Access Bank’s expanded digital lending portfolio has hit a record N1 billion daily in loan value, the company said in a press release. The Bank offers Nigerians quick and 24/7 access to funds for emergencies without any collateral.
Since the launch of its digital loan portfolio with PayDay Loan as the flagship product, the Bank has continued to expand its loan package using proven innovative algorithms and deep machine learning capabilities.
Moreover, the Bank’s retail innovation journey has led it to expand its digital loan offerings to other multi-tenured variants to fit the needs of its diverse retail customer segments.
“We are at the forefront of digital lending across the continent,” said Victor Etuokwu, Executive Director of Retail Banking, Access Bank Plc. “This is a deliberate choice we made when we introduced the first USSD based digital lending product in Nigeria based on our deep understanding of our operating environment.”
According to Etuokwu, Access Bank has disbursed over N45 billion in over 2 million disbursements to individuals this year alone. The Bank also recently witnessed a spike in volumes hitting N1 billion daily while over 3.5 million loans have been disbursed to individuals in the past two years.
“We acknowledge it is no mean feat when compared to where the market is coming from, but this is still a scratch in the overall potential of this market,” he said. “This achievement and our focus on retail lending reiterates our commitment to democratize access to financial services leveraging digital technology.”
Access Bank also has a dedicated loan application platform – QuickBucks – in the third quarter of 2018. The service is a Mobile Banking Application for digital loans aimed at improving customers’ borrowing experience for retail loans.
In a demonstration of its commitment to deepening digital finance, the Bank has gone a step ahead to provide access to phone ownership as it recently launched a 12-month Device Ownership scheme. The service allows any salary earning customer to select a phone of choice from the QuickBucks app and walk into any of the Bank’s partner outlets across the country to pick up the device.
Lauding the achievement, Head of Digital Banking Business Development at Access Bank, Chinedu Onuoha, said the Bank’s objective is to “ensure that there is a digital loan product for every adult Nigerian who has proven means of livelihood because we know that every individual at one point or another requires some form of financial support. “
Onuoha added that the flagship digital loan product, PayDay Loan, is tailored to help individuals meet their urgent cash needs. Though the tenor for this loan is 30 days, the Bank also offers loans with tenors of 3 months and 6 months.
Access Bank’s digital loans are accessible 24 hours, 7 days a week service and can be accessed via the shortcode *901*11#. One can also access it via Access Mobile App and the QuickBucks App; these apps are available for download on the Play Store and iOS stores.
Kindly click HERE to know more and apply.
