Access Bank has strengthened its digital loan platform ’QuickBucks’, to promote lending to its consumers.
This was disclosed in a statement by Access Bank on Monday, stating since the launch of its first digital PayDay loan in 2017, the bank has disbursed 18 million digital loans totaling more than N740 billion, according to The Punch.
It said that consumers will now have access to loans for school fees, business loans, and auto financing, among other things, thanks to the platform’s redesign.
In his address, the Group Head of Consumer Banking, Access Bank, Njideka Esomeju, said, “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.
“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.”
Esomeju noted that the bank has some of the lowest interest rates in the business, with prices varying based on the type of loan from roughly 5% to a maximum of 15%.
The Unit Head of Digital Lending, Access Bank, Efe Obaigbena also emphasized QuickBucks Loans’ purpose and improvement.
Obaigbena said, “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.”
The Lead of Digital Lending, Access Bank, Oladisun Dawodu underlined the bank’s dedication to incorporating technology innovation.
“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 stated.
Dawodu noted that the appeal of QuickBucks Loans is their automated nature.
