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.
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.
“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.”
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.