Breaking News
Translate

Sterling Specta N10bn loan records zero NPL, targets N40bn second tranche

By Peter Egwuatu

STERLING Bank Plc has disclosed that the Specta N10 billion loan scheme launched last year has recorded zero Non Performing Loan, NPL and thus has concluded arrangement to launch the second phase by increasing the loan size to N40 billion marks this year. The second phase is expected to commence today (Monday) and borrowers, who take the loan between today and Valentine day, (February 14, 2019) would be given a reduced interest rate of 1.92 percent.

Speaking at a press briefing weekend in Lagos, Mr Shina Atilola, Divisional Head, Retail and Consumer Banking, Sterling Bank Plc, who disclosed this said: “We have recorded zero NPL up to date and would launch the second phase which is N40 billion mark and a target size of 50,000 transactions.

“The new Specta loan is unique as both customers and non customers of the bank can have access to the loan. Also, it is not just for salary earners but for non salary earners who need money for various needs. Sterling Bank last year introduced a consumer loan scheme called ‘Specta’, which disbursement is done in less than five minutes.”

Specta is an online lending platform that offers loans not more than N5 million to individuals, with a goal to create a simple, convenient, and personalised experience for customers.

Atilola said; “With Specta, customers do not need collaterals or paperwork to get any loans as long as their companies are enrolled in the platform through the human resources department. Once application is complete, scoring is instant and disbursement done in less than five minutes.

Market capitalisation dips by N220bn

Specta will ensure that customers have access to personal loans without going through the stress associated with obtaining regular loans from banks.

Explaining the process of application, Benedicta Sadoh, the Head of Value Chain Banking Department in the bank, said: “Through Specta, the bank was targeting 10,000 customers before December last year,  but ended up getting 11,000 into the platform.

“We use proprietary data and analytics to review applications and provide approved applicants with personal loans, household/asset acquisition loans and salary advance.”

Sadoh said the second tranche platform, which would only cater for salaried workers of any level nd non salary earners would take five minutes to access after profiling of customers, adding that the bank would also confirm and negotiate the interest rate depending on the amount and type of loan needed.

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.