Sterling bank has launched an innovative product called “Specta”, to boost retail lending and enhanced electronic payment system in commercial transportation in Lagos.
This is coming after the bank’s partnership with global payment and technology companies.
According to the bank, the retail lending platform gives customers access to personal loan of up to N5 million per transaction from anywhere through electronic gadgets within five minutes, eliminating the burden associated with obtaining regular loans from banks.
Speaking at the unveiling of Specta in Lagos, the Head, Strategy and Innovation, Sterling Bank, Shina Atilola, said that the product accommodates only those in working class environment and can be accessed by non-customers of the bank.
He stressed that the bank’s target was to lend N10 billion to customers by the end of December this year.
“Our purpose as a bank was to enrich lives by adding values to individuals. We want to make profit, but most importantly we want to impact lives positively. Our measurement of success is not only dependent on the profit we make, but also the measure of impact we make in people’s lives.
“With this product, one can apply for a loan and get credited within an average of five minutes. We have done an average analysis and we discovered that it only takes an average of 2 minutes 55 seconds to access a loan on Specta and this is the first of its kind in the industry,” he said.
He stated that the bank was full of innovation and would release to the public three more exciting products before the end of the year.
The bank’s Head, Value Chain, Benedicta Sadan, noted that the platform ensures speed, convenience, safety and comfortability.
“With Specta you don’t require any collaterals. All loans are insured against job loss, against death and against disability. We do the maximum loan amount of N5 million per transaction though not everyone is qualified for a loan of N5 million.
