-QuickBucks Enables Every Nigerian To Achieve Financial Freedom
News Highlights:
- QuickBucks digital loan platform has disbursed 18 million loans worth over ₦740 billion, highlighting its significant impact and reach.
- The bank has continuously adopted fintech innovations, including plans for AI-based lending solutions and blockchain technology.
- The platform now offers improved credit scoring algorithms and various loan options such as digital asset and vehicle financing.
Access Bank, Africa’s leading full-service commercial bank has said that seven years after it first introduced QuickBucks, its first digital PayDay loan, it has granted 18 million loans worth over ₦740 billion.
The bank said it has always adopted the fintech culture as a way to stand out in the market and foresees future developments in fintech such as AI-based lending solutions, blockchain technology for safe transactions, and closer integration with financial ecosystems.
Speaking at a media roundtable to announce the revamp of QuickBucks, Access Bank’s digital loan platform, Njideka Esomeju, Group Head, Consumer Banking at Access Bank disclosed that the bank’s goal is to enable every Nigerian to achieve financial freedom, explaining why it introduced the digital lending solutions.
She said that Access Bank has prepared QuickBucks Loans to respond to these developments by putting money into technology improvements and strategic actions to keep its competitive advantage in the market.
“Since 2017, when we issued our first digital PayDay loan, we have granted 18 million digital loans worth over ₦740 billion, where customers can access up to ₦10 million instantly.
“Nigerians need the financial support that our digital loans offer more than ever, whether it’s the market woman who needs to replenish her inventory or the young couple who needs some extra funds to pay for their children’s education, everyone can benefit from some assistance,” Njideka said.
Digital TimesNG understands that QuickBucks loans are designed to meet the urgent financial needs of Access Bank customers, allowing them to get financial assistance fast, easily, anywhere, and anytime.
“As a responsible lender, we make sure that our customers do not get into debt trouble, which is why we cap our loans at a certain percentage of salary or account transactions. Customers must also have good credit records across all financial institutions to be eligible for our loans.
“QuickBucks Loans offer ‘something for everyone’. At first, our digital loans were only for salary earners who had to pay back in 30 days, but now we have QuickBucks Loans with up to 12 months of repayment time for customers who have salary accounts with us or other banks, self-employed and active account holders, and also our business account and trader account holders. Today, we offer a larger number of loans to low-income individuals and small businesses than most commercial banks,” Njideka further stated.
Speaking about what qualifies a user to get more QuickBucks loans, Efe Obaigbena, Head, Digital Lending at Access Bank said one’s chances of getting a QuickBucks Loan increase when more transactions are carried with Access Bank.
According to her, “If your income comes from a salary, ensure that it goes into your Access Bank account. If you work for yourself or run a business, ask your clients to pay into your Access Bank account and use your Access Bank account to pay your suppliers and vendors.
“Most importantly, avoid defaulting on any loans within or outside Access Bank. These activities improve your credit profile and make you more eligible for a QuickBucks Loan offer.”
Efe said that QuickBucks Loans is launching a new version of the platform, with features like improved credit scoring algorithms; more loan options, including digital asset and vehicle financing digital loans; and strategic partnerships to improve its services and satisfy changing customer needs.
Explaining how the application process works and how quickly users can expect to receive their funds, Efe said “Access Bank offers a fast and easy way for users to get QuickBucks Loans through the channel of their choice. Users can expect to receive the funds quickly, usually in minutes, into their existing Access Bank account, or a new Access Bank account if they are not already customers.
“QuickBucks Loans uses a lending algorithm that follows the Bank’s automated risk assessment criteria to check credit thoroughly and quickly. This allows for fast and responsible lending.”
Speaking further, she stated that to ensure the security and privacy of user information, QuickBucks Loans prioritises the security and privacy of user information through encryption, secure servers, and compliance with data protection regulations.
Responding to a question on how users can repay their QuickBucks Loans, Efe noted that QuickBucks Loans are attractive because they are automated, assuring that getting a QuickBucks Loan is quick and easy, and so is repaying it.
“Customers just need to make sure they have enough money in their account on the due date(s) and the payment will be deducted automatically, without any hassle for you. Our customer support team will also contact you with messages and calls as your due date approaches.
“We make QuickBucks Loan repayment easy to encourage users to pay back what they owe. If a user deliberately chooses not to repay, we can take the amount due from any bank account that is connected to the user’s BVN within or outside Access Bank, following regulation,” she explained.
On sanctions for loan defaulters, Efe said that the QuickBucks Loan terms and conditions warn customers about the consequences of paying late or not paying at all but stated, however, that knowing that financial problems can happen to anyone, the customer support team keeps in touch with customers who have loans.
Speaking on the difference between QuickBucks Loans and its competitors in the fintech space, Oladisun Dawodu, Team Lead, Digital Lending at Access Bank said QuickBucks Loans stand out by providing and offering a faster loan processing time, fair interest rates, security, and a range of loan offerings that cater to specific financial needs, establishing itself as a top player in the digital lending space in Nigeria.
He said that QuickBucks Loans primarily targets the working population (salary earners and self-employed customers) in Nigeria, which constitutes 26.4% of the populace, aiming to provide them with accessible and flexible digital loan solutions.
The QuickBucks Loans also target MSME customers spread in such segments as Supermarkets, Hospitals and Healthcare, Clearing Agents, Distributors and Dealers, Vendors, Professional Firms and Associations, Legal Firms, Accounting Firms, Quick Service Restaurants, etc.
According to Dawodu, “QuickBucks Loans are designed to fit different user preferences by having flexible repayment plans, various loan options, and customized customer experiences through the accessing channels.
“QuickBucks Loans are designed to be easy to access, where customers who have low literacy can get our digital loans through USSD, helping them join the financial system by offering them digital loans even if they have different levels of financial knowledge.”
On how Access Bank ensures QuickBucks Loans comply with local financial regulations, he said that the bank does this by updating policies, obtaining necessary licenses, and adhering to guidelines set by regulatory bodies, ensuring transparency and legality in its operations.
On how to access QuickBucks Loan, Dawodu said “Dial *901# and choose QuickBucks Loans on USSD; select ‘Loans’ on Access More app for smartphone users; or go to the QuickBucks platform on web or app, available on the Google Playstore or Apple App Store. You can also check the Access Bank website for more details on how to get a QuickBucks Loan.”