FCMB Offers Parents Up to N200,000 to Make Back-to-School Easier

 Oluchi Chibuzor

As students get set to resume another academic session, FastCash, powered by First City Monument Bank (FCMB), is offering parents and guardians up to N200,000 to help them cover the costs of school fees and back-to-school supplies.

The credit line supports the purchase of school uniforms, books, bags, confectionaries, and other items required to enhance children’s learning experience.

Commenting on the back-to-school offering of FastCash, the Divisional Head of Personal Banking at FCMB, Mr. Shamsideen Fashola, said: “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 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. Enhanced with Artificial Intelligence (AI) and machine learning technology capabilities to ensure that more individuals, households, and businesses have access to funds, FastCash also enables customers to increase their current loan without paying off their existing loan fully.”

“It is designed to significantly close the access to finance gap in the country, reduce poverty and promote financial inclusion. Customers can conveniently access the loan through the FCMB New Mobile App or by dialing the Bank’s USSD code, *329*11#. Getting a FastCash loan requires no collateral or paperwork. Customers with a good repayment history can access the loan at a reduced interest rate. 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, “he said.

FastCash, launched in 2018, has disbursed over 3.5 million loans worth N111 billion to Nigerians from all walks of life. The product has become popular among Nigerians seeking quick access to funds. It is available to FCMB customers, and repayment terms are flexible, with repayment options ranging from 30 days to three months.