Access Bank has disbursed N740 billion to 18 million borrowers through its digital lending services since launching in 2017. This was revealed by Njideka Esomeju, the bank’s Group Head of Consumer Banking, during the relaunch of its QuickBucks Loan service.
The initiative aims to provide financial support to both individuals and business owners, allowing customers to access up to N10 million instantly.
Esomeju highlighted the diverse needs met by the digital loans, from helping market women replenish inventory to assisting young couples with children’s education expenses.
The digital lending service uses a sophisticated lending algorithm to assess the spending patterns of borrowers, minimizing risk for the bank and ensuring responsible lending practices.
She further explained that Access Bank caps loans at a certain percentage of salary or account transactions to prevent customers from falling into debt.
Eligibility for loans also requires good credit records across all financial institutions, ensuring borrowers are financially responsible.