Access Bank Virtual Lending Hits N1Billion

By Fola James

Access Bank Plc. Executive Director, Retail Banking, Victor Etuokwu has stated that the bank has hit one billion naira daily in loan value through its expanded digital lending portfolio.

The bank had disbursed over N45 billion in over two million disbursements to individuals this year alone, Etuokuw said.

Etuokwu stated this on Tuesday adding that the bank expanded its digital lending portfolio, which enables customers to access quick funds for emergency 24 hours a day has hit N1 billion daily in loan value.

Access Bank, he added remains the number one digital lender across Africa.

“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.

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

The introduction of its digital loan portfolio has expanded , 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 QuickBucks in the third quarter of 2018.

QuickBucks, he explained is a Mobile Banking Application for digital loans aimed at improving customers borrowing experience for retail loans.

On his part,  Chinedu Onuoha, Head Digital Banking Business Development, Access Bank, said the digital lending has achieved a milestone, adding that the bank is poised to providing financial satisfaction to its customers.

“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.”