Companies

Access Bank digital loans top N1billion mark

by Bunmi Bailey, Endurance Okafor and Ethel Watemi

January 12, 2018 | 2:05 am
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Access Bank has rendered over N1billion loan to both its customers and non-customers through its digital lending platform in less than three months.

The bank in collaboration with Remita, breaks the record as the first bank in Nigeria to give loans to customers who do not have accounts with the bank.

The recent collaboration with Remita to create the opportunity for Nigerians kicked off on October 1st 2017.

The digital lending platform by Access Bank will help actualize the bank’s intention to increase its customer base to 30 million by 2022.

“This offering is unique given that the beneficiaries do not have to be existing customers of Access Bank but hardworking salary earners who will now be able to obtain instant loans without a guarantor or stress” said Victor Etuokwu, Executive Director, personal banking, Access Bank.

The bank however started by providing its free-collateral loans (PayDay loan) to its customers alone through its bank USSD code *901#, it later commenced a new initiative to extend its loans to non-customers of the bank, making it a first of its kind.

From the inception of the collaboration, about one billion Naira loan has been granted to more than 10 thousand Nigerians through the digital lending platform powered by Remita.

Remita which was launched in 2005 and fully developed by Systemspecs is a multi-device platform that unifies bank balances from an individual’s different teaccounts in a single screen and enables easy transfer of funds, bills payment amongst others.

Remita also currently handles salaries for large companies, several state governments and the Federal Government monthly. Unconfirmed sources see them as the largest processor of salaries in Africa.

The key problem facing most small scale enterprises is lack of finance whether for the establishment of new industries or to carry out expansion plans and the inability to attract financial credit or resources has stifled the growth of small scale enterprise.

The continuing growth in the economy of any nation depends to a large extent on the state and development of small scale business. The retail and small scale enterprises (SME) credit is a major driver of every economy and lack of easy access to loans has been a drag on the development.

 

Bunmi Bailey, Endurance Okafor and Ethel Watemi

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by Bunmi Bailey, Endurance Okafor and Ethel Watemi

January 12, 2018 | 2:05 am
  |     |     |   Start Conversation

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