Brands

Online business owners can access up to N2million loan with Sterling’s SocialPay.

Online business owners can now access funding of up to N2million with SocialPay, an online payment collection product designed by Sterling’s The Business Hub to facilitate payments via multiple payment options including USSD, bank transfer, card options, and PayWithSpecta. In addition, the first 10,000 merchants will have access to a one-month interest free loan up to a maximum of N1million.

SocialPay is designed to solve the problem of trust between online merchants and their customers by allowing merchants to track payments using automatic invoicing. The platform currently hosts over 2,000 social sellers.

Shina Atilola, Divisional Head, Retail and Consumer Banking, Sterling, said SocialPay was introduced to make payment easy for Nigerians engaging in digital commerce. “Our customers, both retailers and buyers, are now selling and making purchases through social networks. Following this cue, we introduced SocialPay to make it convenient to make and receive payments within that same ecosystem,” Atilola disclosed.

Read:  Wema Bank Partner To Supports Stage Plays On Awolowo, Obasanjo.

According to Atilola, SocialPay is a secure payment solution for businesses selling online through websites, social media pages/ handles, or WhatsApp for Business. “With social media networks becoming the centre of everyday life for almost 25million Nigerians, SocialPay will ensure that these digital natives can make quick purchases and receive payments from social stores.

Read:  Zenith Bank rewards MasterCard users with free gifts and massive discounts at merchant locations

SocialPay makes payment as simple as clicking a button, and the money is immediately transferred. The biggest benefit of the payment solution is that the transacting parties (sellers and buyers) are protected.”

Repayments on the business loans will be done daily and customers will be able to choose what percentage of their daily sales would go towards repayment from 10%-30% with competitive interest pricings.

The launch of SocialPay rides on the back of the success of PayWithSpecta which has remarkably improved sales and revenue for business owners. The new product also features a data collection tool and an Escrow payment function which allows customers to receive payments back from merchants in the event of dissatisfaction with goods delivered. 

Read:  Edo 2020: We’re 95 per cent ready – Edo Govt

About NigeriaPresslog:

NigeriaPresslog is a media amplification and press release distribution platform connecting forward-looking brands to target audiences. It provides a gateway for brands with the goal of making inroads and establishing presence in the Nigerian media space and beyond.

NigeriaPresslog has worked with and delivered excellent service for local and international partners including Heinrich Boll Stiftung, Nigerian Economic Summit Group, Lagos Business School, Response Architects UK and others.

Related posts

d.light Launches Solar Energy Device Financing Solutions In Nigeria.

NigGal

Rite Foods storms Intra-African Trade Fair in S/Africa

NigGal

MoneyMaster PSB unveils Flagship Product “G-kala”

NigGal

Stanbic IBTC enlightens Nigerians on stockbroking.

NigGal

Access Bank, Wigwe emerge winners at 2020 African Banker Awards

NigGal

MTN’s 5G launch puts spotlight on mobile device access.

NigGal

Leave a Comment