FirstBank, in collaboration with the MOFI Real Estate Investment Fund (MREIF), has highlighted opportunities for Nigerians to access affordable mortgage financing as part of efforts to reduce the country’s housing deficit and improve access to homeownership.

The financial institutions made this known during a home loan webinar themed, “Beyond Rent: The Path to Home Ownership Leveraging FirstBank-MREIF Home Loan Scheme to Build Long-Term Wealth.”

The webinar was aimed at informing Nigerians in both the formal and informal sectors about available mortgage opportunities and how they can use the scheme to finance homeownership.

Under the FirstBank-MREIF home loan scheme, eligible applicants can access mortgages with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum, subject to applicable terms and eligibility requirements.

The webinar also highlighted the broader opportunities provided through MREIF, an initiative of the Ministry of Finance Incorporated, which seeks to expand access to long-term mortgage financing and address Nigeria’s housing deficit.

The fund ultimately aims to mobilise up to N1 trillion to expand mortgage access and support housing development across the country.

Speaking during the webinar, FirstBank’s Head of Personal Banking, Chukwuka Okonkwo, said the partnership was designed to broaden access to mortgage financing and contribute to closing Nigeria’s housing deficit.

Okonkwo said FirstBank’s extensive branch network and digital lending platforms provided the bank with the capacity to support Nigerians seeking to own homes.

He said the bank had also established partnerships with developers across several states after conducting research to identify properties that qualify for mortgage financing.

According to him, the bank intends to extend the mortgage opportunity to Nigerians in the diaspora and provide an end-to-end homeownership solution.

He said the partnership with MREIF would help ensure that the scheme reaches Nigerians across several states.

FirstBank’s Head of Security Documentation and Transactional Support, Legal Services, Uzoamaka Ihegazie, also explained the measures the bank takes to protect customers through proper property documentation.

She said the bank verifies property ownership and land documentation before financing is provided.

According to her, the process includes obtaining the Certificate of Occupancy, charting the survey plan to establish that the land is properly allocated for residential purposes and conducting title verification.

She said these documentation and verification processes were necessary to protect customers and prevent ownership-related problems after they take possession of their properties.

Also speaking, Executive Director, Sales and Investment, Leadway Pensure, Oluwafemi Adebayo, commended FirstBank for providing Nigerians with an opportunity to access mortgage financing.

He said access to homeownership was particularly important for Nigerians preparing for retirement, while also highlighting the possibility of using Retirement Savings Account pension schemes to procure property and create wealth.

The National Coordinator of MREIF, Sani Yakubu, said the fund was established to address Nigeria’s housing deficit by making long-term, low-cost mortgages available to average citizens while also stimulating activity in the construction sector.

Yakubu said many Nigerians had already benefited from the initiative and encouraged more eligible Nigerians to apply.

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FirstBank of Nigeria Limited has awarded ₦10 million in grants to outstanding women entrepreneurs as part of its commitment to supporting female-led businesses, promoting financial inclusion, and strengthening entrepreneurship across the country.

The grants were presented under the bank’s women-focused empowerment initiative, which seeks to provide financial support and business development opportunities for women-owned enterprises. According to the bank, the programme is designed to help female entrepreneurs expand their businesses, create jobs, and contribute to Nigeria’s economic growth.

FirstBank said empowering women-owned businesses remains a key part of its broader strategy to promote inclusive economic development. The bank noted that women play a critical role in driving innovation, supporting local communities, and growing the nation’s small and medium-sized enterprise (SME) sector.

Beneficiaries were selected through a competitive process that recognised entrepreneurs with innovative business ideas, sustainable business models, and strong growth potential. Beyond the financial grants, the initiative also provides access to mentorship, business advisory services, networking opportunities, and capacity-building programmes aimed at improving long-term business performance.

The bank reaffirmed its commitment to supporting women through specialised financial products, enterprise development programmes, and partnerships that improve access to funding and business resources. It said sustained investment in women entrepreneurs would strengthen the SME ecosystem and contribute to broader economic development.

Industry experts have consistently noted that improving access to finance remains one of the biggest challenges facing women-owned businesses in Nigeria. Initiatives that combine funding with mentorship and business training are increasingly viewed as effective tools for improving business sustainability, encouraging innovation, and increasing employment opportunities.

Stakeholders believe programmes such as FirstBank’s grant initiative will help bridge financing gaps for female entrepreneurs while promoting financial inclusion and supporting the growth of Nigeria’s private sector. They also argue that expanding access to funding for women-led businesses can have a positive impact on household incomes, local economies, and national development.

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FirstBank has announced that its flagship salary-backed digital loan solution, FirstAdvance, has reached a new milestone by recording daily loan disbursements of ₦1 billion.

The bank described the achievement as a reflection of the increasing acceptance of digital lending solutions among customers and its continued investment in technology-driven financial services. According to the lender, the milestone highlights growing confidence in its digital platforms and expanding demand for quick access to credit.

FirstAdvance is designed to provide eligible salary earners with short-term loans without requiring collateral. Customers can access the facility in less than a minute through the bank’s digital channels, helping them address urgent financial needs conveniently.

Commenting on the development, Group Executive for e-Business and Retail Products at FirstBank, Chuma Ezirim, said the achievement demonstrates the strength of the bank’s digital infrastructure and its commitment to delivering accessible financial solutions. He noted that the institution remains focused on improving customer experience while expanding access to credit through innovative banking services.

The latest milestone builds on the bank’s previous achievements in digital lending. In 2025, FirstBank announced that it had surpassed ₦1 trillion in cumulative digital loan disbursements through products including FirstAdvance, FirstCredit, and Agent Credit. The lending ecosystem has enabled millions of customers to access instant credit through automated and technology-powered channels.

The bank stated that customers can access its loan services through several digital platforms, including its USSD service, mobile banking application, LitApp, and the FirstMonie agent network. These channels are designed to provide faster access to financial services while supporting broader financial inclusion objectives.

FirstBank added that the continued growth of its digital lending business reinforces its position in Nigeria’s retail banking sector and demonstrates how technology can be used to expand access to financial services across different customer segments.

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Effective from March 18, 2024, for a period of one month, the suspension comes in response to various breaches of foreign exchange market regulations, including incidents of fraudulent documentation within their foreign exchange operations.

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According to the statement released by the Ghanaian apex bank, the suspension is in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723). The banks’ licences will be restored at the end of the one-month suspension period, provided the Bank of Ghana is satisfied that they have implemented effective controls to ensure strict adherence to regulations in the foreign exchange market.

This action underscores the Bank of Ghana’s commitment to maintaining the integrity and stability of the foreign exchange market, emphasizing a zero-tolerance policy towards regulatory non-compliance.

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