FastCash, an instant loan solution platform, has been enhanced with Artificial Intelligence (AI) capabilities to ensure that more individuals and households have access to credit.
The funds are meant to meet emergency obligations under friendly repayment terms. The enhanced instant loan solution, powered by First City Monument Bank (FCMB), is designed to significantly close the access to finance gap in the country, reduce poverty and promote financial inclusion.
FastCash is a collateral-free, convenient and easy-to-access personal digital loan product that provides credit up to N200,000 to existing customers of FCMB in less than five minutes to meet emergency needs, such as school fees payment for children and medical fees. Customers can conveniently access the loan through the FCMB New Mobile App or by dialing the Bank’s USSD code, *329*11#.
FastCash’s integration of Artificial Intelligence enables customers to access loans tailored to their ability to repay flexibly, providing a personalised banking experience.
Additionally, customers with a good repayment history can increase their current loan without having to pay off the existing loan. Another advantage is the ability to top up a loan with friendly repayment terms for a specific amount. This feature benefits every customer who needs to borrow more.
Commenting on this digital milestone, the Divisional Head of Personal Banking of FCMB, Shamsideen Fashola, said: “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”.
FCMB is making a far-reaching impact with the FastCash instant digital loan product. Between January and March 2023, almost N10 billion was disbursed to over 290,000 Nigerians via the platform. Since FastCash was launched in 2018, nearly 3.2 million loans worth over N100 billion have been disbursed.
In addition to FastCash, FCMB offers a Salary Plus Loan, a consumer credit scheme for salary account holders. Through this scheme, qualified FCMB customers can access short or medium-term funding before salaries to meet urgent needs, such as school fees payment for their children. Existing customers on Salary Plus can also top up their loans when they require additional financial support.
Artificial Intelligence has revolutionised the banking industry by enabling banks to effectively manage customers, detect fraudulent transactions, and enhance customers’ privacy and security credit history. The market valuation of Artificial Intelligence in banking is expected to exceed $130 billion by 2027, compared to $8.3 billion in 2019, according to a recent report by EmerGen Research.