Access Bank hits N1bn in digital lending daily

Victor Etuokwu, the bank’s executive director, retail banking, stated this in Lagos on Tuesday.

Etuokwu said its expanded digital lending portfolio, which gives Nigerians quick and 24/7 access to funds for emergencies without any collateral, had recorded N1 billion daily in loan value.

He stated that the bank was at the forefront of digital lending across the continent.

“This is a deliberate choice we made when we introduced the first USSD-based digital lending product in Nigeria based on our deep understanding of our operating environment.

“In the past two years, we have disbursed over 3.5 million loans to individuals.

“We acknowledge it is no mean feat when compared to where the market is coming from, but this is still a scratch in the overall potential of this market,” he said.

Etuokwu said that the bank had disbursed over N45 billion in over two million disbursements to individuals this year alone.

“This year alone we have disbursed over N45 billion in over 2 million disbursements to individuals and have recently witnessed a spike in our volumes hitting N1 billion daily.

“This achievement and our focus on retail lending reiterate our commitment to democratise access to financial services leveraging digital technology,” Etuokwu said.

He said that the bank had continued to expand its loan portfolio using its proven innovative algorithms and deep machine learning capabilities.

According to him, Access Bank has continued to do so since the launch of its digital loan portfolio, with PayDay Loan as the flagship product.

“The bank’s retail innovation journey has led it to expand its digital loan offerings to other multi-tenured variants to fit the needs of its diverse retail customer segments,” he said.

Etuokwu said that the bank also launched a dedicated loan application platform known as QuickBooks in the third quarter of 2018.

According to him, QuickBooks is a mobile banking application for digital loans aimed at improving customers’ borrowing experience for retail loans.

Also speaking, Chinedu Onuoha, Head Digital Banking Business Development, Access Bank, lauded the bank’s achievement in digital lending.

“Our objective is to ensure that there is a digital loan product for every adult Nigerian who has proven means of livelihood because we know that every individual at one point or another requires some form of financial support.

“Our flagship digital loan product, PayDay Loan, is tailored to help individuals meet their urgent cash needs.

“Though the tenor for this loan is 30 days, we also have loans with tenors of three months and six months,” Onuoha said.