FastCash, an instant loan solution powered by First City Monument Bank (FCMB), has disbursed over 3 million loans worth N105 billion to Nigerians from all walks of life, the management of the bank has said
According to the bank, each loan was disbursed in less than five minutes, with no collateral or paperwork required for accessing up to N200,000 via the Bank’s mobile app and 32911 USSD code.
It would be recalled that the instant loan solution powered by state-of-the-art Artificial Intelligence and Machine Learning technology was launched in 2018 and has become popular for Nigerians seeking quick access to funds. It is available to FCMB customers, and repayment terms are flexible, with repayment options ranging from 30 days to three months cycles.
“The milestone of N105 billion in loan disbursements is a testament to FastCash’s popularity and the trust that Nigerians have placed in the financial product. It has become one of the most convenient and accessible ways to access funds, helping to bridge Nigeria’s access to credit gap in urban and rural areas”, it said.
Mr Shamsideen Fashola, Divisional Head of Personal Banking at FCMB, while affirming the Bank’s commitment to financial inclusion and customer-centric solutions, highlights the transformative impact of FastCash.
“We are thrilled by the extraordinary reach and impact of FastCash, our digital loan product, with a remarkable sum of N105 billion disbursed over five years. Through FastCash, 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.
“In addition to FastCash, FCMB offers the Salary Plus Loan, a consumer credit scheme exclusively available to salary account holders. “This scheme enables qualified FCMB customers to access short or medium-term funding to meet urgent financial obligations.”
