Sterling Bank has announced the launch of its new loan product ‘I Go Trade’ to help close the financial inclusion gap and provide client-centric solutions to its diverse customer base.
The product would make low-interest, collateral-free loans up to N300,000 more accessible to artisans and other small business owners throughout communities. This loan will provide beneficiaries with financial flexibility, allowing them to receive the finances they need to acquire inventory, working capital, and other assets that will help them stay afloat and eventually make a profit.
Shina Atilola, Divisional Head, Retail and Consumer Banking, commented on the new product, explaining that it was created expressly to meet the needs of craftsmen and micro-traders in marginalized communities.
He claims that the bank saw the growing need for these folks to have easier and faster access to credit products. "Getting a loan entails tight processes and significant documentation at numerous institutions around the country, which several small business owners find discouraging," said Atilola.
“This process has been greatly simplified thanks to ‘I Go Trade.’ Customers, particularly small business owners, dealers, and artists, can acquire low-interest loans without putting up any security and without having to go to the bank. This will allow them to build their enterprises while also meeting their basic needs,” he added.
The bank has also made the payback process simple and comfortable for consumers by allowing them to pay on a daily or weekly basis. Customers can use ‘I Go Trade’ by speaking with any Sterling agent in their area.