Sterling Bank Plc has again set a standard in online transactions with the disbursement of quick cash to over 2,000 online customers under the Social Lender Scheme.
The lender, which launched the scheme two months ago, said it received over 3000 applications out of which 2000 had been processed.
Social Lender, a first in Nigeria, is a peer-to-peer lending solution using Twitter and Facebook social media channels, which play a significant role in influencing decision making among young Nigerians.
The scheme, according to a statement from the bank, is open to all Sterling Bank Account holders with provisions made for non-account holders to apply through the Sterling Bank Mobile Money application.
Speaking on how Social Lender works, the bank’s Group Head, Strategy & Communications, Mr. Shina Atilola, explained that users who make requests via the Social Lender website are rated by the algorithm that calculates their social reputation using various criteria. Based on this, the request is either granted or rejected.
He explained: “As a bank, we cannot overlook the importance of social media in today’s society and the increasing role it plays in the lives of people on a daily basis. This new line of service has put Sterling Bank in a vantage position to sustain its position as an organisation that understands the needs of its customers and leverages relevant platforms to proffer innovative solutions, which in return enriche their lives.”
Atilola, who assured that the bank would continue to introduce innovative ways to ensure the empowerment of Nigerians irrespective of their social status, said he was impressed by the attitude of beneficiaries who have been faithful with their repayments.
His words: “Our initial fear was, with access to such funds online, irrespective of checks put in place, people may default on repayment, but we are satisfied with our customers who pay back in record time. I can assure you that with this development, we will continue to empower our people through this platform while further researching into other channels through which we can enrich the lives of customers within other segments of the market.”
Sterling Bank is one of the leading commercial banks in Nigeria and one of the country’s fastest growing banks. Originally incorporated in 1960 as NAL Bank (the country’s first investment banking franchise), it acquired the operations of the erstwhile Equitorial Trust Bank in November 2011 in pursuit of its growth and expansion plans. The lender currently operates out of 170 branches, about 4,800 Point of Sales (PoS) terminals and 500 Automated Teller Machines (ATMs) across Nigeria.
Source : SunOnline