The Artificial Intelligence (AI) capabilities of FastCash, the fastest-growing rapid loan product in Nigeria, have been improved to ensure that more people and households have access to funds to meet emergency needs with reasonable payback terms.
The improved fast lending solution, powered by First City Monument Bank (FCMB), aims to dramatically lower the country’s access to finance gap, combat poverty, and advance financial inclusion.
FastCash is a quick, simple, and easy-to-access personal digital loan solution that offers credit up to N200,000 to current FCMB clients in less than five minutes to cover urgent demands like paying for children’s school expenses and urgent medical expenses.
Customers can quickly access the loan by using the bank’s USSD code, *329*11#, or by using the FCMB New Mobile App.
Customers of FastCash can obtain loans that are tailored to their capacity for flexible repayment thanks to the company’s integration of artificial intelligence, offering a personalized banking experience.
Additionally, consumers with a solid repayment record are eligible for loan increases without having to pay off their present debt. The option to extend a loan with reasonable payback terms for a certain amount is another benefit. Every consumer who needs to borrow more will benefit from this tool.
Mr. Shamsideen Fashola, Divisional Head of Personal Banking at FCMB, commented on this technological landmark as follows: “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”.
With the FastCash rapid digital lending product, FCMB is having a significant global influence. Over 290,000 Nigerians received over N10 billion in payments using the site between January and March 2023. Nearly 3.2 million loans totaling over N100 billion have been given since FastCash debuted in 2018.
In addition to FastCash, FCMB provides salary account members with a consumer credit option called Salary Plus Loan. Through this program, qualified FCMB customers can obtain short- or medium-term cash before to receiving their paychecks to take care of pressing demands like paying their children’s school expenses. Customers who already have a Salary Plus account can top up their loans whenever they need more money.
By enabling banks to efficiently manage customers, identify fraudulent transactions, and improve consumers’ privacy and security credit history, artificial intelligence has revolutionized the banking sector. According to a new analysis by EmerGen Research, the market valuation of artificial intelligence in banking is anticipated to surpass $130 billion by 2027, up from $8.3 billion in 2019.
First City Monument Bank, a part of the FCMB Group Plc, is dedicated to promoting inclusive and sustainable growth in its communities by creating a supportive ecosystem that links people, capital, and markets. By removing lending restrictions for underprivileged people and small enterprises, the Bank is devoted to COVID-19 recovery, income equality, and the decrease of poverty.
