Sterling Bank extends loans to non-customers

Sterling Bank Plc is aiming to give out loans worth N40 billion in 2019. The lender is also extending the loans from its ‘Specta’ product to non-bank customers and business owners.

Shina Atilola, Divisional Head, Retail and Consumer Banking, Sterling Bank, who made this disclosure said customers patronising Specta can access loans ranging from N10,000 to N5 million, and funds within five minutes through their mobile phones, thereby removing the hassles associated with obtaining regular loans from banks.

According to Atilola, customers from any other bank can get access to loans through its Specta. “Specta has been for salary earners who have accounts with sterling bank. From February 4, you don’t need to have an account with sterling bank to be able to access loans from the bank. Also, we are guaranteeing five minutes’ access and experience while using specta.”

Atilola further made known that the bank was able to give out close to N10 billion loans to over 11,000 customers in the first year in operation, adding that the bank did not record any non-performing loans.

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

Specta is an online lending platform that offers loans not more than N5 million to individuals, with a goal to create a simple, convenient, and personalised experience for customers.

It ensures that customers have access to personal loans without going through the stress associated with obtaining regular loans from banks.

Having recorded zero non-performing loans in the first phase of Specta, Sterling Bank has concluded arrangement to increase Specta’s credit facility by 300 per cent.

This implies that from N10 billion in 2018, Sterling Bank is now offering N40 billion in the second tranche of the scheme.

Meanwhile, Sterling Bank Plc’s results for the third quarter ended September 30, 2018 show revenue for the group increased from N95 billion in 2017 to N115 billion in 2018. Profit Before Tax increased from N6.5 billion in 2017 to N8.5 billion in 2018. Profit After Tax also increased from N5. 9 billion in 2017 to N8.2 billion in 2018.

The bank closed at N2.45 on Friday’s trading session on the Nigerian Stock Exchange (NSE).