Vanguard News
May 18, 2023
By Babajide Komolafe
FastCash, an instant loan solution in Nigeria, has been enhanced with Artificial Intelligence (AI) capabilities to ensure that more individuals and households have access to funds to meet emergency obligations under friendly repayment terms.
The enhanced instant loan solution, powered by First City Monument Bank (FCMB), is designed to significantly close the access to finance gap in the country, reduce poverty and promote financial inclusion.
FastCash is a collateral-free, convenient and easy-to-access personal digital loan product that provides credit up to N200,000 to existing customers of FCMB in less than five minutes to meet emergency needs, such as school fees payment for children and medical fees. Customers can conveniently access the loan through the FCMB New Mobile App or by dialling the Bank’s USSD code, *329*11#.
Commenting on this digital milestone, the Divisional Head of Personal Banking of FCMB, Mr Shamsideen Fashola, said: “The enhancement of FastCash with Artificial Intelligence is a bold move and statement of our intent to leverage technology to deliver secure, convenient and accessible offerings to our teeming customers. We realise the financial challenges facing people, and as a responsive Bank, we are committed to providing solutions that are impactful and beneficial in a sustainable manner.
We are proud that our FastCash is changing lives and will continue improving the product to deliver exceptional customer experience”.
Between January and March 2023, almost N10 billion was disbursed to over 290,000 Nigerians via the platform. Since FastCash was launched in 2018, nearly 3.2 million loans worth over N100 billion have been disbursed.
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