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Sterling Bank raises online loan scheme’s limit to N10,000


• Targets 6000 beneficiaries this year

STERLING Bank Plc has increased the minimum amount for online “quick cash” scheme, also known as Social Lender, from N3,000 to N10,000. 

  Besides, the bank also said it is targeting 6000 beneficiaries in the scheme for the current year.

  According to the lender, following the success of the Social Lender Scheme, which was introduced last year and the impressive response from the beneficiaries, it has increased the limit, as well as expanded its target reach.

  Last year, the bank disbursed over N5 million to over 2000 on-line customers within six months of its introduction, while over 90 per cent of the amount advanced has been paid back by the beneficiaries.

  Social Lender, the first in Nigeria, is a modified peer- to-peer lending solution, using the Social Media Platforms, through which micro-credit is offered to members of the communities. 

   The scheme provides a platform for online followers, who are customers of Sterling Bank to obtain these monies via social media channels like Facebook and Twitter.

  The Bank’s Group Head, Strategy and Communications, Shina Atilola, who disclosed this at the weekend, explained that the scheme was repackaged because of its success story for the financial institution, the quality of feedback from members of the on-line community and the impressive pay back rate of the beneficiaries.

  He explained that the bank has taken the decision to increase the minimum amount for lending because “our target market has been faithful to the terms of the agreements reached during the launch phase, they have been faithful with repayment and this has inspired confidence.”

  The scheme according to him, has integrated with existing financial structures of the bank such that users of the online platform now access quick cash by normal methods of withdrawing cash, which is easy to access and delivered via convenient platforms.

  “Our friends on Facebook or Twitter can apply for quick cash by visiting the Social Lender site.  Users who request for the loans on the Social Lender platform are rated by the algorithm that calculates their social reputation using various criteria and based on this, the request is either granted or rejected,” he said.

 With the introduction of the scheme, he pointed out that the bank was making it easier for potential and existing customers to bridge short term financing needs. 

  Besides, he explained that customers also had the option of quick cash via this platform by sending requests to a short code- 30812 on any network.

  This new line of service also assures that Sterling Bank will sustain its position as an organization that understands the needs of its customers and leverages relevant platforms to proffer innovative solutions, which in return enriches the lives of its customers.

  He underscored the importance of Social Media in today’s society as one that cannot be overlooked as it plays an increasingly central role in the lives of people on a daily basis.

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