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Specta, Sterling Bank’s Online Platform Advances N2Bn Loans in 4 Months

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Specta, the revolutionary lending platform powered by Sterling Bank, has advanced consumer loans worth N2billion to salaried workers who are members of the lending platform’s pre-approved community.

 

This is just four months after its market entry and the loans were accessed in less than five minutes without human intervention by most of the beneficiaries, it was gathered.

 

Commenting on Specta’s success, Dapo Martins, chief marketing officer, Sterling Bank, said the market is responding positively to Specta because it is meeting the credit needs of the contemporary Nigerian salaried worker who wants an immediate loan without leaving the convenience of his/her office or home.

 

“As such,” he said, “the record breaking Specta loan advances will continue in the second half of the year, especially because liquidity is a non-issue. There is over N8bn set aside to meet the pressing credit needs of salaried workers in the country for just six months”.

 

The Chief Marketing Officer added that: “Beyond 2018, we are certain that there will continue to be an upswing in the adoption of Specta in market because it takes advantage of technology to offer a refreshing and satisfactory experience to consumers.

 

According to him, customer testimonials are received daily about how the platform has simplified the loan booking process and incredibly reduced disbursement timeline to just five minutes after an application.

 

“We will continue to meet the needs of consumers seeking bespoke financial solutions in the Nigerian market,” he added.

 

Pre-approved communities are companies or organisations that have been profiled and enrolled on the Specta platform. Individuals who work for organisations that have not been profiled can apply to be enrolled as individuals on the Specta platform.

 

On her part, Benedicta Sadoh, Head Value Chain Banking, Sterling Bank said “Specta is creating and delivering value to individuals, families, real sector and the economy at large.

 

She described the platform as boosting the access of salaried workers and their households to credit which stimulates the economy through sustained consumption leading to increased production and job creation.

 

“We are proud that Specta is boosting consumer spending which is a key driver of growth and development in every economy,” she stated.

 

Launched in February 2018, Specta has become the go-to platform for consumer loans by salaried workers in need of quick loans.

 

The online lending platform offers consumer loans up to N5 million to salary earners who belong to pre-approved communities in less than five minutes without paper work and collateral. It automates, simplifies and personalizes the loan application, disbursement and receipt process eliminating the slow turnaround time and other inconveniences associated with the manual process.

 

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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