First Credit is a digital lending solution designed to offer you quick and simple loans to fund your transactions. Loans can be accessed from anywhere without visiting the Bank.
No documentation or collateral is required all the customer need is a mobile phone or tablet.

• Customer’s account must have been operational in FirstBank for at least 6 months.
• Customer must be linked to a valid BVN.
• Customers must have correctly updated phone numbers
• Customer must have positive credit record with Credit Bureaus.
• Minimum Loan Amount: N1,000 (One Thousand Naira)
• Maximum Loan Amount: N300,000 (Three Hundred Thousand Naira)
  Loan Tenor:
• Maximum of 30 days
  Interest Rate: 8% flat
  Insurance: 5% per transaction
• A penal charge of 1% monthly and daily interest of 0.3% applies upon default
• Interest on disbursed amount will be taken upfront on loan disbursal
• Insurance fee is also taken upfront on loan disbursal

• Easy and convenient access to loans to meet needs.
• Quick loan request and disbursal
• No physical documentation required.
• No collateral required
• No hidden fees

• Dial *894# or log on the FirstMobile App
• Select Loans
• Select FirstCredit
• Select get new loan
• Select the account number with which you want to apply for the loan
• Grant data usage consent and accept terms and conditions
• You are presented with 4 loan amount options
• Choose your desired loan amount
• Loan is disbursed into your account

Please read these terms and conditions carefully before accepting the Service. By accessing or using the Service (FirstBank FirstCredit), you agree to be bound by the terms and conditions stated herein. These terms and conditions are subject to changes from time to time and same shall be hosted on FirstBank website.

IF you do not agree with these terms and conditions, please do not accept, or subscribe to the offer or use this service.
By using this service, you indicate that you unconditionally accept the terms of this agreement, and you agree to abide by them.

Definitions

In this Agreement:
“ATM” shall mean Automated Teller Machine
“Borrower” shall mean the subscriber to the offer and or service
“Digital Channels” shall mean the Bank’s existing and potential digital channels such as USSD, First
“the Offer” or “the Service” shall mean FirstBank FirstCredit
“the Bank” shall mean FirstBank
“USSD” shall mean Unstructured Supplementary Service Data
WHEREAS:
1. The Borrower has applied to the Bank through any of the Bank’s Digital Channels for FirstBank FirstCredit to meet urgent personal cash flow needs
2. The Bank has agreed to grant FirstCredit to the Borrower by way of principal
3. The Loan amount shall be made available by direct payment into borrower’s current or savings account with FirstBank
IT IS AGREED AS FOLLOWS:
1. The Loan
The Bank hereby agrees to make available to the Borrower and the Borrower accepts the sum to be disbursed (hereinafter referred to as “FirstCredit”) by the Bank after the Borrower’s satisfactory risk assessment and scoring, for a period not exceeding 30 days from the date of disbursement
2. Interest Rate
2.1 There will be a risk – based interest rate of 8% per disbursal which will be taken upfront which translates to annual percentage rate of 96%. There shall not be any refund on interest rate collected upfront for any prepayment, pre-termination of the loan before a 30-day period or for any other reason. If the Borrower fails to pay any amount which the Borrower owes the Bank in terms of this agreement on the due date, the Bank shall be entitled to continue to charge interest on the outstanding amount at 0.3% per day and 1% flat monthly. 

