Business

Sterling Bank extends 5-minute loan platform to non-bank individuals

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Sterling Bank Plc has revealed that the it is extending loans from its ‘Specta’ product to non-bank customers and business owners.

The bank also said it was aiming to give out loans worth N40bn in 2019.

Speaking on the development, the Divisional Head, Retail and Consumer Banking, Sterling Bank, Mr Shina Atilola, said customers patronising Specta could access loans ranging from N10,000 to N5m. They will also receive funds within five minutes through their mobile phones, thereby removing the hassles associated with obtaining regular loans from banks.

Atilola said, “Specta has been for salary earners who have accounts with Sterling Bank. From February 4, you don’t need to have an account with Sterling Bank to be able to access loans from the bank. Also, we are guaranteeing five minutes’ access and experience while using Specta.”

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He noted that, with the new change, customers from any other bank could get access to loans through its Specta, adding that the bank was able to give out close to N10bn loans to over 11,000 customers in the first year in operation.

He added that, despite the volume of loan, the bank did not record any non-performing loans.

He said, “We have zero per cent NPLs and all loans repayment are up to date and that is what gave the confidence to expand.”

On her part, the Head, Value Chain Banking, Mrs Benedicta Sadoh, said, “Last year, we talked about giving out N10bn in loans and we wanted to do a minimum of 10,000 loans. However, last year, we did over 11,000 loans and close to N10bn. We also were able to issue out credit cards into the platform. So, it was not only about giving out personal loans, we also did a bit of device financing through Specta. So we were able to increase our lending beyond the scope we thought it would be in 2018.”

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