FastCash, an instant loan solution in Nigeria, has been enhanced with Artificial Intelligence capabilities, to ensure that more individuals and households have access to funds to meet emergency obligations under friendly repayment terms.
The enhanced instant loan solution, powered by First City
Monument Bank, was designed to significantly close the access to finance gap in
the country, reduce poverty and promote financial inclusion.
According to a statement by the lender, FastCash is a
collateral-free, convenient and easy-to-access personal digital loan product
that provided credit up to N200,000 to existing customers of FCMB in less than
five minutes to meet emergency needs, such as school fees payment for children
and medical fees.
Customers could conveniently access the loan through the
FCMB new mobile app or by dialling the bank’s USSD code.
It stated, “FastCash’s integration of Artificial
Intelligence enables customers to access loans tailored to their ability to
repay flexibly, providing a personalised banking experience.
“Additionally, customers with a good repayment history can
increase their current loan without having to pay off the existing loan.
“Another advantage is the ability to top up a loan with
friendly repayment terms for a specific amount. This feature benefits every
customer who needs to borrow more.”
Commenting on this digital milestone, the Divisional Head of
Personal Banking, FCMB, Mr Shamsideen Fashola, said, “The enhancement of
FastCash with Artificial Intelligence is a bold move and statement of our
intent to leverage technology to deliver secure, convenient and accessible
offerings to our teeming customers.
“We realise the financial challenges facing people, and as a
responsive bank, we are committed to providing solutions that are impactful and
beneficial in a sustainable manner.
“We are proud that our FastCash is changing lives and will
continue improving the product to deliver exceptional customer experience.”
FCMB said it was making a far-reaching impact with the
FastCash instant digital loan product.
Between January and March 2023, it stated, almost N10bn was
disbursed to over 290,000 Nigerians via the platform.
Since FastCash was launched in 2018, nearly 3.2 million
loans worth over N100bn had been disbursed, the statement said.