• Thursday, May 30, 2024
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Sterling Bank records N2bn deposit from 3PA in six months


Sterling Bank plc recorded a deposit of N2 billion through its new initiative, Third Party Acquirer (3PA) scheme, between January and June 2014, barely six months after it was introduced. The bank says it has put in place the necessary structure to meet up with a target deposit of N8.5 billion by year end.

The Sterling Bank 3PA is an initiative that provides opportunity for those engaged in either formal or informal employment as well as institutions such as multi-level and strategic fund managers to make additional income by referring potential customers to the bank and in the process make additional income.

Abubakar Suleiman, the bank’s executive director, finance and strategy, who addressed the press in Lagos, says: “We are here today to celebrate one of the many innovations that Sterling Bank has introduced in the nation’s banking industry. We are also celebrating a scheme that has provided additional income for over 1000 Nigerians who have enlisted in the initiative so far and one that has elicited overwhelming reaction from the market, and has generated a deposit of over about N2 billion in the first six months of its introduction.”

Suleiman, who disclosed that the bank has set an achievable target of N8 billion in deposit liabilities from 3PA by the end of the year when it will celebrate the first anniversary of the initiative, says: “We all need to think of initiatives to support our people to make additional income and in the process enrich their lives just as the bank also benefits. We are using the 3PA initiative to add value to the lives of our people by providing a platform for them to “sell” banking solutions to the banking public at a premium.”

Also speaking at the event, Donald Osa-Edokpolo, the bank’s group head in the retail banking directorate, says the success story of the initiative is based on the process put in place to ensure that only the right people were engaged by the bank.

Besides, the initiative has been a blessing to the bank and those engaged by the bank because “as the bank grows its deposit through the scheme, our 3PAs also get corresponding income for their effort,” he says.