Access Bank Disburses N1bn Daily In Digital Lending
According to the Executive Director, Retail Banking, Access Bank Plc, Victor Etuokwu, “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.”
Access Bank has continued to expand its loan portfolio since the launch of the Access Bank digital loan platform with PayDay Loan as the first product. 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 introduced QuickBucks in the third quarter of last; a mobile bank application for digital loans which is aimed at improving borrowing experience of customers for retail loans. To further deepen its commitment to digital financing, the bank launched a 12-month device ownership scheme which will provide access to phone ownership. This allows salary earners to select a phone of their choice through the QuickBucks app and walk into any of the bank’s partner outlets across the country to pick up the phone
Head Digital Banking Business Development, Access Bank, Chinedu Onuoha 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 can be accessed 24hours, 7 days a week. You can also access digital loans via the shortcode *901*11#. Also it can be accessed via Access Mobile App and the QuickBucks App; these apps are available for download on the Play Store and iOS stores.