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Sterling Bank targets N8.5bn deposit

By on September 27, 2014

Sterling Bank Plc says it has set a target deposit of N8.5bn from its new initiative called Third Party Acquirer by the end of December 2014.

During the first six months of its introduction, the bank said it had realised over N2bn in deposit.

The Sterling Bank Third Party Acquirer 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.

A statement by the bank quoted its Executive Director, Finance & Strategy, Mr. Abubakar Suleiman, who addressed a press conference, as saying, “We are also celebrating a scheme that has provided additional income for over 1,000 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 N2bn in the first six months of its introduction.”

Suleiman stated that the bank had set an achievable target of N8bn in deposit liabilities from the scheme by the end of the year.

“We all need to think of initiatives to support our people to make additional income and in the process enrich their lives just as the bank also benefits. We are using the initiative to add value to the lives of our people by providing a platform for them to ‘sell’ banking solutions to the banking public at a premium.”

The bank’s Group Head in the Retail Banking Directorate, Mr. Donald Osa-Edokpolo, also said 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 had been a blessing to the bank and those engaged by the bank because “as the bank grows its deposit through the scheme, our 3PAs also get corresponding income for their effort.”

 

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