First City Monument Bank (FCMB) has disbursed more than N40 billion in digital loans between January and August 2024. This was revealed by the bank’s Divisional Head of Personal Banking, Adetunji Lamidi, in a statement on Monday.
“From January to August 2024, FCMB disbursed over N40bn in digital retail loans, with FastCash significantly helping thousands of Nigerians overcome short-term financial hurdles,” Lamidi said.
The FastCash loan product has played a vital role in providing quick access to funds for school fees and supplies, helping families prioritize their children’s education without financial strain. FastCash allows parents and guardians to borrow up to N200,000 within minutes to cover expenses such as tuition fees, textbooks, and uniforms.
Accessible through the FCMB New Mobile app, the loan can be processed in under five minutes, providing immediate relief to families, particularly at the start of a new school term.
“We understand the financial pressure families face, especially at the start of a new school term. FastCash is designed to provide immediate relief by offering fast and hassle-free access to funds. Our goal is to ensure that every Nigerian can meet their educational commitments without delay or financial worry,” Lamidi emphasized.
He added that FastCash is not only quick but adaptable. By using advanced AI technology, FCMB offers loans tailored to individual repayment capabilities, allowing customers with good repayment histories to access more funds or top up existing loans easily.
In addition to FastCash, FCMB also provides the Salary Plus Loan, designed for salary account holders to access funds ahead of their next paycheck.
Recently, FCMB signed a $25 million agreement with the Dutch Entrepreneurial Development Bank and the European Commission. This partnership aims to enhance the bank’s capacity to support small and medium-sized enterprises (SMEs) across Nigeria, further boosting economic growth and development.
