FCMB raises instant loan limit amid credit demand

First City Monument Bank has raised the maximum limit on its FastCash instant loan to N500,000, enabling eligible customers to obtain more funds for unforeseen expenses and other short-term financial requirements. The service is accessible 24/7 via the FCMB Mobile App and by dialling 32911#.

FastCash offers eligible customers the ability to access credit without requiring collateral, paperwork, or a guarantor. Applying digitally eliminates the need for a branch visit, according to the bank. Eligibility is determined by customers' transaction history. To be considered, customers must have maintained an FCMB account for a minimum of three months. Returning customers can access repayment periods of up to 90 days.

Tunji Lamidi, Divisional Head of Personal Banking at FCMB, explained that the increased loan limit addresses customers' requirement for convenient access to short-term financing. "Unexpected financial needs can occur at any time, and today's customers expect their bank to respond just as swiftly," he said. "By raising the FastCash limit to N500,000, we are providing eligible clients with greater flexibility to meet short-term needs using the channels they already utilize, without any paperwork or the need to visit a branch."

Customers who have not fully used their maximum eligible loan amount can also apply for a FastCash top-up, provided they meet the eligibility criteria. The enhancement of FastCash is part of FCMB's ongoing efforts to simplify everyday banking and credit access through digital channels, empowering customers with greater flexibility in managing their finances via the FCMB Mobile App and USSD banking platform.