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Njideka Esomeju, Group Head of Consumer Banking at Access Bank, revealed at a media roundtable in Lagos the remarkable achievement of granting N740 billion in digital loans to 18 million borrowers through the revamped Quick Bucks platform.
Revamping Quick Bucks Platform:
Esomeju emphasized that the revamp of the Quick Bucks digital loan platform symbolizes Access Bank’s commitment to empowering every Nigerian with the opportunity to attain financial independence, especially amid the prevailing economic challenges in the country.
Digital Lending Success:
Since the inception of the digital PayDay loan in 2017, Access Bank has facilitated the disbursement of over N740 billion in digital loans, benefitting customers with instant access to funds, with loan amounts reaching up to N10 million, catering to diverse financial needs.
Enhanced Services and Offerings:
Access Bank’s enhancement of the Quick Bucks digital loan platform aims to cater to the needs of its retail customers, providing various loan options for business financing, vehicle acquisition, and payment of school fees. Quick Bucks loans offer swift and hassle-free assistance, accessible via USSD code, the Access More app, or the Quick Bucks web or app platforms.
Expanded Accessibility and Repayment Flexibility:
Esomeju highlighted the expanded accessibility of Quick Bucks loans, emphasizing that customers, including salary earners, self-employed individuals, active account holders, as well as business and trader account holders, can access loans with repayment periods of up to 12 months, accommodating a broader customer base and varied financial circumstances.
Responsible Lending Practices:
Efe Obaigbena, Unit Head of Digital lending at Access Bank, emphasized the institution’s responsible lending approach, with Quick Bucks loans structured to address customers’ urgent financial needs while ensuring responsible borrowing practices. Access Bank maintains strict eligibility criteria, requiring good credit records and ensuring loan caps as a percentage of salary or account transactions to prevent customers from falling into debt trouble.
Low-Interest Rates and Inclusive Accessibility:
Quick Bucks loans offer attractive interest rates ranging between five and fifteen percent, catering to customers’ diverse loan types. The platform aims to support financial inclusion by accommodating customers with varying levels of financial literacy, facilitating access through USSD for those with low literacy levels.
Adopting a FinTech Culture:
Oladisun Dawodu, Team Lead of Digital Lending at Access Bank, emphasized the institution’s adoption of a forward-thinking FinTech culture to remain competitive in the market. Quick Bucks continues to evolve to meet future FinTech developments, including AI-based lending solutions and blockchain technology, with a focus on technological enhancements and strategic measures to maintain a competitive edge.
Targeting and Tailoring Loan Solutions:
Dawodu highlighted Quick Bucks’ primary focus on the working population in Nigeria, providing accessible and flexible loan solutions to cater to diverse user preferences, repayment plans, and customer experiences, representing a pivotal stride in Access Bank’s commitment to empowering a substantial portion of the Nigerian populace through digital lending solutions.