Access Bank announced on Tuesday that it has disbursed 18 million digital loans totaling over N740 billion since 2017. The bank made this disclosure during a press conference introducing its newly enhanced QuickBucks, a mobile banking application designed for digital lending.
“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. Nigerians need the financial
support that our digital loans offer more than ever, whether it’s the market
woman who needs to replenish her inventory, or the young couple who need some
extra funds to pay for their children’s education, everyone can benefit from
some assistance”, Group Head, Consumer Banking, Access Bank, Njideka Esomeju,
said at the media briefing.
Esomeju emphasized that QuickBucks loans have shown
remarkable improvement. She highlighted that as a responsible lender, they take
measures to prevent customers from falling into debt by limiting loans to a
specific percentage of salary or account transactions. Additionally, she
mentioned that customers need to maintain good credit records with all
financial institutions in order to qualify for loans.
“QuickBucks loans offer ‘something for everyone’. 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. Today, we offer a larger number of loans to low-income individuals and
small businesses than most commercial banks”, Ndijeka said.
Access Bank’s Head of Digital Lending, Efe Obaigbena, stated
that customers’ likelihood of obtaining a QuickBucks Loan improves with
increased transaction activity with the bank.
She said “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.”
The digital loan services have been enhanced with new
features, extending the repayment period to 12 months from 30 days, and
offering an interest rate ranging from 5 to 14 per cent. It was emphasized that
the loan application was developed with a lending algorithm to mitigate the
bank's risk, and that the algorithm analyzed the spending patterns of the
borrowers, she said.
Obaigbena advised that individuals receiving a salary should
ensure that their income is deposited into their Access Bank account.
Self-employed individuals and business owners are encouraged to request that
their clients make payments into their Access Bank account and utilize the same
account for payments to suppliers and vendors. It is crucial to avoid any loan
defaults, both within and outside Access Bank, as these actions positively
impact one’s credit profile and enhance eligibility for a QuickBucks Loan
offer.
“QuickBucks Loans are attractive because they are automated.
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 for
you. Our customer support team will also contact you with messages and calls as
your due date approaches”.
The Team Lead for Digital Lending at Access Bank, Oladisun
Dawodu, stated that the bank provides a streamlined and efficient method for
customers to obtain QuickBucks Loans via their preferred channel.
“QuickBucks Loans stand out by providing and offering a
faster loan processing time, fair interest rates, security, and a range of loan
offerings that cater to specific financial needs, establishing itself as a top
player in the digital lending space in Nigeria”, he added.
According to Dawodu, users can generally anticipate a swift
transfer of funds, typically within minutes, into their current Access Bank
account. Alternatively, if they are not existing customers, they can open a new
Access Bank account to receive the funds.
To access the loans, Dawodu outlined the steps: "For a
QuickBucks Loan, dial *901# and select QuickBucks Loans on USSD; choose 'Loans'
on the AccessMore app for smartphone users; or visit the QuickBucks platform on
the web or app, available on the Google Playstore or Apple App Store. You can
also visit the Access Bank website for more information on how to obtain a
QuickBucks Loan."