From N3,000 Sterling
Bank has increased its On-line Micro Credit to N10,000 less than a year of the
scheme, following the impressive response from the beneficiaries; the members
of the on-line community. Sterling Bank Plc has repackaged the scheme by
increasing the minimum on-line micro credit from N3,000 to N10,000.
The Scheme was
launched in July 2014 and the Bank disbursed over N6million to over 2000
on-line customers. To date, over 90 percent of the loans have 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 these
communities. The scheme provides a platform for online fans and followers who
are customers of Sterling Bank to obtain these monies via social media channels
such as Facebook and Twitter.
The Bank in a
statement explained that the scheme was repackaged with added benefits because
of its success story for the Bank, the quality of feedback from members of the
on-line community and the impressive pay back attitude of the beneficiaries.
He explained that
the Bank took the decision to increase the available amount because “our target
market has kept to the terms and agreements reached during the launch stage,
they have been faithful with repayment and this has inspired confidence.”
The Scheme
according to the Bank has integrated with existing financial structures of the
Bank such that users of the online platform now access small loans by normal
methods of withdrawing cash without collateral. These funds according to him
are easy to access and are delivered via a convenient platform.
The Bank explains
how it works: “Our friends on Facebook or Twitter can apply for Micro-credit by
visiting our facebook page, twither handle or corporate website. Users who request for the loans on the Social
Lender platform are rated by the algorithm that calculates their social
reputation using various criteria. Based on this, the loan is either granted or
rejected’.
With the
introduction of the scheme, the Bank has taken care of the inconvenience of the
existing process of taking loans from banks which sometimes discourages
potential and existing customers from applying for loans.
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
The Bank said
further: The importance of Social Media in today’s society cannot be overlooked
as it plays an increasing role in the lives of people on a daily basis. Today,
we see the popularity of sites like Facebook and Twitter and how these channels
influence change and decision making among individuals and nations”.
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