Nigerians get lifeline with FastCash for school fees, supplies

Omeiza Bilal

First City Monument Bank (FCMB) is alleviating the financial worries that often accompany the start of a new school term by offering Nigerians quick access to funds through its instant digital loan solution, FastCash. This greatly eases the financial burden on parents and guardians, enabling them to prioritise their children’s education.

With FastCash, parents and guardians can swiftly secure up to N200,000 to cover tuition fees and the cost of essential school supplies, such as textbooks, uniforms, and stationery.

The process is straightforward and can be completed in less than five minutes via the FCMB New Mobile app or by dialling *329*11# on any mobile phone. This seamless approach ensures that financial burdens are eased immediately, allowing families to focus on preparing their children for a successful school year without financial stress.

FastCash goes beyond just quick access to funds; it also offers flexibility. Borrowers have up to three months to repay, providing a cushion that spreads the cost over a manageable period. This means families can better balance their monthly budgets while meeting urgent education expenses, keeping money worries at bay.

Mr Adetunji Lamidi, Divisional Head of Personal Banking at FCMB, highlighted the convenience of FastCash, saying: “We understand the financial pressure families face, particularly when it’s time for students to return to school. FastCash is designed to provide immediate relief by offering fast and hassle-free access to funds. We aim to ensure that every Nigerian can support their educational commitments without delay or financial stress.”

Enhanced by cutting-edge artificial intelligence, FastCash adapts to individual needs, offering loans tailored to their repayment capabilities. This personalised service ensures that those with a good repayment history can access even more substantial funds when needed, with the option to top up existing loans without hassle.

Alongside FastCash, FCMB’s Salary Plus Loan provides further support, allowing salary account holders to access funds in anticipation of their next paycheck and addressing other urgent financial needs that may arise.

From January to August 2024, FCMB disbursed over N40 billion in digital retail loans, with FastCash significantly helping thousands of Nigerians overcome short-term financial hurdles.

A member of FCMB Group Plc, FCMB is committed to promoting inclusive and sustainable growth by connecting people, capital, and markets.