Olufemi Adeyemi

L-R: Team Lead, Digital Lending at Access Bank, Oladisun Dawodu, Group Head, Consumer Banking, Njideka Esomeju, and Head, Digital Lending, Efe Obaigbena, at the media briefing to unveil Access Bank’s newly revamped QuickBucks, a mobile banking application for digital loans…Tuesday

Access Bank announced on Tuesday that it has disbursed 18 million digital loans totaling over N740 billion since 2017. The bank made this disclosure during a press conference introducing its newly enhanced QuickBucks, a mobile banking application designed for digital lending.

“Since 2017, when we issued our first digital PayDay loan, we have granted 18 million digital loans worth over N740 billion, where customers can access up to N10 million instantly. Nigerians need the financial support that our digital loans offer more than ever, whether it’s the market woman who needs to replenish her inventory, or the young couple who need some extra funds to pay for their children’s education, everyone can benefit from some assistance”, Group Head, Consumer Banking, Access Bank, Njideka Esomeju, said at the media briefing.

Esomeju emphasized that QuickBucks loans have shown remarkable improvement. She highlighted that as a responsible lender, they take measures to prevent customers from falling into debt by limiting loans to a specific percentage of salary or account transactions. Additionally, she mentioned that customers need to maintain good credit records with all financial institutions in order to qualify for loans.

“QuickBucks loans offer ‘something for everyone’. At first, our digital loans were only for salary earners who had to pay back in 30 days, but now we have QuickBucks Loans with up to 12 months of repayment time for customers who have salary accounts with us or other banks, self-employed and active account holders, and also our business account and trader account holders. Today, we offer a larger number of loans to low-income individuals and small businesses than most commercial banks”, Ndijeka said.

Access Bank’s Head of Digital Lending, Efe Obaigbena, stated that customers’ likelihood of obtaining a QuickBucks Loan improves with increased transaction activity with the bank.

She said “QuickBucks Loans are designed to be easy to access, where customers who have low literacy can get our digital loans through USSD, helping them join the financial system by offering them digital loans even if they have different levels of financial knowledge.”

The digital loan services have been enhanced with new features, extending the repayment period to 12 months from 30 days, and offering an interest rate ranging from 5 to 14 per cent. It was emphasized that the loan application was developed with a lending algorithm to mitigate the bank's risk, and that the algorithm analyzed the spending patterns of the borrowers, she said.

Obaigbena advised that individuals receiving a salary should ensure that their income is deposited into their Access Bank account. Self-employed individuals and business owners are encouraged to request that their clients make payments into their Access Bank account and utilize the same account for payments to suppliers and vendors. It is crucial to avoid any loan defaults, both within and outside Access Bank, as these actions positively impact one’s credit profile and enhance eligibility for a QuickBucks Loan offer.

“QuickBucks Loans are attractive because they are automated. Getting a QuickBucks Loan is quick and easy, and so is repaying it. Customers just need to make sure they have enough money in their account on the due date(s) and the payment will be deducted automatically, without any hassle for you. Our customer support team will also contact you with messages and calls as your due date approaches”.

The Team Lead for Digital Lending at Access Bank, Oladisun Dawodu, stated that the bank provides a streamlined and efficient method for customers to obtain QuickBucks Loans via their preferred channel.

“QuickBucks Loans stand out by providing and offering a faster loan processing time, fair interest rates, security, and a range of loan offerings that cater to specific financial needs, establishing itself as a top player in the digital lending space in Nigeria”, he added.

According to Dawodu, users can generally anticipate a swift transfer of funds, typically within minutes, into their current Access Bank account. Alternatively, if they are not existing customers, they can open a new Access Bank account to receive the funds.

To access the loans, Dawodu outlined the steps: "For a QuickBucks Loan, dial *901# and select QuickBucks Loans on USSD; choose 'Loans' on the AccessMore app for smartphone users; or visit the QuickBucks platform on the web or app, available on the Google Playstore or Apple App Store. You can also visit the Access Bank website for more information on how to obtain a QuickBucks Loan."