First City Monument Bank, FCMB, is launching FastCash, an instant digital loan solution aimed at helping Nigerians cover school fees and related expenses.
With FastCash, parents and guardians can borrow up to 200,000 Naira in less than five minutes through the FCMB mobile app or by dialling – *329*11# – on their phones.
“We understand the financial pressures families face, especially at the start of a new school term,” said Adetunji Lamidi, FCMB’s Divisional Head of Personal Banking. “FastCash is designed to provide immediate relief.”
The loans can be repaid over three months, and FCMB says its artificial intelligence technology allows it to tailor offers to individual circumstances. Borrowers with good repayment histories can access even more considerable sums.
FCMB has disbursed over 40 billion naira in digital retail loans this year.
The bank is part of FCMB Group Plc
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