By News Investigators – In a bid to provide quicker and instant access to loans for employees, Access Bank Plc has launched PayDay Loan, Nigeria’s first fully digital lending service.
Access PayDay Loan can be accessed on USSD code *901*11# and across over 2,000 Access Bank ATMs pan Nigeria.
PayDay Loan requires no collateral or guarantor, enabling Nigerian employees 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.
In a statement released on Tuesday by the Bank, the Executive Director, Personal Banking, Victor Etuokwu noted that, “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 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,” Mr. Etuokwu added.
According to the Executive Director, Personal Banking, the aim is “to sustain our drive in developing digital products that will enable employees achieve the quality of life they deserve.”
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 into their bank accounts whenever they have need for cash. It is quick. It is easy. It is secure,” the Bank added.