Sterling Bank targets ₦40 bln loan disbursement via ‘Specta’ in 2019

Sterling Bank

In a bid to further enhance retail lending, Sterling Bank through its ‘Specta’ product said it targets to give out loans to the tune of ₦40 billion in 2019. The bank also disclosed that it would be extending facilities to non -customers, self-employed and business owner.

Speaking at a press briefing at the weekend, the Divisional Head, Retail and Consumer Banking, Sterling Bank, Mr. Shina Atilola, said customers who patronise ‘Specta’ can access loans ranging from ₦10,000 to ₦5,000,000 and can access funds within five minutes through using their mobile phones thereby removing the hassles that comes with obtaining regular loans from banks.

Atilola said: “Specta has been for salary earners that have account with Sterling Bank, but from Monday 4th of February, you don’t need to have an account with Sterling Bank to be able to access loans from Sterling Bank. And also, we are guaranteeing five minutes access and experience while using Specta.”

Furthermore, he said customers from any other bank can get access to loans through Specta and that the bank was able to give out close to ₦10 billion in loans to over 11,000 customers and transaction in the first year in operation.

He also said the bank did not record any non-performing loans during the period.

“We have zero per cent NPLs and all loans repayment are up to date and that is what gave the confidence to expand,” he said.

On her part, the Head, Value Chain Banking, Mrs. Benedicta, Sadoh, while speaking on the milestones recorded since its inception last year said: “Last year we talked about giving out N10 billion in loans and we wanted to do a minimum of 10,000 loans however last year we did over 11,000 loans and close to ₦10 billion.

“We also were able to issue out credit cards into the platform. So it wasn’t only about giving out personal loans we also did a bit of device financing through Specta. So we were able to increase our lending beyond the scope we thought it would be in 2018. For 2019, we are looking at a ₦40 billion mark and a minimum count of loans to be sold to 50,000 for 2019,” he added.