Access Bank Plc has launched a new mobile banking application, QuickBucks Loans, designed to provide fast and easy digital loans to Nigerian consumers. This initiative aims to support various financial needs, including business funding, vehicle financing, and school fee payments.
A History of Digital Lending Success
Since introducing its first digital PayDay loan in 2017, Access Bank has issued 18 million digital loans worth over N740 billion, enabling customers to receive up to N10 million instantly.
Accessible and Flexible Loan Options
Njideka Esomeju, Group Head of Consumer Banking, emphasized the bank’s commitment to financial inclusivity: “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, which can be accessed through the QuickBucks USSD code, the Access More app, or the QuickBucks platform on web or app. She noted the evolution of the platform: “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.”
Responsible Lending Practices
Efe Obaigbena, Unit Head of Digital Lending, stressed the improvements made to QuickBucks Loans: “These loans are designed to address our customers’ urgent financial needs. 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.”
Competitive Interest Rates
Esomeju stated that Access Bank’s interest rates are among the lowest in the industry, ranging from 5% to 15%, depending on the type of loan. She added, “For customers with low literacy levels, our USSD code provides a straightforward way to obtain digital loans, allowing them to join the financial system regardless of their financial knowledge.”
Integration of FinTech Innovations
Oladisun Dawodu, Team Lead of Digital Lending, discussed the bank’s commitment to integrating FinTech innovations: “Access Bank embraces FinTech culture to distinguish itself in the market. We are preparing for future advancements such as AI-based lending solutions, blockchain technology for secure transactions, and closer integration with financial ecosystems.”
Dawodu also noted the convenience of QuickBucks Loans: “Getting a QuickBucks Loan is quick and easy, and so is repaying it. Customers just need to ensure they have enough money in their account on the due date(s) and the payment will be deducted automatically, without any hassle. Our customer support team will also contact you with messages and calls as your due date approaches.”
With QuickBucks Loans, Access Bank continues to innovate and provide essential financial support to Nigerian consumers, enhancing their financial freedom and stability.
