Reviews
Agricultural & SME Loans Updated: 14. 04. 2026

First Bank SME Loan – review 2026

3,9 / 5

First Bank of Nigeria provides SME loan products to small and medium enterprises, covering working capital, equipment finance and trade finance. First Bank has one of the largest branch networks in Nigeria, making its SME lending accessible across all 36 states.

Pros

  • Nationwide branch network provides SME loan access across all 36 Nigerian states
  • Products cover working capital, equipment finance and trade finance
  • Available to businesses in manufacturing, trade, services and agriculture
  • Long-established institution with over 130 years of operation in Nigeria
  • Digital loan application available for existing First Bank business customers

Cons

  • Annual interest rates in line with commercial bank SME lending rates
  • Collateral such as property or equipment documentation required
  • Approval process typically takes 1 to 2 weeks from document submission
  • Business bank account at First Bank required for most SME products
  • Business must have operated for a minimum period, typically 12 months

Requirements

  • First Bank business current account
  • CAC registration certificate
  • 12 months of business bank statements
  • Valid ID of business owner or director
  • Collateral documentation or acceptable business assets

Information in this review is based on publicly available sources and is for informational purposes only. Finatino.com is not a financial product broker. Before signing any contract, we recommend reading the provider's terms and conditions.