Access Bank boosts digital lending with N740bn

Access Bank has announced the disbursement of N740bn through its digital loan platform, QuickBucks, to enhance lending for Nigerian consumers over the past seven years.

In a statement released on Monday to According Online, the bank highlighted that customers can utilise the QuickBucks platform for various purposes, including business loans, vehicle financing, and school fee payments.

The Group Head of Consumer Banking, Access Bank, Njideka Esomeju, said, “Since its first digital PayDay loan was introduced 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. Our goal is to enable every Nigerian to achieve financial freedom, which is why we introduced digital lending solutions.

“The loan can be accessed through the QuickBucks USSD code, the Access More app for smartphone users, or via the QuickBucks platform on web or app.”

She elaborated on the platform’s evolution, noting, “Initially, our digital loans were limited to salary earners with a 30-day repayment term. Now, QuickBucks Loans offer 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.”

Regarding interest rates, Esomeju stated, “Our interest rates are among the lowest in the industry, ranging from about 5 per cent to a maximum of 15 per cent, depending on the type of loan.”

She added that QuickBucks Loans are designed for ease of access, noting, “For customers with low literacy levels, our USSD code provides a straightforward way to obtain digital loans, allowing them to join the financial system regardless of their financial knowledge.”

The Unit Head of Digital Lending, Efe Obaigbena, emphasised the purpose and improvements of QuickBucks loans.

He said; “These loans are designed to address our 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.”

The bank’s Team Lead of Digital Lending, Oladisun Dawodu, discussed the bank’s commitment to integrating FinTech innovations.

Dawodu said QuickBucks Loans are attractive because they are automated.

“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.”

“Getting a QuickBucks Loan is quick and easy, and so is repaying it. Customers need to ensure they have enough money in their account on the due date(s) and the payment will be deducted automatically, without any hassle. Our customer support team will also contact you with messages and calls as your due date approaches”, Dawodu, said.