3. Payment
3.1 The Borrower agrees that the Bank shall have the right to deduct the due repayment in full directly from any of the borrower’s accounts including savings account, current account, domiciliary account, investment account or deposit account, electronic wallets (whether held individually or jointly) with the Bank and any bank in Nigeria.
3.2 The Borrower hereby gives the Bank the right to deduct monies owing to it from any credit inflow into the accounts in the Bank or any other Bank in Nigeria.
4. Costs and Charges
All out-of-pocket expenses including registration, legal fees, stamp duties and other fees incurred by the Bank in processing of this facility including enforcement of security and recovery of facility in the event of default shall be for the account of the Borrower.
5. Breach
In the event of:
i. any failure by the Borrower to pay any amount which is due and outstanding under this agreement
ii. any breach by the Borrower of the terms of this agreement or
iii. any failure by the Borrower to carry out his or her obligations under this agreement; then the full sum outstanding under this agreement, together with any other charges and expenses owing to and due to the Bank by the Borrower shall become immediately due and payable, and without giving notice to the Borrower, the Bank shall be entitled to terminate this agreement and claim and/or recover from the Borrower any damages/losses it may have suffered as a consequence.
6. Authorization to comply
The Borrower agrees that the Bank is irrevocably authorized to comply with any instructions on the Service received through the Digital Channel and it is agreed that such Instruction shall be irrevocably deemed to be the Borrower’s Instruction issued on his/her behalf.
7. Notices
7.1 Set off and consolidation rights
In addition to any other general lien or similar right to which the Bank may be entitled by law, the Bank may at any time and without notice on the Borrower, combine or consolidate all or any of the Borrower’s accounts with any liabilities to the Bank and set off or transfer any sum(s) standing to the credit of any one or more of such accounts in or towards the satisfaction of the Borrower’s liabilities to the Bank on any other account or in any other respect whether such liabilities be actual or contingent, primary or collateral, several or joint.
Further to the above and by signing the Offer Letter and drawing on the facility, the Borrower covenant 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 held to the benefit of the Borrower.
The Borrower covenants and warrants that the CBN shall have power to set-off my indebtedness under the loan agreement and facility from all such monies and funds standing to the credit/benefit of the Borrower in all such accounts or from any other financial assets belonging to the Borrower and in the custody of any such bank or any other Financial Institution.
The Borrower hereby waives any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that the Borrower shall not argue to the contrary before any court of law, tribunal, administrative authority, or any other body acting in any judicial or quasi-judicial capacity.
7.2 Universal consolidation rights
The Bank may, pursuant to this Agreement, charge, attach and debit the balances standing to the credit of the Borrower in any account linked to, or associated with, the Borrower by way of a Bank Verification Number (BVN) in any commercial bank, microfinance bank, mortgage bank, finance house, payment service bank, mobile payment service operators or any other financial service operatorship for which the Central Bank of Nigeria may issue any licenses in the future whether such accounts be opened or in existence before, during or after the execution of this Agreement.

7.2.1 The Bank may exercise its prerogative pursuant to clause 8.2 hereof without notice, warning, advice, caution, announcement, or other recourse whatsoever to the Borrower
7.3 Direct Debit
By using the service, you agree to grant FirstBank irrevocable authorization to issue open-ended direct debit mandates on all accounts you operate in FirstBank or any other Bank in Nigeria or abroad and in the event of default on loan, you agree that FirstBank has your authorization to place a banker’s lien or debit all accounts you own in FirstBank or any other Bank in Nigeria or abroad, until all outstanding balance you owe have been recovered.
8. Notices
8.1 The Borrower agrees to accept service of all notices, processes and any other communication relating to this loan through email address and/ or SMS to phone number registered with the Bank and hereby confirms the phone numbers and addresses as his/ her phone number and address for service. Therefore, the Borrower also agrees that it is his/her responsibility to ensure that his/her contact details including phone number maintained with the bank are valid.
8.2 All notices and processes sent by registered post will be deemed to have been received Seven (7) days after the date of posting; all notices and processes delivered by hand shall be deemed to have been received on the day such letter is dated.
9. Appropriation
9.1 All amounts received by the Bank will be first apportioned towards overdue interest charged /fees. Any balance outstanding thereafter shall be appropriated lastly towards the principal sum.
9.2 The Bank reserves the right to refuse acceptance of post-dated cheques or such other instruments towards payment or settlement of the credit facility.
10. Indemnity
The Borrower agrees to fully indemnify the Bank against all costs and expenses (including legal fees, collection commission et cetera) arising in any way in connection with the Borrower’s accounts, these terms, and conditions, in enforcing these terms and conditions or in recovering any amounts due to the Bank or incurred by the Bank in any legal proceedings of whatever nature.
11. Waiver
11.1 No forbearance, neglect, or waiver by the Bank in the enforcement of any of these terms and conditions shall prejudice the Bank’s right to strictly enforce the same. No waiver by the Bank shall be effective unless it is in writing.
11.2 In so far as any right is conferred on the Borrower regarding any obligation imposed on the Borrower by this contract, the Borrower hereby waives and forgoes all such rights and benefits, whether conferred by a statute.
12. Operations and Regulation of Credit Bureau and Credit Bureau Related Transactions in Nigeria is by CBN, the Bank hereby gives Notice to the Borrower of its duty to share information on the Borrower’s credit status and business history as may be required from time to time by Regulators
13. Assignment to Third Parties
The Bank reserves the right to assign this agreement to a third party without the permission of the Borrower
14. Service Availability
14.1 Use of the Service may from time to time be unavailable, delayed, limited or slow due to, but not restricted to the following factors:
· Force majeure
· Industrial Strike Actions
· Failure from hardware and software
· System capacities overload
· Failure of or suspension of public or private telecommunication networks
· Power supply or other utilities interruption
· Government or regulatory restrictions, court or tribunal rulings, amendment of legislation or other human intervention
· Any other cause whatsoever beyond the Bank’s control
14.2The Borrower acknowledges and agrees that internet and telecommunications transmissions are never completely private or secured.
14.3All content and services on or available through the Services are provided on an “as is” basis and the Bank does not make any representation or give any warranty or guarantee in respect of the Service or its content.
14.4The Bank may discontinue or make changes in the Service at any time without prior notice to the Borrower and without any liability whatsoever.
15. Data Protection

