Business

Access Bank Grants 18 Million Digital Loans Worth N740bn

Access Bank has announced that it has granted 18 million digital loans totaling over N740 billion since the introduction of its QuickBucks platform in 2017, an initiative that aims to bolster financial inclusion across Nigeria.

At a media roundtable on Tuesday in Lagos, Njideka Esomeju, Group Head of Consumer Banking at Access Bank, detailed the impact of QuickBucks.

“Many Nigerians are facing financial challenges due to the economic situation in the country. At Access Bank, our goal is to enable every Nigerian to achieve financial freedom, which is why we introduced digital lending solutions.

“Since 2017, when we issued our first digital PayDay loan, we have granted 18 million digital loans worth over N740 billion,” Esomeju said.

The QuickBucks platform, initially launched to offer digital PayDay loans, now allows customers to access loans up to N10 million instantly.

It also provides loans for various purposes, including business funding, vehicle financing, and school fees payment. Customers can access these loans via the QuickBucks USSD code, the Access More app, or the QuickBucks web platform.

Esomeju highlighted new features in the updated QuickBucks platform, including improved credit scoring algorithms, more loan options such as digital asset and vehicle financing, and strategic partnerships aimed at enhancing service delivery.

“At first, our digital loans were only for salary earners who had to pay back in 30 days. But 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,” she explained.

Efe Obaigbena, Unit Head of Digital Lending at Access Bank, stressed the bank’s commitment to responsible lending.

She also highlighted that the interest rates for QuickBucks loans range between five percent and 15 percent, depending on the loan type.

“QuickBucks loans are designed to meet the bank’s customers’ urgent financial needs. Since its launch in 2017, QuickBucks loans have improved significantly, and 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. Customers must also have good credit records across all financial institutions to be eligible for our loans.

“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,” she added.

Mr. Oladisun Dawodu, Team Lead of Digital Lending at Access Bank, while discussing the bank’s adoption of FinTech innovations, said “Access Bank foresees future developments in FinTech such as AI-based lending solutions, blockchain technology for safe transactions, and closer integration with financial ecosystems. Access Bank has prepared QuickBucks loans to respond to these developments by putting money into technology improvements and strategic actions to keep its competitive advantage in the market,” Dawodu said

Dawodu noted that QuickBucks primarily targets Nigeria’s working population, including salary earners and self-employed individuals, who make up 26.4 percent of the population.

“QuickBucks Loans are designed to fit different user preferences by having flexible repayment plans, various loan options, and customised customer experiences through the accessing channels,” he said.

Chioma Kalu