Sterling Bank has launched its new loan product tagged ’I Go Trade’ to further bridge the gap in financial inclusion and deliver customer-centric solutions for its diversified customer base.
The product will provide artisans and other small business owners across communities with quicker access to low-interest and collateral-free loans up to N300,000.
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.
Commenting 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.
According to him, the bank recognised the growing need for these groups of people to gain easier and quicker access to loan products. “Across many institutions nationwide, getting a loan requires stringent processes and heavy paperwork which several small business owners find discouraging.
“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. This will give them the opportunity to expand their businesses and provide for their daily needs,” he added.
The bank has also made the repayment process straightforward and convenient, allowing customers to pay back on a daily or a weekly basis.