By Ayomide Otitoju
Access Bank has announced the revamp of its digital loan platform, QuickBucks, aiming to bolster lending to its consumers. In a statement released on Monday, the bank highlighted that since launching its first digital PayDay loan in 2017, it has issued 18 million digital loans amounting to over N740 billion.
With the platform’s revamp, customers can now access loans for various purposes, including business financing, vehicle purchases, and school fee payments.
Speaking at the relaunch event, Njideka Esomeju, Group Head of Consumer Banking at Access Bank, emphasized the bank’s commitment to addressing financial challenges faced by Nigerians. “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,” she said.
Esomeju noted that the bank’s digital loans were initially limited to salary earners with a 30-day repayment term. However, the updated QuickBucks Loans now offer up to 12 months of repayment time for a broader range of customers, including salary account holders, self-employed individuals, and business and trader account holders. She also highlighted the competitive interest rates, ranging from 5% to 15%, depending on the loan type.
Efe Obaigbena, Unit Head of Digital Lending at Access Bank, underscored the enhancements made to QuickBucks Loans. “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,” he explained.
Oladisun Dawodu, Lead of Digital Lending at Access Bank, highlighted the bank’s dedication to integrating fintech innovations. “Access Bank embraces fintech culture to distinguish itself in the market. We are preparing for future advancements such as AI-based lending solutions, blockchain technology for secure transactions, and closer integration with financial ecosystems. We are investing in technology and strategic actions to ensure QuickBucks Loans remain competitive and responsive to these developments,” Dawodu stated.
He also noted the automation and ease of access to QuickBucks Loans. “Getting a QuickBucks Loan is quick and easy, and so is repaying it. Customers just need to ensure they have enough money in their account on the due date(s) and the payment will be deducted automatically, without any hassle. Our customer support team will also contact you with messages and calls as your due date approaches,” Dawodu explained.
