- Access Bank’s Digital Lending Hits N1b Daily Volume
Access Bank, one of Nigeria’s leading lenders, said it has been able to process one billion naira loan per day through its digital lending platform.
The bank’s Executive Director for Retail Banking, Mr. Victor Etuokwu, disclosed this on Tuesday in Lagos.
Etuokwu said due to the lender’s 24/7 access to funds without collateral, the company was able to take digital lending across the African 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,” he said.
He further stated that the bank has disbursed more than N45 billion to over two million individuals this year alone.
“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 reiterate our commitment to democratise access to financial services leveraging digital technology,” Etuokwu said.