Access Bank, one of Nigeria’s leading financial institutions, has granted 18 million digital loans worth over N740 billion to customers in seven years. This was revealed by the Group Head of Consumer Banking at Access Bank, Njideka Esomeju.
Esomeju disclosed this yesterday at a press briefing to unveil its newly revamped QuickBucks, a mobile banking application for digital loans.
In her words, “Since 2017, when we issued our first digital PayDay loan, we have granted 18 million digital loans worth over N740 billion, where customers can access up to N10 million instantly. Nigerians need the financial support that our digital loans offer more than ever, whether it’s the market woman who needs to replenish her inventory or the young couple who needs some extra funds to pay for their children’s education, everyone can benefit from some assistance.”
Esomeju who noted that QuickBucks loans have improved significantly said, “As a responsible lender, we make sure that our customers do not get into debt trouble, which is why we cap our loans at a certain percentage of salary or account transactions.”
She said customers must also have good credit records across all financial institutions to be eligible for loans.
Explaining further Njideka said, “QuickBucks loans offer ‘something for everyone’. At first, our digital loans were only for salary earners who had to pay back in 30 days. Still, now we have QuickBucks Loans with up to 12 months of repayment time for customers who have salary accounts with us or other banks, self-employed and active account holders, and also our business account and trader account holders. Today, we offer a larger number of loans to low-income individuals and small businesses than most commercial banks.”
On her part, the Head of Digital Lending at Access Bank, Efe Obaigbena, said the chances of the bank’s customers getting a QuickBucks Loan increase when they do more transactions with the bank.
She said, “QuickBucks Loans are designed to be easy to access, where customers who have low literacy can get our digital loans through USSD, helping them join the financial system by offering them digital loans even if they have different levels of financial knowledge.”
According to Obaigbena, the digital loan services offered new features, increasing repayment time to 12 months from 30 days with interest rates ranging from 5 to 14 per cent.
She stressed that the application to access the loan was designed with a lending algorithm that prevented the bank from risk, adding that the algorithm provided a behavioural spending pattern of the lenders.
Obaigbena said, “If your income comes from a salary, ensure that it goes into your Access Bank account. If you work for yourself or run a business, ask your clients to pay into your Access Bank account and use your Access Bank account to pay your suppliers and vendors. Most importantly, avoid defaulting on any loans within or outside Access Bank. These activities improve your credit profile and make you more eligible for a QuickBooks Loan offer.
“QuickBucks Loans are attractive because they are automated. Getting a QuickBucks Loan is quick and easy, and so is repaying it. Customers need to make sure they have enough money in their account on the due date(s) and the payment will be deducted automatically, without any hassle for you. Our customer support team will also contact you with messages and calls as your due date approaches”.
Also speaking during the press briefing, the Team Lead of digital Lending at Access Bank, Oladisun Dawodu, said the bank offers a fast and easy way for users to get QuickBucks Loans through the channel of their choice.
“QuickBucks Loans stand out by providing and offering a faster loan processing time, fair interest rates, security, and a range of loan offerings that cater to specific financial needs, establishing itself as a top player in the digital lending space in Nigeria”, he added.
According to Dawodu, users can expect to receive the funds quickly, usually in minutes, into their existing Access Bank account, or a new Access Bank account if they are not already customers.
Explaining steps to access the loans, Dawodu said, “To get a QuickBucks Loan, dial *901# and choose QuickBucks Loans on USSD; select ‘Loans’ on AccessMore app for smartphone users; or go to the QuickBucks platform on web or app, available on the Google Playstore or Apple App Store. You can also check the Access Bank website for more details on how to get a QuickBucks Loan.”