Access Bank has revealed its digital lending portfolio has hit N1 billion daily.
The Executive Director, Retail Banking, Access Bank, Victor Etuokwu Plc said, “We are at the forefront of digital lending across the continent. 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 N45b in over 2 million disbursements to individuals and have recently witnessed a spike in our volumes hitting N1billion daily. This achievement and our focus on retail lending reiterate our commitment to democratize access to financial services leveraging digital technology,” he added.
Etuokwu said that since the launch of Access Bank’s digital loan portfolio with PayDay Loan as the flagship product,the bank has continued to expand its loan portfolio using its proven innovative algorithms and deep machine learning capabilities.
He also said that 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, said Etuokwu.
Access Bank has a dedicated loan application platform known as QuickBucks launched in late 2018. The Mobile Banking Application for digital loans aimed at improving customers borrowing experience for retail loans.
The Head Digital Banking Business Development, Chinedu Onuoha, “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 3 months and 6 months.”
Access Bank is one of the country’s leading banks with an increasing digital presence.
