Post Views: 109 The management of Access Bank Plc, on Tuesday, said efforts to expand its digital lending portfolio, which gives Nigerians quick and 2...
The management of Access Bank Plc, on Tuesday, said efforts to expand its digital lending portfolio, which gives Nigerians quick and 24/7 access to funds for emergencies without any collateral, is yielding fruits, hitting a record N1billion daily in loan value.
A statement by the bank quoted Victor Etuokwu, Executive Director, Retail Banking of the bank as saying a total of over N45b has been disbursed to over two million individuals year-to-date, following which it recently witnessed a spike in daily volumes which has hit N1bn daily.
“This achievement and our focus on retail lending reiterate our commitment to democratize access to financial services leveraging digital technology,” he noted, adding that Access Bank is “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 3.5m 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. 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,” he stressed.
Etuokwu recalled that 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.
Chinedu Onuoha, Head Digital Banking Business Development, Access Bank, said the “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 QuickBucks App; these apps are available for download on the Play Store and iOS stores.