Access Bank has revealed that it has provided a total of N740 billion in loans through its digital lending platform, QuickBucks, in a bid to enhance access to finance for Nigerian consumers over the span of the last seven years.
According to a statement released on Monday to PUNCH Online, the bank pointed out that customers have the flexibility to use the QuickBucks platform for a variety of purposes, including funding for businesses, vehicle purchases, and school fee payments.
Speaking on the initiative, Njideka Esomeju, the Group Head of Consumer Banking at Access Bank, stated, “Since the inception of our first digital PayDay loan in 2017, Access Bank has disbursed 18 million digital loans totaling over N740 billion, allowing customers to access up to N10 million instantly.
“Given the financial challenges that many Nigerians are currently facing due to the economic climate, our objective is to empower every Nigerian to attain financial independence, which is why we introduced digital lending solutions.”
“Accessing the loan is possible through the QuickBucks USSD code, the Access More app for smartphone users, or via the QuickBucks platform on the web or app.”
She further explained the evolution of the platform, stating, “Initially, our digital loans were restricted to salaried individuals with a 30-day repayment period. However, QuickBucks Loans now offer repayment periods of up to 12 months for customers with salary accounts, self-employed individuals, active account holders, as well as business and trader account holders.”
Regarding interest rates, Esomeju mentioned, “Our interest rates are competitively low, ranging from approximately 5% to a maximum of 15%, depending on the loan type.”
She highlighted that QuickBucks Loans are designed for easy access, stating, “For customers with limited literacy levels, our USSD code offers a simple method to access digital loans, enabling them to participate in the financial system irrespective of their financial acumen.”
Efe Obaigbena, the Unit Head of Digital Lending, emphasized the purpose and enhancements of QuickBucks loans.
“These loans are tailored to meet the urgent financial needs of our customers.”
“Since its launch in 2017, QuickBucks Loans have undergone significant improvements. As a responsible lender, we ensure that our customers do not get burdened with excessive debt by capping our loans based on a percentage of salary or account transactions. Eligibility also necessitates a good credit history across all financial institutions.”
Oladisun Dawodu, the bank’s Team Lead of Digital Lending, discussed the bank’s dedication to integrating FinTech innovations.
Dawodu expressed, “QuickBucks Loans are appealing due to their automated nature.”
“Access Bank embraces the FinTech ethos to distinguish itself in the market. We are gearing up for future advancements such as AI-driven lending solutions, blockchain technology for secure transactions, and enhanced integration with financial ecosystems.”
“We are investing in technology and strategic measures to ensure that QuickBucks Loans remain competitive and adaptable to these changes.”
“Applying for a QuickBucks Loan is quick and convenient, as is the repayment process. Customers simply need to ensure they have sufficient funds in their account on the due date(s), and the payment will be deducted automatically, hassle-free. Moreover, our customer support team will reach out through messages and calls as the due date approaches,” Dawodu noted.