International Finance

Sterling Bank adds new lending feature to its digital banking platform

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Nigeria-based Sterling Bank has added a new saving and peer-to-peer lending feature to its digital banking platform called OneBank, media reports said. The new scheme, called the Ajo Scheme will allow its users to make an agreed monthly contribution with funds accessed on an agreed rotational basis.

With regard to the new scheme by Sterling Bank, Group Head, Digital Banking of Sterling Bank, Oladipo Alabede said that the Ajo Scheme could be initiated by an interested customer who will invite family and friends to join the scheme. He further revealed that all participants must be registered users on OneBank and must accept the invitation request.

Recently, it was also reported that Sterling Bank is working with Google to offer digital checking and savings accounts to its customers. It was reported that the digital checking accounts were to be built on BMO’s existing infrastructure, with Google providing the front-end technology and user interface.

In this regard, Felix Lin, vice president of payments ecosystems at Google told the media, “Customers were increasingly looking for ways to simply and securely manage their money”. Working with the likes of Sterling National Bank paved the way for customers to “introduce a smarter way to the bank, manage their finances and stay on top of their spending all from within Google Pay.”

Last year, A new digital bank called Sparkle has started its operations in Nigeria after receiving an operating licence from the Central Bank of Nigeria (CBN). Sparkle is launched by the former chief executive officer (CEO) of Diamond Bank and tech entrepreneur Uzoma Dozie.

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