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By Nwakaego Alajemba
Access Bank now records over N1 billion in digital lending daily, a landmark that makes it the industry leader in that new but fast growing segment of financial borrowing.
“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,” said Executive Director, Retail Banking, Access Bank Plc, Victor Etuokwu recently in Lagos.
“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 N45b 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 reiterates our commitment to democratize access to financial services leveraging digital technology,” he added.
According to him, since the launch of Access Bank’s digital loan portfolio with PayDay Loan as the flagship product,the 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, said Etuokwu.
Access Bank has a dedicated loan application platform known as QuickBucks launched late 2018. The Mobile Banking Application for digital loans aimed at improving customers borrowing experience for retail loans.
“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,” said Head Digital Banking Business Development, Chinedu Onuoha.
Access Bank is one of the country’s leading banks with an increasing digital presence.
Access Bank’s digital loans are accessible 24hours, 7 days a week service and can be accessed via the short code *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.
