Nigeria’s Tier-1 bank, Access Bank, is continuing its push to reach its customers with quick and instant access to loans for employees with the launch of PayDay Loan, Nigeria’s first fully digital lending service.
The service, the bank said in a statement, Can be accessed on USSD code *901*11# and across over 2,000 Access Bank ATMs pan Nigeria.
According to the statement, PayDay Loan requires no collateral or guarantor, enabling Nigerian employees to obtain loans instantly without visiting the bank – helping employees meet their urgent financial needs all round the clock and at any time of the month.
The statement quotes Victor Eziokwu, the Executive Director, Personal Banking, as saying: “Accessing loans in Nigeria especially for individuals has always been tedious due to issues around collateral requirements and lengthy approval processes. Leveraging our capacity as the leader in digital innovation, we are bridging the gap in the provision of credits to Nigerian employees. PayDay Loan is the first of many interventions we shall be launching into the market in the coming days. We are maintaining a strong focus on employees who are the engine of growth of the economy. Our aim is to sustain our drive in developing digital products that will enable employees to achieve the quality of life they deserve.”
The bank said PayDay Loan is available to salary earning Nigerians through digital platforms that offer instant loan eligibility based on robust credit algorithms. Loan disbursals is within seconds from the point of request. Customers can simply dial *901*11# or visit any of the 2000+ Access Bank ATMs to get instant loans credited to their bank accounts whenever they have a need for cash. It is quick. It is easy. It is secure.