Access Bank boosts consumer lending with N740b digital loans
*Renewed QuickBucks to quicken loan access
Access Bank PLC has disbursed more than N740 billion in digital loans in a major boost to consumer lending.
Consumers were able to access up to N10 million in instant loans to cover various needs.
Group Head, Consumer Banking, Access Bank, Njideka Esomeju said the bank has revamped its digital loan platform ’QuickBucks’, to boost lending to Nigerian consumers.
Esomeju said customers can access the bank’s digital loans for businesses, vehicle financing, school fees payment, among others. QuickBucks loans allow customers to get that assistance fast and easily.
Since the introduction of its first digital PayDay loan in 2017, Access Bank has issued 18 million digital loans amounting to over N740 billion, enabling customers to receive up to N10 million instantly.
“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.
“QuickBucks Loans can be accessed through the QuickBucks USSD code, the Access More app for smartphone users, or via the QuickBucks platform on web or app,” Esomeju said.
She explained that initially, the digital loans were limited to salary earners with a 30-day repayment term but it now offers 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.
Unit Head, Digital Lending, Efe Obaigbena emphasised the purpose and improvements of QuickBucks Loans noting that the loans were designed to address 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,” Obaigbena said.
Esomeju noted that the loans’ interest rates are among the lowest in the industry, ranging from about five per cent to a maximum of 15 per cent, depending on the type of loan.
She added that QuickBucks Loans were designed for ease of access as customers with low literacy levels as the USSD code provides a straightforward way to obtain digital loans, allowing them to join the financial system regardless of their financial knowledge.
Team Lead, Digital Lending, Oladisun Dawodu discussed the bank’s commitment to integrating fintech innovations.
“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,” Dawodu said.
