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Sterling Bank records N2bn deposit from third party scheme

By on September 24, 2014

Sterling Bank has said it recorded a deposit of N2 billion through its Third Party Acquirer (3PA) scheme between January and June 2014.
The bank also said it has put in place necessary structure to meet up with a target deposit of N8.5 billion by year end.

The Sterling Bank 3PA is an initiative that provides opportunity for those engaged in either formal or informal employment as well as institutions such as multi-level and strategic fund managers to make additional income by referring potential customers to the bank and in the process make additional income.

The Bank’s Executive Director, Finance and Strategy, Mr. Abubakar Suleiman who revealed this while briefing journalists in Lagos said: “We are here today to celebrate one of the many innovations that Sterling Bank has introduced in the nation’s banking industry. We are also celebrating a scheme that has provided additional income for over 1000 Nigerians who have enlisted in the initiative so far and one that has elicited overwhelming reaction from the market and has generated a deposit of over about N2 billion in the first six months of its introduction.”

Suleiman also explained the initiative was created to support people to make additional income, “and in the process enrich their lives just as the bank also benefits.”

Also, the executive director said the scheme was to add value to the lives of a lot of Nigerians as it provides a platform for them to sell banking solutions to the banking public at a premium.

Also speaking at the event, the bank’s Group Head, Retail Banking Directorate, Donald Osa-Edokpolo said that the success story of the initiative was based on the process put in place to ensure that only the right people were engaged by the bank.

Besides, he said that the initiative has been a blessing to the bank and those engaged by the institution “as the bank grows its deposit through the scheme, our 3PAs also get corresponding income for their effort.”

 

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