First City Monument Bank has raised the borrowing ceiling on its FastCash instant loan product to ₦500,000, expanding access to short-term credit for eligible customers across its digital channels.
The facility, accessible 24 hours a day through the FCMB mobile application and the USSD code 32911#, allows qualified account holders to obtain funds without collateral, paperwork or a guarantor. Applications are processed entirely online, removing the need for a branch visit.
Eligibility is determined by a customer’s transaction history. Applicants must have operated an FCMB account for a minimum of three months, while returning borrowers who meet the criteria can secure repayment terms of up to 90 days. Customers who have not exhausted their maximum approved limit may also request a top-up, subject to the same eligibility checks.
Tunji Lamidi, Divisional Head of Personal Banking at FCMB, said the higher limit reflects evolving customer expectations for speed and convenience. “Financial needs can arise without warning, and customers increasingly expect their bank to respond just as quickly,” Lamidi said. “By increasing the FastCash limit to ₦500,000, we are giving eligible customers more room to meet short-term needs through channels they already use, without paperwork or a branch visit.”
The upgrade forms part of a broader push by the lender to simplify everyday banking and credit access through its mobile and USSD platforms. As digital adoption accelerates across Nigeria’s financial sector, banks are competing to reduce friction in loan origination, particularly for small-ticket, short-duration borrowing that addresses emergency expenses or working capital gaps.
FastCash joins a growing suite of app-based lending products that rely on proprietary scoring models rather than traditional documentation. By leveraging transaction data, FCMB aims to approve and disburse funds within minutes, a capability that has become a key differentiator in the retail banking segment.
The revised limit takes effect immediately for all qualifying customers.
