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  FastCash, a Nigeria-based instant loan solution, has undergone significant enhancements with the integration of Artificial Intelligence (AI) capabilities. This development aims to provide broader access to funds for individuals and households, enabling them to meet emergency financial obligations under favourable repayment terms. Powered by First City Monument Bank (FCMB), the advanced instant loan solution seeks to bridge the finance gap in the country, reduce poverty, and promote financial inclusion.
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According to FCMB, FastCash is a convenient and collateral-free digital personal loan product designed to provide a credit of up to N200,000 to existing FCMB customers within five minutes. The funds can be utilized for urgent needs such as school fees or medical expenses. Customers can access the loan effortlessly through the FCMB mobile app or by dialling the bank’s USSD code. The integration of AI into FastCash enables customers to obtain loans tailored to their repayment capacity, offering a personalized banking experience. Moreover, customers with a good repayment history can increase their current loan without needing to pay off the existing one. Additionally, the loan can be topped up with favourable repayment terms, benefiting customers who require additional funds.
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Mr Shamsideen Fashola, Divisional Head of Personal Banking at FCMB, emphasized the bank’s commitment to leveraging technology to provide secure, convenient, and accessible financial solutions. Fashola stated that FastCash’s AI-enhanced features are intended to address the financial challenges faced by people and deliver sustainable and impactful solutions. He further expressed pride in the positive impact FastCash has had on customers’ lives and confirmed FCMB’s dedication to continually improving the product for an exceptional customer experience.
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FCMB highlighted the significant impact made by the FastCash instant digital loan product. Between January and March 2023, the platform facilitated the disbursement of nearly N10 billion to over 290,000 Nigerians. Since its launch in 2018, FastCash has disbursed nearly 3.2 million loans amounting to over N100 billion, showcasing its wide-reaching influence in the Nigerian financial landscape. Featured Image Source: Daily Trust
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This article was first published on 17th May 2023

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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