Access Bank has revamped its digital loan platform, ’QuickBucks’, to boost lending across Nigerian consumers. The bank said customers could access the bank’s digital loans for businesses, vehicle financing, school fees payment, among others. QuickBucks loans allow customers to get that assistance fast and easily.
Since the introduction of its first digital PayDay loan in 2017, Access Bank has issued 18 million digital loans amounting to over N740 billion, enabling customers to receive up to N10 million instantly. Njideka Esomeju, Group Head, Consumer Banking, said: “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.” Esomeju highlighted the accessibility of QuickBucks loans, stating; “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.”
Efe Obaigbena, unit head of digital lending, emphasised the purpose and improvements of QuickBucks Loans. “These loans are designed to address our customers’ urgent financial needs,” Obaigbena said. “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.”
Regarding interest rates, Esomeju stated, “Our interest rates are among the lowest in the industry, ranging from about 5 percent to a maximum of 15 percent, depending on the type of loan.”
