Access Bank’s expanded digital lending portfolio, which gives Nigerians quick and 24/7 access to funds for emergencies without any collateral, has hit a record of N1billion daily in loan value.The Executive Director, Retail Banking, Access Bank Plc, Victor Etuokwu said that the bank was ahead of others interms of digital lending.According to him “We are at the forefront of digital lending across the 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. 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 N1billion daily. This achievement and our focus on retail lending reiterates our commitment to democratize access to financial services leveraging digital technology.”
Since the launch of Access Bank’s digital loan portfolio with PayDay Loan as the flagship product, Access Bank has continued to expand its loan portfolio using its proven innovative algorithms and deep machine learning capabilities. 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.