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TECHNOLOGY

How to get Sterling Bank Loans

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How to get Sterling Bank Loans

Access to much needed finances for whatever use be it personal or business is not often easy but access to flexible and convenient loans helps individuals and businesses to achieve their personal financial goals and business growth expansion goals. Getting loans in Nigeria, especially from commercial banks is not always an easy task, but Sterling Bank is a good place to seek loans that will help the growth of your business and the achievement of your personal financial goals and dreams. Sterling Bank offers several types of loan products to its customers, these loans are designed to meet the specific needs of the loan beneficiaries: “How to get Sterling Bank Loans.”

In this article, you’ll learn about the steps to securing a Sterling Bank loan, the types of loans you can get from Sterling Bank, Sterling Bank loan interest rates, the eligibility requirements for getting a Sterling Bank loan, the benefits of the Sterling Bank loans to the loan beneficiaries, and the possible cons to a Sterling Bank loan. Read on to learn and get the full grasp of the loan offerings available at Sterling Bank, and how to apply for any of the loans available to meet your financial needs.

About Sterling Bank

Sterling Bank Nigeria is a well-known financial institution that has been in operation for several decades and has continued to serve the banking public committedly by providing banking services of various kinds including loan provision. Sterling Bank was incorporated in the year 1960 and began operations as NAL Bank, the country’s pre-eminent investment banking institution in the same year.

Sterling Bank through its years of operation has gained experience and mastery of service provision, through the use of technology for the sake of providing a seamless banking experience to its customers for their strives in the banking industry of Nigeria. Sterling Bank provides loans and other banking services to both individual customers and business entities that operate business accounts with Sterling Bank.

Does Sterling Bank Give Loans

Yes, Sterling Bank provides a wide range of loans to its customers that are designed to meet the specific financial needs of these customers. The loans provided by Sterling Bank are offered at competitive market lending rates.

Types of Loans Offered By Sterling Bank

Sterling Bank provides two main types of loans to the millions of its customers. These two loans provide several financing means to customers with the sub-type of loans they offer to customers. The two main types of loans offered by Sterling which are all under personal loans include:

  • Social Lender: The social Lender loan is a type of loan operated using a lending platform where users are given loans on request based on their social media reputation. To get this loan you need to link and connect through any of your social media account(s), then make your loan request, if your social reputation level is eligible your loan will be approved.
  • Specta Loan: The Specta loan is a type of personal loan provided by Sterling Bank to its customers through the Specta platform, which is also owned by Sterling Bank. Specta is a platform that offers lending opportunities to both individuals and businesses up to a maximum of ₦5,000,000 within minutes of the loan applicants’ loan getting approved.

Applying for loans on the Specta platform affords you the opportunity to apply without the need for paperwork, or collateral, and without having to visit any physical Sterling Bank branch. Anyone can apply for and get a loan on the Specta platform, provided the person is a customer of Sterling Bank. Specta loan has several sub loan types including Specta4individuals, Specta4business, and Specta Prime.

Other Types of Personal Loans Offered by Sterling Bank

Other types of personal loans are made available by Sterling Bank that are not done through the Specta platform, these loans include:

  • Auto Loans: This loan is designed and targeted at individuals who wish to make a vehicle purchase, the bank helps you with financing the vehicle purchase. To be eligible for this loan you need to make at least a 20% equity deposit, this loan is also open to anyone who earns a regular monthly income.
  • Household Equipment Lease: This loan is designed to help Sterling Bank customers buy household equipment that they are in dear need of or not, and allows the applicants the opportunity to pay for the bought items later. This loan type is available to anyone with a regular monthly income.
  • Alternative Energy Finance: This is another buy now pay later kind of loan, this loan helps customers who suffer from epileptic power supply to finance the purchase and installation of an alternative power supply in a combo of solar, inverter & batteries. The loan beneficiary is meant to pay at least 20% equity contribution which is 20% of the cost of the energy alternative equipment

Sterling Bank Loan Interest Rate

Sterling Bank loans are offered with interest rates that are competitive and in line with lending market rates. Sterling Bank loans are provided at interest rates ranging between 25.5% to 33.3% this interest rate is applicable variably to the different types of loans offered by Sterling Bank.

