First City Monument Bank (FCMB) has disbursed over N40 billion in digital loans between January and August 2024, according to the bank’s Divisional Head of Personal Banking, Adetunji Lamidi. In a statement on Monday, Lamidi highlighted the impact of the bank’s FastCash loan product in helping thousands of Nigerians address short-term financial needs.
“From January to August 2024, FCMB disbursed over N40bn in digital retail loans, with FastCash significantly helping Nigerians overcome short-term financial hurdles,” Lamidi said.
He emphasized that the FastCash product has been especially beneficial for families covering school fees and supplies, allowing parents to prioritize their children’s education without financial strain. FastCash enables borrowers to access up to N200,000 within minutes to cover tuition fees, textbooks, uniforms, and other school-related expenses.
The loan, accessible via the FCMB New Mobile app, can be processed in under five minutes, offering a swift solution to urgent financial needs. “We understand the financial pressure families face, especially at the start of a new school term. FastCash is designed to provide immediate relief by offering fast and hassle-free access to funds,” Lamidi stated.
He also highlighted the adaptability of FastCash, noting that the bank uses advanced AI technology to tailor loans based on individual repayment capabilities. Customers with strong repayment histories can access higher loan amounts and top-up existing loans easily.
In addition to FastCash, FCMB offers the Salary Plus Loan, designed for salary account holders to access funds in anticipation of their next paycheck.
Recently, FCMB signed a $25 million agreement with the Dutch Entrepreneurial Development Bank and the European Commission to further support small and medium-sized enterprises across Nigeria.