a) The Borrower understands that the Bank will use his/her personal information, provided to the Bank, to review the loan request and process same, continuously assess eligibility and offer personalized products and services.
b) The Data Protection Statement ONLINE DATA Consent statement (First Credit Nano Lending) (002).docx for your acceptance.

16. General Provisions and Conditions
16.1 Drawdown under the facility is subject to availability of funds.
16.2 SMS alerts / notification charges incurred in relation to this loan shall be for the account of the borrower.
16.3 The Borrower irrevocably undertakes that for the period of this agreement, he or she will maintain his or her bank account designated for the purposes of the loan with the Bank.
16.4 In the event that the facility becomes due and unpaid, the Bank reserves the right to notify Embassies, High Commissions and foreign consulates about the Borrower’s indebtedness.
16.5 The Borrower authorizes the Bank to access any information available to process his or her application, grants permission to register details of the trend of the Borrower’s account with any credit bureau, and hereby waives any claims he or she may have against the Bank in respect of such disclosure.
16.6 The Bank reserves the right to unilaterally review the facility including pricing, prepayment and past due obligation charge from time to time in the light of changing market conditions and also to terminate this facility based on any adverse information threatening the basis of this relationship or putting the facility at the risk of loss and where the borrower is in breach of any of the terms and conditions of this facility. The Borrower shall be notified of any decision taken in this respect.
16.7 The Borrower hereby agrees and consents that such notification by the Bank shall be by way of text messages sent to the Borrowers mobile phone numbers listed on the Borrowers account package with the Bank or by e-mail messages sent to Borrower’s e-mail address listed on the Borrower’s account details/application with the Bank or through any other means the Bank may consider appropriate.
16.8 The Borrower specifically and unequivocally waives any right to contest, challenge, protest or claim upon any subsequent amendments made by the Bank to the terms of this facility or any notification sent by way of e-mail or text message to the Borrower’s e-mail address or mobile phone numbers.
16.9 The terms and conditions of this banking facility are subject to the Banking and other applicable laws of the Federal Republic of Nigeria as prescribed from time to time and the jurisdiction of the Nigerian Courts.
16.10 The Bank does not make any representation or warranty as to the accuracy or completeness of any due diligence reports or other reports, documents, or credit analyses prepared, or caused to be prepared, by it in connection with its activities under this facility or otherwise.
The Borrower confirms that he/she has read, understood and agreed to the above terms and conditions. By using this service the Borrower indicates that he/she unconditionally accepts the terms of this agreement and agrees to abide by these terms. The Borrower also agrees that this agreement is in effect until he/she discontinues the use of the service and all financial obligations with regard to his/her use of the service has been fully fulfilled.