FCMB FastCash boosts loan access with Artificial Intelligence
FastCash, an instant loan solution in Nigeria, has been enhanced with Artificial Intelligence 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), was designed to significantly close the access to finance gap in the country, reduce poverty and promote financial inclusion.
According to a statement by the lender, FastCash is a collateral-free, convenient and easy-to-access personal digital loan product that provided 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 could conveniently access the loan through the FCMB new mobile app or by dialling the bank’s USSD code.
It stated, “FastCash’s integration of Artificial Intelligence enables customers to access loans tailored to their ability to repay flexibly, providing a personalised banking experience.
“Additionally, customers with a good repayment history can increase their current loan without having to pay off the existing loan.
“Another advantage is the ability to top up a loan with friendly repayment terms for a specific amount. This feature benefits every customer who needs to borrow more.”
Commenting on this digital milestone, the Divisional Head of Personal Banking, 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.”
FCMB said it is making a far-reaching impact with the FastCash instant digital loan product.
Between January and March 2023, it stated, almost N10billion was disbursed to over 290,000 Nigerians via the platform.
Since FastCash was launched in 2018, nearly 3.2 million loans worth over N100billion had been disbursed, the statement read.
