First City Monument Bank (FCMB) has increased the maximum amount customers can access through its FastCash instant loan service from its previous limit to N500,000, expanding short-term borrowing options for eligible customers.
The bank said the increase is aimed at helping customers handle unexpected expenses and other urgent financial needs without going through the lengthy processes often associated with traditional loan applications.
FastCash is designed as a digital lending service that allows qualified FCMB customers to access funds without collateral, paperwork or a guarantor. Customers can apply directly through the FCMB Mobile App or by using the bank’s USSD service.
The service is available around the clock, giving customers the flexibility to request a loan whenever they need it without visiting a physical bank branch.
According to FCMB, eligibility is largely determined by a customer’s account activity and relationship with the bank. Customers must have maintained an FCMB account for at least three months to be considered for the facility.
Existing customers who qualify for the loan can also receive repayment periods of up to 90 days, depending on their eligibility and the terms attached to their facility.
The bank explained that the upgraded limit reflects changing customer expectations, particularly the growing demand for quick and convenient access to credit through digital channels.
Tunji Lamidi, Divisional Head, Personal Banking at FCMB, said customers increasingly want their banks to provide financial solutions quickly when unexpected expenses arise.
He said raising the FastCash limit to N500,000 would provide eligible customers with more financial flexibility while allowing them to access credit through platforms they already use.
The bank’s digital lending offering is part of the wider shift in Nigeria’s banking industry toward mobile and self-service financial products. Customers are increasingly using mobile applications and USSD platforms to transfer money, pay bills, access financial services and manage their accounts.
FCMB said customers who have not used their full eligible loan amount may also apply for a FastCash top-up. However, additional borrowing remains subject to the customer’s eligibility and the bank’s applicable conditions.
The top-up option gives qualified borrowers another way to access funds when their financial needs increase after an initial loan has been taken.
The bank’s decision comes as digital lending continues to become an important part of everyday banking in Nigeria. For many customers, speed and convenience are major considerations when seeking short-term financial assistance.
By making the FastCash facility available digitally, FCMB is reducing the need for customers to complete physical paperwork or visit a branch before applying for eligible credit.
The N500,000 limit could therefore provide greater room for customers dealing with expenses such as household needs, urgent payments, business-related obligations or other short-term financial commitments.
However, customers using instant credit facilities should consider the applicable interest, fees, repayment schedule and other terms before accepting a loan.
FCMB said the FastCash upgrade is part of its broader effort to make banking and credit services easier to access through digital platforms.
With the service available through both its mobile application and USSD channel, the bank is positioning FastCash as a convenient option for eligible customers seeking quick access to short-term funds.
The move further highlights the growing competition among Nigerian banks to provide faster, simpler and more digitally driven financial services to their customers.
