First City Monument Bank (FCMB) has provided digital loans amounting to over N40 billion between January and August of this year. This was revealed by the Divisional Head of Personal Banking at FCMB, Adetunji Lamidi, in a statement shared with our correspondents on Monday.
Lamidi highlighted that from the start of the year to August 2024, the bank issued more than N40 billion in digital retail loans. He emphasized that the FastCash loan service played a critical role in assisting many Nigerians to manage short-term financial challenges effectively.
He further explained that FastCash has been instrumental in offering swift access to funding for educational expenses, including tuition fees and school supplies. This initiative has eased the burden on families, allowing them to prioritize their children’s education without undue financial strain.
According to Lamidi, FastCash allows parents and guardians to obtain up to N200,000 in a matter of minutes, which can be used to pay for school-related expenses such as fees, textbooks, and uniforms.
He noted that the loan, available through the FCMB New Mobile app, can be processed in under five minutes. Lamidi explained, “We recognize the financial difficulties that families often face, particularly when a new school term begins. FastCash is specifically designed to provide immediate support by offering fast, simple access to funds. Our mission is to ensure that no Nigerian family is left unable to meet educational obligations due to financial concerns.”
He also mentioned that FastCash is not only rapid but flexible. By leveraging advanced AI technology, FCMB offers loans that align with customers’ ability to repay. This allows clients with a positive repayment history to access larger loan amounts when necessary, with the option to top up existing loans easily.
Additionally, Lamidi highlighted FCMB’s Salary Plus Loan, which allows salary account holders to secure funds in anticipation of their next paycheck. In a recent development, FCMB entered into a $25 million agreement with the Dutch Entrepreneurial Development Bank and the European Commission to enhance its support for small and medium-sized businesses in Nigeria.
