Access Bank has granted 18 million digital loans worth N740 billion since the launch of its first
digital loan platform QuickBucks in 2017 aimed at strengthening financial inclusion.
The Group Head, Consumer Banking, Njideka Esomeju, disclosed this at the media roundtable of the revamp of Quick Bucks, Access Bank digital loan platform, on Tuesday in Lagos.
Esomeju said the digital lending solution was introduced by the bank to enable every Nigerian to achieve financial freedom.
“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.
“Since 2017, when we issued our first digital PayDay loan, we have granted 18 million digital loans worth over N740 billion, where customers can access up to N10 million instantly,” she said.
She added that the bank had revamped the digital loan platform ‘QuickBucks’ to meet the needs of its retail customers to boost lending.
Esomeju said that customers can access the digital loans for businesses, vehicle financing and school fees payment.
According to her, QuickBucks loans allow customers to get that assistance fast and easily.
She said the loan can be accessed through the QuickBucks USSD code, Access More app for smartphone users, or on QuickBucks platform on web or app.
Esomeju said that QuickBuck loans would launch a new version of the platform with features such as improved credit scoring algorithms; more loan options, including a digital asset and vehicle financing digital loans; and strategic partnerships to improve its services and satisfy changing customer needs.
“At first, our digital loans were only for salary earners who had to pay back in 30 days.
“But now we have QuickBucks loans with up to 12 months of repayment time for customers who have salary accounts with us or other banks, self-employed and active account holders, and also our business account and trader account holders,” she said.
The Unit Head, Digital lending , Access Bank, Efe Obaigbena, said that QuickBucks loans are designed to meet the bank’s customers’ urgent financial needs.
“Since its launch in 2017, QuickBucks loans have improved significantly, and as a responsible lender, we make sure that our customers do not get into debt trouble, which is why we cap our loans at a certain percentage of salary or account transactions.
“Customers must also have good credit records across all financial institutions to be eligible for our loans,” Obaigbena said.
She noted that the interest rate charged on the loan was the lowest in the industry between five per cent and 15 per cent depending on the customer’s loan type.
“QuickBucks loans are designed to be easy to access, where customers who have low literacy can get our digital loans through USSD, helping them join the financial system by offering them digital loans even if they have different levels of financial knowledge,” she said.
Also speaking, Team Lead, Digital Lending, Access Bank, Mr Oladisun Dawodu, said the bank had adopted the FinTech culture as a way to stand out in the market.
“Access Bank foresees future developments in FinTech such as AI-based lending solutions, blockchain technology for safe transactions, and closer integration with financial ecosystems.
“Access Bank has prepared QuickBucks loans to respond to these developments by putting money into technology improvements and strategic actions to keep its competitive advantage in the market,” he said.
He said that QuickBucks loans primarily targets the working population (salary earners and self-employed customers) in Nigeria, which constitutes 26.4 per cent of the populace, to provide them with accessible and flexible digital loan solutions.
“QuickBucks Loans are designed to fit different user preferences by having flexible repayment plans, various loan options, and customized customer experiences through the accessing channels,” Dawodu said.
