First Trader Solutions (FTS)

The FirstTrader Solution is a short-term overdraft facility offered to traders in pre-approved market locations who deal in fast-moving goods.

Loan Information

FAQs

The First Trader Solution is a short-term overdraft facility offered to traders in pre-approved market locations who deal in fast moving goods.

Tenor is either 90 days or 180 days

No collateral is required for the 90 days variant. Collateral for the 180 days variant shall be equitable mortgage on shop title documents.

Maximum loan amount is N5Million subject to a maximum of 15% of average annual credit turnover or 60% of quarterly credit turnover

Request can be made at any First Bank branch within 5km distance to the business location.

Applicant must have been in current account relationship with First Bank or any other reputable Bank for at least 12 months and have a good credit history. Also, daily sales proceeds should be domiciled to their First Bank account.

See also