Access Bank’s expanded digital lending portfolio, which gives Nigerians quick access to funds for emergencies without any collateral, has hit a record N1billion daily in loan value.
In a statement today, October 15, the Executive Director, Retail Banking in the Access Bank Plc, Victor Etuokwu, said that the bank is at the forefront in 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 N1billion 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 portfolio with 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 QuickBucks 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.
Head Digital Banking Business Development at the Access Bank, Chinedu Onuoha, said recently that the objective of the bank was 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, through seven days in a week service and can be accessed via the short code *901*11#. It can also be accessed via Access Mobile App and the QuickBucks App; these apps are available for download on the Play Store and iOS stores.