First City Monument Bank (FCMB) has increased the maximum limit on its FastCash instant loan facility to N500,000, giving eligible customers greater access to funds for unexpected expenses and other short-term financial needs.

The bank said FastCash is available 24 hours a day through the FCMB Mobile App or by dialling *32911#. Customers do not need to provide collateral, complete paperwork or present a guarantor to access the facility.

Eligible customers can apply entirely through FCMB’s digital channels without visiting a bank branch. The facility is therefore available to customers seeking short-term financing through the bank’s mobile and USSD platforms.

According to FCMB, eligibility is based on customers’ transaction activity. Customers must also have maintained an FCMB account for a minimum of three months to be considered for the facility.

Eligible returning customers can receive repayment periods of up to 90 days. Customers who have not fully utilised their maximum eligible loan amount can also apply for a FastCash top-up, subject to meeting the applicable eligibility requirements.

The Divisional Head, Personal Banking at FCMB, Tunji Lamidi, said the decision to raise the loan limit was driven by customers’ increasing demand for convenient access to short-term financing.

“Financial needs can arise without warning, and customers increasingly expect their bank to respond just as quickly,” Lamidi said.

He added that the increase of the FastCash limit to N500,000 would provide eligible customers with greater flexibility to address short-term financial needs using channels they already use.

FCMB said the enhancement is part of its wider efforts to improve access to everyday banking and credit through digital platforms.

By increasing the FastCash limit while retaining access through its mobile application and USSD platform, FCMB is providing eligible customers with more flexibility in handling short-term financial needs without the conventional requirements associated with branch-based lending.

The development also underscores the expanding role of digital lending in widening access to credit, as financial institutions increasingly rely on transaction data and digital banking platforms to deliver faster financing options to eligible customers.

Source: MSME Africa Online