Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Company News

Official: Sterling Bank Introduces Loans For Facebook & Twitter Users..See How It Works

Nairametrics by Nairametrics
June 14, 2014
in Company News
Share on FacebookShare on TwitterShare on Linkedin

Sterling Bank Plc yesterday launched a ‘Social Lender’ scheme that would enable it grant loans to its customers on Facebook.

Speaking at the product launch, the bank’s Head, Social Media, Kelvin Steve-Igbodo said approval of the loan happens within 10 minutes, and that borrowers can make the request online and get their accounts credited with the fund.

He said the bank is starting with N3,000 and will gradually raise the amount with time. He said the scheme is targeted at customers with urgent cash need.
Steve-Igbodo said the bank is collaborating with BINCOM ICT to ensure that the product succeeds in the market. “Social Lender; the first in Nigeria is a modified peer to peer lending solution using the Social Media Platforms through which micro-credit will be offered to members of these communities. The scheme provides a platform for online fans, followers who are customers of Sterling Bank to obtain Micro-credit loan via social media channels starting with Facebook and Twitter,” he said.

He said the application will integrate with existing financial structures of the bank such that users of the online platform can access small loans by normal methods of withdrawing cash without collateral. These funds are easy to access and are delivered via a convenient platform.

How it works

Explaining how it works, he said: “Our friends on Facebook or Twitter can apply for Micro-credit by visiting the Social Lender site.  Users who request for the loans on the Social Lender platform are rated by the algorithm that calculates their social reputation using various criteria. Based on this, the loan is either granted or rejected by the back-end Social Credit Officer. Most importantly, the applicant must have an account with the bank”.

He said the bank understands that one of the basic functions of a bank is to provide loan access for its customers, but we have also observed that the inconvenience of the processes often dissuades potential customers from applying for loans

Source: TheNation

Related

Tags: News Review

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Eco Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Bad week for Nigerian ETFs as market capitalization drops to N7.48 billion
    • Lagos announces free health insurance for 5,000 Lagosians to mark Sanwo-Olu’s birthday
    • FITC to hold 2022 edition of annual Fintech conference

    Follow us on social media:

    Recent News

    Report on ETFs

    Bad week for Nigerian ETFs as market capitalization drops to N7.48 billion

    June 24, 2022
    Sanwo-Olu, COVID-19: Lagos ramps up measure to smash disease as it begins fumigation, Covid-19: Total lockdowm imminent as Lagos fears confirmed cases could hit 39,000, Hotels to remain shut in Lagos, as manufacturing and construction companies get conditional waivers, COVID-19 palliative: Sanwo-Olu concludes Homegrown School Feeding Programme

    Lagos announces free health insurance for 5,000 Lagosians to mark Sanwo-Olu’s birthday

    June 24, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com