Access Bank revamps QuickBucks, disburses N740bn digital loans in 7 years
Access Bank has revamped its digital loan platform, QuickBucks, to boost lending across Nigerian consumers. The bank said customers could access the bank’s digital loans for business, vehicle financing, school fees, among others, explaining that QuickBucks loans allowed customers to get assistance fast and easily. Since the introduction of its first digital PayDay loans in […]
Access Bank has revamped its digital loan platform, QuickBucks, to boost lending across Nigerian consumers.
The bank said customers could access the bank’s digital loans for business, vehicle financing, school fees, among others, explaining that QuickBucks loans allowed customers to get assistance fast and easily.
Since the introduction of its first digital PayDay loans in 2017, Access Bank has issued 18 million digital loans amounting to over N740bn, enabling customers to receive up to N10m instantly.
Njideka Esomeju, group head, consumer banking, said, “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.”
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Esomeju highlighted the accessibility of QuickBucks loans, stating: “The loans can be accessed through the QuickBucks USSD code, the Access More app for smartphone users or via the QuickBucks platform on web or app.”
She elaborated on the platform’s evolution, noting: “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.”
Regarding interest rates, she said, “Our interest rates are among the lowest in the industry, ranging from about 5 per cent to a maximum of 15 per cent, depending on the type of loan.” She added that QuickBucks loans were designed for ease of access, noting: “For customers with low literacy level, our USSD code provides a straightforward way to obtain digital loans, allowing them to join the financial system regardless of their financial knowledge.”
Efe Obaigbena, unit head of digital lending, emphasised the purpose and improvements of QuickBucks Loans.
Obaigbena said, “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.”