FCMB enhances instant loan scheme with AI tool

FastCash, an instant loan solution in Nigeria powered by First City Monument Bank (FCMB), has been enhanced with Artificial Intelligence (AI) capabilities to create access to more individuals and households. The bank in a statement yesterday said the instant loan scheme is designed to significantly close the access to finance gap in the country, reduce […]

FastCash, an instant loan solution in Nigeria powered by First City Monument Bank (FCMB), has been enhanced with Artificial Intelligence (AI) capabilities to create access to more individuals and households.

The bank in a statement yesterday said the instant loan scheme is designed to significantly close the access to finance gap in the country, reduce poverty and promote financial inclusion.

FastCash is a collateral-free, convenient and easy-to-access personal digital loan product that provides credit up to N200,000 to existing customers of FCMB in less than five minutes to meet emergency needs, such as school fees payment for children and medical fees. Customers can conveniently access the loan through the FCMB new mobile app or by dialling the Bank’s USSD code.

It noted that FastCash’s integration of Artificial Intelligence enables customers to access loans tailored to their ability to repay flexibly, providing a personalised banking experience.

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Commenting on this digital milestone, the Divisional Head of Personal Banking of FCMB, Mr Shamsideen Fashola, said: “As a responsive Bank, we are committed to providing solutions that are impactful and beneficial in a sustainable manner. We are proud that our FastCash is changing lives and will continue improving the product to deliver exceptional customer experience”.