FastCash, the instant loan solution powered by First City Monument Bank (FCMB), has achieved a remarkable milestone by disbursing over 3 million loans totaling N105 billion to individuals across Nigeria. The bank proudly announced that each loan was delivered in under five minutes, without the need for collateral or paperwork, through the convenience of FCMB’s mobile app and 32911 USSD code.
Launched in 2018, FastCash has rapidly gained popularity among Nigerians seeking quick access to funds, thanks to its state-of-the-art Artificial Intelligence and Machine Learning technology. Available exclusively to FCMB customers, the solution offers flexible repayment terms, allowing borrowers to choose repayment cycles ranging from 30 days to three months.
“The milestone of N105 billion in loan disbursements is a testament to FastCash’s popularity and the trust that Nigerians have placed in the financial product. It has become one of the most convenient and accessible ways to access funds, helping to bridge Nigeria’s access-to-credit gap in urban and rural areas,” the bank proudly stated.
Mr. Shamsideen Fashola, Divisional Head of Personal Banking at FCMB, expressed the bank’s commitment to financial inclusion and customer-centric solutions, emphasizing the transformative impact of FastCash on countless Nigerians.
“We are thrilled by the extraordinary reach and impact of FastCash, our digital loan product, with a remarkable sum of N105 billion disbursed over five years. Through FastCash, we effectively bridge the access to credit gap for countless Nigerians. We know the solution has improved the well-being of Nigerians. So, we remain resolute in our dedication to serving as a steadfast pillar of support to our customers and the wider Nigerian society. First City Monument Bank will continue to empower individuals and contribute to advancing our society through innovative, convenient, secure, and easily accessible digital products.”
Alongside FastCash, FCMB also offers the Salary Plus Loan, an exclusive consumer credit scheme for salary account holders. This scheme provides qualified FCMB customers with short or medium-term funding to meet urgent financial obligations, further reinforcing the bank’s commitment to meeting the diverse financial needs of its customers.
As FCMB continues to drive financial inclusion and empower individuals, the success of FastCash demonstrates the power of digital solutions in making credit accessible and fostering economic growth for Micro, Small, and Medium Enterprises (MSMEs) across Nigeria.
