Access Bank’s expanded digital lending portfolio has hit a record N1billion daily in loan value.
The bank’s digital lending portfolio gives Nigerians quick and round-the-clock access to funds for emergencies without any collateral.
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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 N45b in over 2 million disbursements to individuals and have recently witnessed a spike in our volumes hitting N1billion daily. This achievement and our focus on retail lending reiterate our commitment to democratise access to financial services leveraging digital technology.”
Since the launch of Access Bank’s digital loan portfolio with PayDay Loan as the flagship product, the bank has continued to expand its loan portfolio using its proven innovative algorithms and deep machine learning capabilities.
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 launched a dedicated loan application platform known as QuickBucks in the third quarter of 2018; a mobile banking application for digital loans aimed at improving customers borrowing experience for retail loans.
As part of its commitment to deepening digital finance, the bank has also provided access to phone ownership as it recently launched a 12-month device ownership scheme where any salary-earning customer can select a phone of his choice from the bank’s QuickBucks app and walk into any of its partner outlets across the country to pick up the phone.
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Head of Digital Banking Business Development, Access Bank, Chinedu Onuoha, commented recently on the 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.”
