1,000 people get quick cash via their Twitter and Facebook accounts using Sterling Bank’s award winning Social Lender

With over a 1,000 beneficiaries, it can be stated that Sterling Bank Plc has successfully pioneered the disbursement of quick cash to customers online under the Social Lender Scheme launched by the Bank in July 2014.

Social lender which is a first in Nigeria is a peer-to-peer lending solution using the social media platforms; Twitter and Facebook. To date, over 2,000 applications have being processed with 1000 being granted.

 

Speaking on the rationale behind the scheme; the bank’s Group Head, Strategy & Communications, Shina Atilola said “Users who request for the cash via the Social Lender website are rated by the algorithm that calculates their social reputation using various criteria, based on this; the request is either granted or rejected”.

“As a bank, we cannot overlook the importance of Social Media in today’s society; the increasing role it plays in the lives of people on a daily basis and that made the importance of the scheme more eminent” He added “When we launched, it was solely for Sterling Bank account holders, but now it can be accessed once a user has Sterling Money, which just needs a phone number to register.”

The scheme uses Facebook and Twitter as two of the most important social media platforms which influence change and decision making among young Nigerians.

This new line of service also assures that Sterling Bank will 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 the lives of its customers.

“The last two months had been very encouraging and beneficiaries have also paid back in record time. As a bank we focus on providinginstant solutions to support our online customerswhileoptimizing the potential of oursocial platforms and we believe this is in the right direction” Mr. Atilola said 

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Sterling Bank’s Social Lender recently bagged the Innovating ICT Banking Product of the Year at the Nigerian Telecom Awards 2014.