FCMB disburses N40bn digital loans in eight months

First City Monument Bank has disbursed over N40bn in digital loans from January to August.

This was disclosed by the Divisional Head of Personal Banking at FCMB, Adetunji Lamidi, in a statement made available to our correspondents on Monday.

“From January to August 2024, FCMB disbursed over N40bn in digital retail loans, with FastCash significantly helping thousands of Nigerians overcome short-term financial hurdles,” he mentioned.

He added that the bank’s FastCash loan product had been pivotal in providing quick access to funds for school fees and supplies, enabling families to prioritise their children’s education without financial stress.

Lamidi stated that fastCash allowed parents and guardians to borrow up to N200,000 within minutes to cover tuition fees, textbooks, uniforms, and other school-related needs.

According to him, the loan, accessible via the FCMB New Mobile app, can be processed in under five minutes.

Lamidi said, “We understand the financial pressure families face, especially at the start of a new school term. FastCash is designed to provide immediate relief by offering fast and hassle-free access to funds. Our goal is to ensure that every Nigerian can meet their educational commitments without delay or financial worry.

“FastCash is not only quick but also adaptable. With advanced AI technology, we offer loans tailored to individual repayment capabilities. This ensures that customers with good repayment histories can access more funds when needed, and they can top up existing loans easily.”

He noted that FCMB also offered the Salary Plus Loan, designed for salary account holders to access funds in anticipation of their next paycheck.

FCMB recently signed a $25m agreement with the Dutch Entrepreneurial Development Bank and the European Commission to enable it to support small and medium-sized enterprises across Nigeria