FirstBank's N1.4 trillion in cumulative digital loan disbursements underscores the expanding role of technology in Nigeria's financial services, the bank's managing director and chief executive officer Olusegun Alebiosu said. The bank's digital lending business reached N30 billion in monthly disbursements as of August 2026, according to Alebiosu's disclosure. FirstBank also recorded more than 26 million customer sign-ups across its digital channels, including FirstMobile, FirstOnline, LIT App, FirstMonie, USSD banking and other self-service platforms, highlighting how established financial institutions are deploying digital platforms to deliver banking services beyond conventional branch-based operations.
Speaking at Nigeria Fintech Week 2026, Alebiosu outlined how banks and fintech companies would need to work together to shape Nigeria's financial services future. Banks offered institutional trust, financial strength and risk-management expertise, while fintech companies brought agility, innovation and customer-focused solutions, he said. Collaboration among banks, fintechs, regulators, telecommunications operators, technology providers and other ecosystem participants would be essential to the next chapter of Nigeria's financial services story, he added. The bank is investing in technology-enabled customer service through its Digital Xperience Centres, which feature humanoid robots, artificial intelligence, video banking, contactless banking and automated self-service facilities.
However, the rapid expansion of digital financial services also raises critical security challenges. Alebiosu identified cybercrime, inadequate infrastructure, low digital literacy and fragmented financial platforms as major constraints to sustainable growth in Nigeria's digital financial ecosystem. Phishing, identity theft and account takeovers required financial institutions to move beyond isolated security measures towards coordinated industry-wide responses, he warned. Fraudsters collaborate, and the industry must collaborate even faster to prevent fraud, he said, calling on banks and fintech companies to strengthen intelligence sharing, develop industry-wide fraud-monitoring mechanisms and improve digital identity verification.
Nigeria's expanding internet and mobile connectivity presents significant opportunities for financial inclusion. According to Alebiosu, more than 107 million Nigerians were connected to the internet, while mobile connections exceeded 150 million nationwide. However, technology alone would not guarantee meaningful financial inclusion without customer education, reliable infrastructure and services designed around the needs of different communities. He stressed that people create inclusion, not technology alone. FirstBank said it would continue investing in responsible artificial intelligence, secure digital platforms and strategic partnerships, with a focus on solutions for small businesses, entrepreneurs, rural communities and other underserved segments.
For savers and borrowers, the expansion of digital lending platforms means potentially faster access to credit and financial services, though it also requires stronger cybersecurity and fraud protection measures across the financial system. Alebiosu called for shared payment infrastructure, responsible artificial intelligence adoption and stronger financial literacy programmes to improve access to financial services for underserved communities and small businesses. FirstBank was the headline sponsor of Nigeria Fintech Week 2026, the ninth edition of the annual gathering organised by the Fintech Association of Nigeria.