FastCash, an instant loan solution powered by First City Monument Bank (FCMB) has disbursed over 3 million loans worth N105 billion to Nigerians from all walks of life. Each loan was disbursed in less than five minutes, with no collateral or paperwork required for accessing up to N200,000 via the Bank’s mobile app and *329*11 USSD code.
The instant loan solution powered by state-of-the-art Artificial Intelligence and Machine Learning technology was launched in 2018 and has become popular for Nigerians seeking quick access to funds. It is available to FCMB customers, and repayment terms are flexible, with repayment options ranging from 30 days to three months cycles.
The milestone of N105 billion in loan disbursements is a testament to FastCash’s popularity and the trust that Nigerians have placed in the financial product. It has become one of the most convenient and accessible ways to access funds, helping to bridge Nigeria’s access to credit gap in urban and rural areas.
