Barely two months after the introduction of Sterling Bank’s Social Lender, the bank has commended beneficiaries of the scheme for being faithful with their repayments. The first of its kind in Nigeria, Social lender is a loan scheme that has set a standard in online transactions with the disbursement of prompt cash to over two thousand online customers through Facebook and Twitter.

Shina Atilola, the bank’s group head, Strategy and Communications, said the bank initially feared people may default on repayment as checks administered in providing access to such funds online is not that strict, but he expressed satisfaction with the customers who paid back in due time. “I can assure you that with this development, we will continue to empower our people through this platform while further researching into other channels through which we can enrich the lives of customers within other segments of the market,” Atilola assured.

The group head noted that the social media plays a significant role in influencing decision making among young Nigerians and the bank has processed 2, 000 out of over 3, 000 applications that have been received. The scheme is accessible to all Sterling Bank Account holders while provisions are made for non-account holders through the Sterling Bank Mobile Money application.

Atilola explained that users who make requests through the Social Lender website are rated by the algorithm that calculates their social reputation using some criteria. The request is then either granted or rejected based on this. He said the new line of service has put Sterling Bank in a vantage position to sustain its position as an organization that understands the needs of its customers and leverages relevant platforms to proffer innovative solutions which in return enriches their lives. He emphasised that the bank would always introduce innovative ways to ensure the empowerment of Nigerians irrespective of their social status.