Sterling Bank Plc has created a new loan product aimed at micro-traders to streamline loan access.
This, according to the bank, was done to help bridge the financial inclusion gap and provide customer-centric solutions to its diverse customer base.
The ‘I Go Trade’ program would give artisans and other small business owners in communities across Nigeria faster access to low-interest, collateral-free loans of up to N300,000.
According to the bank, the loan will grant beneficiaries the luxury of financial flexibility, allowing them to receive the funds they need to acquire inventory, working capital, and other assets to stay afloat and ultimately generate sustainable profits.
Shina Atilola, Sterling Bank’s divisional head of Retail and Consumer Banking, noted that the new product was specifically intended to meet the needs of artists and micro-traders living in marginalized regions.
The bank, according to him, saw the growing demand for these categories of people to have easier and faster access to credit products.
“Across many institutions nationwide, getting a loan requires stringent processes and heavy paperwork which several small business owners find discouraging,” he pointed out.
Atilola said: “With ‘I Go Trade’, this process has been drastically simplified. Customers, especially small business owners, traders, and artisans can get loans at low-interest rates with no collateral and without having to physically visit the bank. The opportunity to expand their businesses and provide for their daily needs.”
Consumers can choose to pay back their loans daily or every month, as the bank has simplified its payment process.
Recall that, The High Court of Lagos State presided over by Justice Oyindamola Ogala, has ordered Heritage Bank Plc to pay N10 million in damages to a company called Shield Petroleum Nigeria Limited. This decision has been upheld by the Lagos Division of the Court of Appeal.