Kayode Tokede
FastCash has been enhanced with Artificial Intelligence (AI) capabilities to ensure that more individuals and households have access to capital 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 dialling 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, Mr Shamsideen Fashola, in a statement 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.”
