fit in respect of monies and funds standing to your credit/benefit in any account you may maintain with us or with any other Bank in whatever Currency to settle any of your outstanding payments to us.
  • You confirm that all information provided to the Bank regarding the application is complete and accurate in all respects and agree to provide further confirmation or documents in support of your application, where required by the Bank.
  • Your application for the facility (“application”) is subject to the Bank’s processes and reviews, The Bank reserves the right to accept or reject your application.
  • The illegality, invalidity or unenforceability of a provision of these terms and conditions under any law will not affect the legality, validity or enforceability of other provision of this facility.
  • These terms and conditions shall be governed and construed in accordance with Nigerian law.

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