Sterling Bank simplify loans process for micro-traders

Sterling Bank simplify loans process for micro-traders

Sterling Bank Plc has launched a new loan product targeted at micro-traders in simplifying access to loan.

This, the bank said, was meant to further bridge the gap in financial inclusion and deliver customer-centric solutions for its diversified customer base,

The product called, ‘I Go Trade’ will provide artisans and other small business owners across communities with quicker access to low-interest and collateral-free loans up to N300,000.

Read:  As economy bleeds, banks’ profitability soars

The bank, in a statement said: “this loan will afford beneficiaries the luxury of financial flexibility, allowing them to obtain the funds needed to acquire inventory, working capital, and other assets needed to stay afloat and ultimately yield sustainable profit.”

Speaking on the new product, divisional head, Retail and Consumer Banking, Sterling Bank, Shina Atilola explained that the product was specifically designed to cater to the needs of artisans and micro-traders living in marginalised communities.

To him, the bank recognised the growing need for these groups of people to gain easier and quicker access to loan products.

Read:  Mutual benefits capital injection triggers N82.8bn total assets

“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.”

Read:  Samsung unveils Galaxy S22 series

The bank also added that,  it has made the repayment process straightforward and convenient, allowing customers to pay back on a daily or a weekly basis.


Related posts

MTN group sells 5,701 towers to IHS for $412m 


NGX resumes September bearish as investors lose N18bn


Parallel market dealers groan as exchange rate unification narrows profit margins


GTCO: Delivering stronger balance sheet, dividend payout


CBN sells $10,000 to BDC at N1,251/$1


Banks pay N80.2bn taxes to FG in H1


Leave a Comment