Consumer access to loan…sterling Bank’s social media programme

With growing technology and social media platforms, bank consumers can at the comfort of their home access short term loans without having to visit the bank branch.

According to Sterling Bank, promoters of the scheme, Facebook, twitter and other platforms are windows to access the loans with maximum N3,000.00 at start.

With N3, 000 per month for starting, you can buy your recharge cards, buy books or handouts, use as pocket money for students or solve any immediate need. The loan does not attract interest but has a flat service charge of N100. It requires you have an account with Sterling bank before you can enjoy this benefit.

By this offer, the times of not having money in your pocket is over. Also

the hurdle of looking for where to borrow small amount of money will be a thing of the past even as banks cannot lend you such.

Explaining how this is done, Kelvin Igbodo, head social media, said friends on facebook or Twitter can apply for micro-credit by visiting the social lender site. 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 by the bank and social credit officer. Most importantly, the applicant must have an account with the bank.

Sterling bank plc in collaboration with BINCOM ICT has blazed the trail in the area of social money with the introduction of its Social Lender Scheme.

 Social lender is a modified peer to peer lending solution using the social media platforms through which micro-credit will be offered to members of these communities.

Addressing journalists at the media launch of ‘social lending’ in Lagos, Igbodo, said the scheme provides a platform for online fans, followers who are customers of Sterling bank to obtain micro-credit loan via social media channels starting with Facebook and Twitter.

According to him the application will integrate with existing financial structures of the bank such that users of the online platform can assess small loans by normal methods of withdrawing cash without collateral. These funds are easy to access and delivered by a convenient platform.

“At Sterling Bank we realize that one of the basic functions of a bank is to provide loan access for its customers, but we have also observed that the inconvenience of the processes often dissuades potential customers from applying for loans. With the emergence of Social Banking on our various

online platforms, the need to issue loans online has become relevant and this is why Sterling Bank has taken the initiative to develop a service that would make it easy for those who are active online to access micro credit”, he said.

Speaking at the event, Abiola Aloba, head, brand management said the product is targeted at people who are at great financial risk. “our customers are aggregating around social platform, we have to go there and get them”, he said.

HOPE MOSES-ASHIKE