How Lendsqr helped Sterling Bank use SnapCash to bridge the credit divide

Sterling Bank has always been on the right side of history, advocating for the average Nigerian in many ways. They’re known to be quite innovative in financial services. They were one of the first to support easy savings and also one of the first banks to back open banking in Nigeria. It’s worth noting that they’ve always relied heavily on consumer credit. One of which is through consumer transport services with Onetap.

The addressable credit gap

Unsurprisingly, Sterling Bank, having done tons of middle-class credit with their Specta loan, decided to focus on bringing credit to Nigerians via mass market loans. 

The tough nut to crack became “How do we sufficiently provide loans to a hundred million Nigerians?” This is no trivial task at all. Sterling Bank knew this not only from a business proposition point of view but also from a technical, delivery and speed of verification point of view. This greatly troubled the MD, Abubakar Suleiman and their ED / Chief Operating Officer, Olayinka Oni. 

That is until they met with Lendsqr.

Bridging the credit gap with SnapCash

Sterling Bank came to Lendsqr with a single burning desire to solve Nigeria’s credit problem. They asked, “Can you guys make this work?”. Any answer other than a resounding YES! would have been wrong. 

So, we sat down with the Sterling team and ideated. Born from a single loan product, the name SnapCash resonated better with Sterling Bank’s one goal — to provide cash to the average Nigerian at the snap of their finger. Thus, SnapCash came into being. 

With the entrance of a new Chief Product Officer, Mustapha Otaru (alias MO), who joined Sterling from MTN Nigeria, the SnapCash idea came to life. He believes credit access is a key tenet of a thriving economy. In his words, “Credit access is the heartbeat of a flourishing economy, and with the advent of SnapCash, we’re committed to ensuring it beats strong and steady. We’re glad to have Lendsqr go on this journey with us”.  
With a great deal of innovative features, SnapCash was launched super fast and right on time to meet the ever-growing credit needs of Nigerians. Even as it’s still in its early days, SnapCash has swiftly become a fan favorite and quite popular in the loan market. Read more on strategies to make your loans stand out in a crowded market. CEO of Lendsqr, Adedeji Olowe, termed SnapCash’s rapid growth “a much-needed whirlwind change that has come to bridge Nigeria’s credit divide.”

Also read: SnapCash, Irorun and other apps for 50,000 naira in Nigeria

What borrowers can enjoy with SnapCash

• Loans available to all: You don’t need to be a customer of Sterling Bank to request and get a loan from SnapCash. It’s available for all Nigerians
• Multi-platform availability: Borrowers can apply and access loans from SnapCash with their Android phones, Iphones, and the web.
• Prequalification: Even as a new borrower signs up for the first time, there’s a loan offer waiting.
• Fair interest rates: Interest rate so low you won’t feel it. SnapCash’s commitment to borrowers includes providing interest rates that are not only reasonable but also designed to be so low that you hardly feel their impact.
• Pay bills, make purchases on the go: Borrowers can also conveniently manage their financial responsibilities with SnapCash by not only repaying loans but also by effortlessly handling day-to-day expenses such as airtimes, utilities and lots more.

What lies ahead for SnapCash

Sterling Bank and Lendsqr have ignited a spark in the Nigerian loan market with SnapCash. Its early success is undeniable; we’re confident it will maintain momentum. 

With Lendsqr’s constant support and dedication akin to treating SnapCash as one of our subsidiaries, we’re certain that it will eventually fulfil its potential to bridge the credit gap in Nigeria.

Want to know more about the Lendsqr and Sterling collaboration? Reach out to us at growth@lendsqr.com or Book a free demo.