Access Bank’s expanded digital lending portfolio, which gives Nigerians quick and 24/7 access to funds for emergencies without any collateral, has hit a record N1billion daily in loan value.
According to Victor Etuokwu, Executive Director, Retail Banking, Access Bank Plc, in the past two years, the bank has disbursed over 3.5 million loans to individuals, adding that this year alone it had disbursed over N45 billion in over 2 million disbursements to individuals and have recently witnessed a spike in volumes hitting one billion naira daily.
“This achievement and our focus on retail lending reiterate our commitment to democratize access to financial services leveraging digital technology,” he said.
Chinedu Onuoha, Head Digital Banking Business Development, Access Bank, commented recently on this laudable achievement: “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.”