FastCash, the renowned instant loan solution in Nigeria, has recently embraced the power of Artificial Intelligence (AI) to ensure a wider accessibility of funds for individuals and households, enabling them to meet emergency obligations with favorable repayment terms. This upgraded instant loan solution, facilitated by First City Monument Bank (FCMB), aims to bridge the finance gap in the country, alleviate poverty, and promote financial inclusion.
FastCash is a hassle-free, collateral-free, and user-friendly digital personal loan product that offers credit up to N200,000 to existing FCMB customers in under five minutes. It caters to urgent needs such as paying school fees for children or covering medical expenses. Customers can conveniently access the loan via the FCMB New Mobile App or by dialing the Bank’s USSD code, 329*11#.
Mr. Shamsideen Fashola, the Divisional Head of Personal Banking at FCMB, expressed his enthusiasm about this significant digital advancement, stating, “The integration of Artificial Intelligence into FastCash represents our commitment to leveraging technology in delivering secure, convenient, and accessible solutions to our esteemed customers. Recognizing the financial challenges faced by people, we, as a responsive bank, are dedicated to providing impactful and sustainable solutions. We are proud that FastCash is changing lives and will continue to enhance the product to deliver an exceptional customer experience.”
Since its launch in 2018, FastCash has facilitated tremendous financial support, with over N100 billion disbursed through nearly 3.2 million loans. The platform witnessed a notable surge between January and March 2023, disbursing almost N10 billion to more than 290,000 Nigerians. These impressive numbers highlight the growing significance of FastCash as a reliable and accessible financial resource for countless individuals across the country.
By incorporating AI capabilities, FastCash ensures a more streamlined and efficient loan approval process, enabling users to receive funds promptly during times of urgency. The integration of AI technology not only enhances the customer experience but also strengthens the commitment of FCMB to employ innovative solutions for financial empowerment.
With the continuous evolution of FastCash and its steadfast dedication to leveraging AI and technology, FCMB remains at the forefront of providing transformative financial solutions that empower Nigerians and drive economic growth.