Nigeria's financial institution, Access Bank, has disbursed N740 billion to 18 million digital loan borrowers since the launch of its digital lending services in 2017.

New features, such an extended payback time from 30 days to 12 months, were provided by Access Bank digital lending businesses.

Daily Trust reported that during the relaunch of QuickBucks Loan, the bank's digital lending service, Njideka Esomeju, Group Head of Consumer Banking, revealed that the program's goal was to offer financial support to both individuals and company owners.

“Since 2017 when we issued our first digital PayDay Loan, we have granted 18 million digital loans worth over 740bn, where customers can access up to 10m instantly.

“Nigerians need the financial support that our digital loans offer more than ever, whether it’s the market woman who needs to replenish her inventory or the young couple who needs some extra funds to pay for their children’s education; everyone can benefit from some assistance.”

The digital lending services offered new features, such as extending the payback period from 30 days to 12 months and offering interest rates ranging from 5 to 14 percent, according to Efe Obaigbena, the bank's Team Lead for Digital Banking Business Development.

She emphasized that the loan application was created using a lending algorithm that shielded the bank from risk by supplying a behavioural spending pattern of the lenders.

She further said, “And as a responsible lender, we make sure that our customers do not get into debt trouble, which is why we cap our loans at a certain percentage of salary or account transactions. Customers must also have good credit records across all financial institutions to be eligible for our loans.”

Access Bank announces exciting job vacancies

Legit.ng reported that Access Bank has announced it is accepting applications from Nigerian graduates for its entry-level trainee program.

The programme offers graduates a pathway into the organisation and banking career.

The bank announced the new vacancy in a statement published on its website and obtained by Legit.ng on Tuesday, May 14, 2024.