In a bid to help Nigerians deal with financial challenges and meet urgent needs without hassles, customers, and non-customers of First City Monument Bank (FCMB) can now access a higher loan amount of up to N200,000 through FastCash – the bank’s quick loan product. They also have the additional benefit to spread the loan repayment for up to three months. This means that customers can now pay back lower amounts each month while accessing higher borrowings than before.
FastCash is a personal instant loan product that is convenient, paperless, and available to existing customers and non-customers. It requires no collateral and is open to both salaried and non-salaried customers. Customers can conveniently access the loan through the FCMB New Mobile App or by simply dialling the bank’s *329*11# USSD code via a registered mobile phone number. After a successful application, it takes less than five minutes to get credited.
FastCash is like other innovative loan products from the bank, such as Salary Plus. The Salary Plus Loan is a consumer credit scheme available to 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.
Commenting on the products, the Divisional Head, Personal Banking of FCMB, Mr Shamsideen Fashola, said:
“We realise the financial challenges confronting our customers and indeed Nigerians at this critical period. As a caring and responsive bank, we are committed to giving them all the support required to overcome. We have digitised the application process for many of our loans to make it more convenient for customers to get loans instantly. We expect to significantly impact the lives of our customers and Nigerians at large by giving them the financial support they need when it matters most.”
FCMB explained that the decision to restructure its consumer loan products to be more flexible is in response to the economic challenges caused by the COVID-19 (coronavirus) pandemic, which has affected personal and household incomes and businesses in general.
A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as Group Chief Executive. The bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.