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Access Bank hits over N1 billion in digital lending daily

Access Bank hits over N1 billion in digital lending daily

Access Bank’s expanded digital lending portfolio has hit a record N1billion daily in loan value.

Access Bank’s expandedportfolio, which gives Nigerians quick and 24/7 access to funds for emergencies without any collateral, has hit a record N1billion daily in loan value.

According to Victor Etuokwu, Executive Director, Retail Banking, Access Bank Plc, “We are at the forefront of digital lending across the continent. 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. In the past two years, we have disbursed over 3.5 million loans to individuals. 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. This year alone we have disbursed over N45 billion in over 2 million disbursements to individuals and have recently witnessed a spike in our volumes hitting N1 billion daily. This achievement and our focus on retail lending reiterate our commitment to democratize access to financial services leveraging digital technology.”

 

Since the launch of Access Bank’s digital loan portfoliowith PayDay Loan as the flagship product, Access Bank has continued to expand its loan portfolio using its proven innovative algorithms and deep machine learning capabilities. 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.

Access Bank also launched a dedicated loan application platform known as Quick Buck in the third quarter of last year; a Mobile Banking Application for digital loans aimed at improving customers borrowing experience for retail loans. As part 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 where any salary earning customer can select a phone of his choice from our QuickBucks app and walk into any of our partner outlets across the country to pick up the phone.

QuickBucks is a Mobile Banking Application for digital loans. It is a holistic platform for all loan products aimed at improving your borrowing experience – for retail Loans, Credit Card, Debit Card, Consumer Durable Loans and Device Financing Loan requests.

Chinedu Onuoha, Head Digital Banking Business Development, Access Bank, commented recently on this laudable achievement: “Our 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. Our 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, we also have loans with tenors of 3 months and 6 months.”

Access Bank’s digital loans are accessible 24hours, 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 Quick Bucks App; these apps are available for download on the Play Store and iOS stores.

 

 

 

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15 Comments

  1. Reply

    Ok

  2. Reply

    Whattt

  3. Reply

    Access bank is so screwed

  4. Reply

    Hmmmmm

  5. Reply

    Thanks for the heads up

  6. Reply

    Wow this is nice

  7. Reply

    That’s great news

  8. Reply

    I see

  9. Reply

    Good

  10. Reply

    Nice

  11. Profile photo ofExcel01

    Reply

    Access bank ke?

  12. Reply

    This is good news

  13. Reply

    Nice update

  14. Reply

    Good article

  15. Reply

    Interesting

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