Foremost financial institution, Access Bank Plc. has hit one billion naira daily in loan value through its expanded digital lending portfolio.

Mr. Victor Etuokwu, the bank’s Executive Director, Retail Banking, announced this in Lagos on Tuesday, October 15th, 2019.

He said; “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.”

“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 2 million disbursements to individuals and have recently witnessed a spike in our volumes hitting N1 billion daily. This achievement and our focus on retail lending reiterate our commitment to democratise access to financial services leveraging digital technology.”

“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.”

“The bank also launched a dedicated loan application platform known as QuickBucks in the third quarter of 2018. QuickBucks is a Mobile Banking Application for digital loans aimed at improving customer’s borrowing experience for retail loans.”

Also, Chinedu Onuoha, Head Digital Banking Business Development, Access Bank, said;

“Our objective is to ensure that there is a digital loan product for every adult Nigerian who has proven means of livelihood because we know that every individual at one point or another requires some form of financial support.”

“Our flagship digital loan product, PayDay Loan, is tailored to help individuals meet their urgent cash needs. Though the tenor for this loan is 30 days, we also have loans with tenors of three months and six months.”