Access Bank’s expanded digital lending portfolio, which gives quick access to funds for emergencies without any collateral, has hit a record N1 billion daily loan value.
According to Victor Etuokwu, its Executive Director, Retail Banking, “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.
He added: “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 N45 billion in over two million disbursements to individuals and have recently witnessed a spike in our volumes hitting N1billion daily. This achievement and our focus on retail lending reiterates 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 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 last year; 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 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 can select a phone of his choice from our QuickBucks app and walk into any of our partner outlets across the country to pick up the phone.