Bank launches loan scheme for women
SunTrust Bank has launched the Small and Medium Enterprises (SMEs) product loan for women in the logistics business tagged ‘Women on Wheels (WOW)’.
The Chief Executive Officer of SunTrust Bank, Halima Buba, said the initiative was an asset finance product targeted at female commercial car owners from the ages 18-55 years.
The scheme aims to support the women in owning their fleet of commercial vehicles.
According to her, all that is required to access the facility is to be a licensed female driver, registered with Uber or Bolt, and a proforma invoice of any car of choice not older than the requirements of Uber or Bolt, adding that the firm hopes to take it further by partnering with auto dealers for brand new cars soon.
“A total of 100 cars will be launched from April in Lagos, then we move to Abuja and Port Harcourt. These women will make daily deposits into their accounts so the repayment at the end of the month will be very easy. The asset is for 24 months and at a very low-interest rate,” she said.
Buba further disclosed that the bank had designated N250m for the project adding that ownership and insurance would be in the name of the bank until the final rental to the bank paid by the customer.
Executive director of the bank, Umar Dan’Umma, said the product launch was an opportunity for the bank to showcase what it could do for each sector of the economy.