Access Bank’s digital lending portfolio has given Nigerians quick and 24/7 access to funds for emergencies without any collateral, and has hit N1bn daily in loan value.
The Executive Director, Retail Banking, Access Bank Plc, Victor Etuokwu, said in a statement, “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 loans to over 3.5 million 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 N45bn in over 2 million disbursements to individuals and have recently witnessed a spike in our volumes hitting N1bn 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, Access Bank said it had continued to expand its loan portfolio using its proved innovative algorithms and deep machine learning capabilities.
The bank’s retail innovation journey had led it to expand its digital loan offerings to other multi-tenured variants to fit the needs of its diverse retail customer segments, it added.
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 said it had gone a step ahead to provide access to phone ownership as it recently launched a 12-month device ownership scheme where any salary earning customer could select a phone of his choice from its QuickBucks app and walk into any of its partner outlets across the country to pick up the phone.
The Head Digital Banking Business Development, Access Bank, Chinedu Onuoha, said, “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.”