Access Bank has announced a comprehensive revamp of its digital loan platform, QuickBucks.
The upgraded platform promises to make it easier for consumers to access a range of loans, including those for business, vehicle financing, and school fee payments.
QuickBucks, which has been a cornerstone of Access Bank’s digital lending strategy since the launch of its first PayDay loan in 2017, has already issued 18 million loans totaling over N740 billion.
These loans have provided instant financial relief to countless Nigerians, allowing them to borrow up to N10 million swiftly.
Njideka Esomeju, Group Head of Consumer Banking at Access Bank, emphasized the bank’s commitment to supporting Nigerians through economic hardships.
“Many Nigerians are facing financial challenges due to the economic situation in the country. At Access Bank, our goal is to enable every Nigerian to achieve financial freedom, which is why we introduced digital lending solutions,” she said.
Esomeju highlighted the various ways customers can access QuickBucks loans. “The loan can be accessed through the QuickBucks USSD code, the Access More app for smartphone users, or via the QuickBucks platform on the web or app,” she explained.
The platform has evolved significantly from its initial offerings, which were limited to salary earners with a 30-day repayment term. Now, QuickBucks loans offer up to 12 months of repayment time and are available to a wider range of customers, including self-employed individuals, active account holders, and business and trader account holders.
Efe Obaigbena, Unit Head of Digital Lending, underscored the purpose and improvements of the QuickBucks loans. “These loans are designed to address our customers’ urgent financial needs,” he said.
“Since its launch in 2017, QuickBucks loans have seen significant enhancements. As a responsible lender, we ensure our customers do not face excessive debt by capping our loans at a percentage of salary or account transactions. Eligibility also requires a good credit record across all financial institutions.”
Regarding interest rates, Esomeju noted, “Our interest rates are among the lowest in the industry, ranging from about 5 percent to a maximum of 15 percent, depending on the type of loan.”
She also mentioned the platform’s accessibility, stating, “For customers with low literacy levels, our USSD code provides a straightforward way to obtain digital loans, allowing them to join the financial system regardless of their financial knowledge.”
Oladisun Dawodu, Team Lead of Digital Lending, said “Access Bank embraces FinTech culture to distinguish itself in the market. We are preparing for future advancements such as AI-based lending solutions, blockchain technology for secure transactions, and closer integration with financial ecosystems,” he said.