Nigeria's Access Bank on Tuesday said it has disbursed over 45 billion naira to two million individuals through its digital platform and hit one billion naira daily in loan value through its expanded digital lending portfolio.
“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.
He stated that the bank was at the forefront of digital lending across the continent.
Etuokwu said that the bank had disbursed over 45 billion naira to individuals this year alone.
“This year alone we have disbursed over 45 billion naira in over 2 million disbursements to individuals and have recently witnessed a spike in our volumes hitting 1 billion naira daily.
“This achievement and our focus on retail lending reiterate our commitment to democratise access to financial services leveraging digital technology,” Etuokwu said.
He said that the bank had continued to expand its loan portfolio using its proven innovative algorithms and deep machine learning capabilities.
According to him, Access Bank has continued to do so since the launch of its digital loan portfolio, 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 is a Mobile Banking Application for digital loans aimed at improving customers borrowing experience for retail loans.
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