Fastcash Offers Back-To-School Loans to Learners

 

By Aanuoluwatomiwa Oke

FastCash, sponsored by First City Monument Bank (FCMB), is offering parents and guardians up to N200,000 to assist them in covering the expenditures of school fees and back-to-school supplies as pupils prepare to begin another academic session. The credit line enables the purchase of school supplies such as textbooks, backpacks, and other necessities to improve learners' educational experiences.

Shamsideen Fashola, Divisional Head of Personal Banking at FCMB, commented on FastCash's back-to-school programme, saying: “We understand that back-to-school season can be financially challenging for many families. That’s why we’re offering FastCash to help make it easier. We want to ensure that all our customers have the resources to give their children the best possible start to the new school year. FastCash is a convenient and affordable way for parents to get the money they need to make back-to-school a success.”

FastCash is a quick, simple, and easy-to-access personal digital loan solution that offers credit up to N200,000 to current FCMB customers in order to address urgent demands in less than five minutes. FastCash offers customers the option to increase their current loan amount without fully repaying their current loan since it has been enhanced with Artificial Intelligence (AI) and machine learning technology skills to ensure that more people, households, and enterprises have access to finance.

It is intended to substantially close the country's access to finance gap, lessen poverty, and advance financial inclusion. Customers can easily access the loan by using the bank's USSD code, 32911#, or using the FCMB New Mobile App.

FastCash loans don't require paperwork or collateral to be obtained. Customers who have made timely payments in the past are eligible for the loan at a lower interest rate. The opportunity to top off a loan with reasonable payback terms for a certain amount is another benefit. Every consumer who needs to borrow more will benefit from this tool.

Since its inception in 2018, FastCash has given out over 3.5 million loans totalling N111 billion to Nigerians from diverse socioeconomic backgrounds. Nigerians looking for quick access to dollars have grown fond of the product. Customers of FCMB can use it, and the variable payback terms allow for options ranging from 30 days to three months.

The FCMB Group Plc includes First City Monument Bank (FCMB) as a member. The bank is dedicated to promoting equitable and sustainable growth within its communities and seeks to create an African-based supportive ecosystem that links markets, capital, and people. FCMB contributes to the improvement of Nigerians' economic well-being by providing cutting-edge financial solutions.