Access Bank Plc, on Monday said it has since the introduction of its first digital PayDay loan in 2017, issued 18m digital loans amounting to over N740bn.
The PayDay Loan, which enables customers access up to N10m instant loan, is expected to deliver more in the months ahead following the revamp of its digital loan platform ’QuickBucks’, to boost lending across Nigerian consumers.
Customers, the bank said in a statement, can access its digital loans for businesses, vehicle financing, school fees payment, among others faster and easier.
The statement quoted Njideka Esomeju, Group Head, Consumer Banking, as saying “many Nigerians are facing financial challenges due to the economic situation in the country. At Access Bank, our goal is to enable every Nigerian to achieve financial freedom, which is why we introduced digital lending solutions.”
Highlighting the accessibility of QuickBucks Loans, Esomeju, “the loan can be accessed through the QuickBucks USSD code, the Access More app for smartphone users, or via the QuickBucks platform on web or app.”
According to her, “initially, our digital loans were limited to salary earners with a 30-day repayment term. Now, QuickBucks Loans offer up to 12 months of repayment time for customers with salary accounts, self-employed individuals, active account holders, as well as business and trader account holders.”
Efe Obaigbena, unit head of digital lending, emphasised the purpose and improvements of QuickBucks Loans, noted: “these loans are designed to address our customers’ urgent financial needs.
“Since its launch in 2017, QuickBucks Loans have seen significant enhancements. As a responsible lender, we ensure our customers do not face excessive debt by capping our loans at a percentage of salary or account transactions. Eligibility also requires a good credit record across all financial institutions.”
Regarding interest rates, Esomeju assured that “our interest rates are among the lowest in the industry, ranging from about 5 percent to a maximum of 15 percent, depending on the type of loan.”
QuickBucks Loans, she stressed, are designed for ease of access, noting, “For customers with low literacy levels, our USSD code provides a straightforward way to obtain digital loans, allowing them to join the financial system regardless of their financial knowledge.”
Oladisun Dawodu, team lead of digital lending, also highlighted the bank’s commitment to integrating FinTech innovations, assuring that “Access Bank embraces FinTech culture to distinguish itself in the market. We are preparing for future advancements such as AI-based lending solutions, blockchain technology for secure transactions, and closer integration with financial ecosystems.”
“We are investing in technology and strategic actions to ensure QuickBucks Loans remain competitive and responsive to these developments,” he added.
Dawodu assured that QuickBucks Loans are attractive because they are automated, stressing that “getting a QuickBucks Loan is quick and easy, and so is repaying it. Customers just need to make sure they have enough money in their account on the due date(s) and the payment will be deducted automatically, without any hassle. Our customer support team will also contact you with messages and calls as your due date approaches.”
