First City Monument Bank (FCMB) has increased the limit on its FastCash instant loan to N500,000, allowing eligible customers to access more funds for unexpected expenses and other short-term financial needs.
The bank said the facility is available 24/7 through the FCMB Mobile App and by dialling 32911#, with eligible customers able to access loans without collateral, paperwork, or a guarantor.
According to a statement by the bank, customers can apply digitally without visiting a branch, while eligibility is determined by their transaction activity.
Customers must have maintained an FCMB account for at least three months to be considered for the facility, while eligible returning customers can access repayment periods of up to 90 days.
Divisional Head, Personal Banking, FCMB, Tunji Lamidi, said the increased limit was in response to customers’ growing need for convenient access to short-term financing.
‘Financial needs can arise without warning, and customers increasingly expect their bank to respond just as quickly. By increasing the FastCash limit to N500,000, we are giving eligible customers more room to meet short-term needs through channels they already use, without paperwork or a branch visit,’ he said.
The bank added that customers who have not fully utilised their maximum eligible loan amount can apply for a FastCash top-up, subject to eligibility.
The upgrade, it said, forms part of its efforts to make everyday banking and credit more accessible through digital channels.
FCMB said the initiative would give customers greater flexibility in managing their finances through its mobile application and USSD banking platform.