LAGOS, APRIL 27, 2018 – Sterling Bank has set aside N10 billion for retail lending under a platform called “Spectra inaugurated”.
Mr Shina Atitola, the Head of Strategy and Innovation in the bank, said in Lagos on Thursday at the inauguration of the platform that the N10 billion loan facility would be for customers and non-customers of the bank.
According to him, Spectra will ensure that customers have access to personal loans without going through the stress associated with obtaining regular loans from banks.
Ms Benedicta Sadoh, the Head of Value Chain Banking Department in the bank, said through Spectra, the bank was targeting 100,000 customers before December, while that 700 corporate customers had already keyed into the platform.
She said the platform, which would only cater for salaried workers,would take only five minutes to access after profiling of customers.
Sadoh said that the bank would also confirm and negotiate the interest rate wiith the human resource manager of the company where the prospective customer worked.
She said that the loan repayment would be at 33.3 per cent of the net monthly salary of the beneficiary spread over 48 months.
According to her, the maximum amount that can be borrowed by a customer is N5 million per transaction.
Sadoh said the outstanding principal would be covered by insurance in case of job loss or death.
