By Chisom Nwatu
Sterling Bank Plc, a full service national commercial bank, is offering business and corporate enterprises a smarter way to access finance through its one-stop digital loan platform for corporate credit solutions.
The new product, known as Gazelle, is a versatile digital loan application system that provides corporate customers with a more innovative way to finance their business.
“With Gazelle, corporate customers will experience a smarter way to access finance and achieve sustainable growth for their businesses,” said Abubakar Suleiman, managing director/chief executive officer, Sterling Bank.
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Suleiman said launching the product, among other digital banking products, has positioned Sterling Bank as a leader in innovative digital solutions in the corporate lending space for businesses.
He urged business owners to visit the bank website to get loans faster and more conveniently to meet the needs of their businesses.
Suleiman, describing how the product works, said a customer must set up a profile for the business and begin the business evaluation process by answering all relevant questions regarding the company, while uploading the required supporting documents. The business profile gets approved after the customer has received an obligor assessment report following the validation of the information and documents provided.
The Sterling Bank boss said once the profile is approved, the customer could request a loan and get a decision from the bank. The loan would then be disbursed if the customer meets the conditions for loan disbursement and would receive the said loan through any preferred channel.
Sterling Bank recently recorded more than 220 percent growth in retail lending through its flagship online lending solution, Specta, and its variant, PaywithSpecta. Its other digital products include Imperium, Omni X, Doubble, I-invest, Alt Mall and OneBank.
Through Specta, Sterling Bank said it has been able to empower individual Nigerians by granting them credit to enhance their financial lives, as well as push for gender parity in lending, a development which has resulted in granting more than N12 billion loans to women.
“PwS has also enabled more than 4,300 merchants to receive instant payment for their goods, improving their cash flows while allowing consumers to enjoy services immediately and conveniently pay in instalments,” the bank said in a statement.
Sterling Bank also disclosed that it disbursed more than N29bn loans through PaywithSpecta because of its focus on sustaining small businesses.