Having launched barely five months ago, Access Bank’s instant “PayDay Loan” service, has benefited over 40,000 salaried customers in helping them meet pressing financial obligations.
An industry first, the “PayDay Loan” service provides instant access to loans for salaried workers through a special USSD code *901*11# without any paper work or internet availability. So far more than GHC11 million in loans have been disbursed.
The service, which can be accessed anytime of the day, helps customers to access loans against their next salary payment, without providing the Bank with collateral or a guarantor.
Expressing his appreciation to customers for welcoming the product on the market, the Managing Director Mr. Olumide Olatunji indicated that, insight into what customers require continues to guide the Bank to develop and introduce products that serve their needs.
He said that Access Bank was excited to support customers improve their quality of life through the PayDay loan service.
Divisional Head for Retail Banking at Access Bank, Mr. Stephen Abban added: “PayDay Loan is one of the Bank’s financial inclusion strategies designed to bring more convenience to customers who ordinarily will go through so many paper works to access a loan. We continue to invest in our customer data analytics to ensure we are meeting their expectation of experiencing more than just banking with us.”
To obtain a loan using the PayDay loan service, existing and prospective customers must domicile their salaried accounts with the Bank and register on the *901# mobile banking service. Existing Salaried workers who decide to take advantage of this offering must only dial *901*11# on their mobile phone and follow the screen prompts to access their monthly income. The loans are approved instantly and disbursed within a minute of completing the loan request.
Currently operating from 51 business locations across the country, the Bank continues to build long-term relationships with its customers based on trust, digital innovations, good customer service and transparency.
Access Bank Ghana has over the last 10 years developed a deep understanding of its customers, delivering excellent service and empowering them to achieve more through financial education.