Access Bank’s PayDay Loan Records Over N1bn Daily Lending

Access Bank PayDay Loan

By Dipo Olowookere

One of the top lenders in the country, Access Bank Plc, has continued to expand its loan portfolio using its proven innovative algorithms and deep machine learning capabilities.

Since the launched of its digital loan portfolio with PayDay Loan as the flagship product, Access Bank given Nigerians quick and 24/7 access to funds for emergencies without any collateral.

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 and according to latest information from the financial institution, it has recorded over N1 billion daily in loan value.

In a statement on Tuesday, the lender, while quoting its Executive Director in charge of Retail Banking, Mr Victor Etuokwu, stated that, “We are 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.

“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 reiterates our commitment to democratize access to financial services leveraging digital technology.”

In the third quarter of last year, Access Bank launched a dedicated loan application platform known as QuickBucks, a Mobile Banking Application for digital loans aimed at improving customers borrowing experience for retail loans.

As part of its commitment to deepening digital finance, the bank has gone a step ahead to provide access to phone ownership as it recently launched a 12-month Device Ownership scheme where any salary earning customer can select a phone of his choice from our QuickBucks app and walk into any of our partner outlets across the country to pick up the phone.

According to the Head Digital Banking Business Development at Access Bank, Chinedu Onuoha, “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 3 months and 6 months.”

Access Bank’s digital loans are accessible 24hours, 7 days a week service and can be accessed via the short code *901*11#. One can also access it via Access Mobile App and the QuickBucks App; these apps are available for download on the Play Store and iOS stores.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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