Sterling Bank Extends Loans To Non-Bank Customers Through Specta

The Nigeria-based Sterling Bank Plc has announced it is extending loans to non-bank customers and business owners through its online lending platform, known as Specta.

Mr. Shina Atilola, Divisional Head, Retail and Consumer Banking of Sterling Bank, made the announcement during a press conference at the weekend that marked the first year of operation of Specta in Lagos.

According to Atilola, customers using Specta could access loans ranging from N10,000 to N5m within mere minutes through their mobile phones. He noted that the easy availability of loans will remove all the hassles associated with obtaining regular loans from banks.

“Specta has been for salary earners who have accounts with Sterling Bank,” Atilola said. “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.”

He revealed that the Sterling bank offered close to N10bn loans to over 11,000 customers in the first year in operation and it did not record any non-performing loans. He added that the extension of loans to non-bank customers and business owners was due to the platform’s capacity to pre-screen borrowers and safely provide them with faster approvals and funding.

“We have zero percent NPLs and all loans repayment are up to date and that is what gave the confidence to expand,” Atilola said, reported The Punch.

Mrs. Benedicta Sadoh, the Value Chain Banking head, said the bank is looking forward to giving out N40 billion in loans to 50, 000 customers this year.

Atilola said the Sterling bank plans to attract and accommodate more customers through the use of social media while relying on a credit bureau to ascertain the customer’s character and capacity.

Last week, the Sterling Bank entered into a partnership with Opportunity Network to connect to reliable trade partners globally.