First City Monument Bank (FCMB) has successfully disbursed N105 billion in loans to three million individuals in Nigeria through its instant loan solution called FastCash.
This loan service, which utilizes Artificial Intelligence and Machine Learning technology, was launched in 2018.
FastCash is exclusively available to FCMB customers, offering flexible repayment terms that range from 30 days to three months.
In a statement obtained by Investors King, the bank attributed its achievement to the widespread popularity of this financial product and the trust Nigerians have in it.
FCMB further stated that FastCash has effectively addressed the credit gap in both urban and rural areas of Nigeria, enabling convenient and accessible access to funds for borrowers.
Comment on the situation, the bank’s Divisional Head of Personal Banking at FCMB, Mr Shamsideen Fashola, said “We are thrilled by the extraordinary reach and impact of FastCash, our digital loan product, with a remarkable sum of N105bn disbursed over five years.
“We effectively bridge the access to credit gap for countless Nigerians. We know the solution has improved the well-being of Nigerians. So, we remain resolute in our dedication to serving as a steadfast pillar of support to our customers and the wider Nigerian society.
“First City Monument Bank will continue to empower individuals and contribute to advancing our society through innovative, convenient, secure, and easily accessible digital products.”
