First City Monument Bank (FCMB) in Nigeria has added Artificial Intelligence (AI) capabilities to its FastCash instant loan solution, in order to offer emergency funds to more people on favourable repayment terms.

The bank stated that the AI-powered FastCash service will help reduce poverty, improve financial inclusion and bridge the access to finance gap in Nigeria.

The enhanced digital loan product can be accessed by FCMB's existing customers for up to NGN200,000 ($486) with no collateral required, and can be used to cover expenses such as medical bills and school fees.

The loan can be accessed via FCMB's mobile app or USSD code. The new AI technology tailors loans to the customer's ability to repay, providing them with a personalised banking experience.

Additionally, the bank's good customers with a good repayment history can increase their current loan limit without paying off the existing loan, and can also top up a loan for a specific amount.