Sterling Bank Targets N10bn in Consumer Loan Initiative


By Ugo Aliogo and Esther Ehoche

As part of efforts to increase the number of its consumer loans, Sterling Bank Plc has launched a new consumer loan initiative known as ‘Specta.’

Speaking recently at a media briefing in Lagos, the Head, Value Chain Banking, Sterling Banking, Benedicta Sadoh,described ‘Specta’ as a retail loan lending platform that ensures that customers have access to personal loan product within five minutes of profiling, adding that it ensures speed, convenience and accessibility.

Sadoh explained that the maximum tenure on Specta is 48 months. However, she pointed out that the 48 months tenure is not for everybody.

She added: “It all depends on the agreement we have with your Human Resources Manager (HRM).”

According to her, “As a bank we have our insurance partner - SDG insurance. What we have realised is that as salary customers, our earnings are not enough to meet our needs which is the essence of having this product.

“Now, what this insurer does is that if an employer loses job due to downsizing, the insurance company will take care of the outstanding principal with the bank, so that the individual can relax.

“If it is a case of death, Specta will not disturb your family; the insurance company takes care of your outstanding principal 100 percent. If it is a case of permanent disability, the insurance company takes care of the outstanding principal 100 per cent also.

“This initiative provides for a conversation and partnership with the HR or financial department of each corporate organisation to reach an agreement, so we discuss interest rate with the HRM because they are the mouthpiece of their people because it is on that basis that an interest is agreed upon.”