Sterling Bank Loan Eligibility

Sterling Bank loans are provided depending on several general eligibility criteria and specific requirements that are required for the different types of loans. The eligibility requirements criteria for the different types of loans provided by Sterling Bank are listed below:

Specta Loan

  • You need to have an investment with Sterling Bank to be eligible for the Specta Prime loan
  • You need to have an active account with Sterling Bank

Auto Loans

  • This loan is only eligible for brand-new cars
  • You need to have an active account with the bank as a customer for at least three (3) months
  • You need to submit a proforma invoice from the bank’s approved vendor
  • Your debt service coverage ratio (DSCR) should not exceed 33.33% (i.e. a loan instalment divided by income)
  • You need to make an up-front payment of your equity contribution, the same applies to your fees and comprehensive insurance premium payments
  • You need to submit your post-dated cheques for the loan instalments upfront

Household Equipment Lease

  • You have to make a 20% equity contribution for this loan
  • You need to have an active account with the bank as a customer for at least three (3) months
  • You need to submit a proforma invoice from the bank’s approved vendor
  • Your debt service coverage ratio (DSCR) should not exceed 33.33% (i.e. a loan instalment divided by income)
  • You need to make an up-front payment of your equity contribution, the same applies to your fees and comprehensive insurance premium payments
  • You need to submit your post-dated cheques for the loan instalment

Alternative Energy Finance

  • You have to pay as low as 20% of the energy equipment you wish to install and use
  • You need to have an active account with Sterling Bank

Sterling Bank Loan Application Process

The application process for the different types of loans offered by Sterling Bank is straightforward, with some of the loan products having processes that are peculiar to them. The steps for the different types of loans offered by Sterling Bank are listed below:

Specta Loan

Submit a handwritten application letter to the Bank

  • To apply for the Specta loan visit the Specta loans website and select the appropriate type of Specta loan that will suit your financial needs

Auto Loans

  • Download and submit a duly executed consumer loan application form
  • Then wait for your loan to be approved or declined

Household Equipment Lease

  • Submit a handwritten application letter to the Bank
  • Download and submit a duly executed consumer loan application form
  • Then wait for your loan to be approved or declined

Alternative Energy Finance

  • Visit any Sterling Bank nearest to you and request a current account for alternative energy finance

Benefits of Sterling Bank Loans

Sterling Bank loans provide a wide range of benefits to the loan beneficiaries. Some of the main benefits of Sterling Bank loans to its loan beneficiaries include:

Specta Loan

  • The Specta loan can provide you with loans to finance your financial needs across various industries that the Specta loan covers
  • The Specta loan provides a flexible loan repayment loan structure

Auto Loans

  • With an auto loan, you get the vehicle of your choice acquired while you get the chance to repay the loan gradually
  • The loan has a flexible repayment structure and a long loan tenure of up to 48 months

Household Equipment Lease

  • With this loan, you can acquire much-needed house items
  • The repayment tenure is long enough and flexible for the loan applicant

Alternative Energy Finance

  • The loan has a flexible repayment
  • You get access to after-sales services and support
  • The loan provides you with a buyback option by the vendor
  • You do not get charged on repayment of your loan

Cons of Sterling Bank Loan

As much as Sterling Bank loans offer several benefits to users there are a few downsides to the loans offered by Sterling Bank some of which include:

  • The social lender loan has no stated metrics for the measurement of social reputation to determine who is eligible for the loan.
  • You need to make the Specta fee payment upfront before your loan is approved
  • You also have to pay a penalty fee of 1% if you do not pay your loan on due dates

Conclusion

Sterling Bank provides a wide range of loans to its customers to help individuals and businesses meet their financial needs and goals. The loans provided by Sterling Bank can be used to finance several types of businesses and personal financial dreams. The Sterling Bank loans are offered with competitive interest rates and with several benefits to the loan beneficiaries. The bank is customer-centric, hence you will receive all the support you need when you request for a loan with Sterling Bank. Apply for a Sterling Bank loan today and fulfil your financial dreams in no time. See

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TECHNOLOGY

Europe’s Network and Information Security (NIS2) directive raises the stakes for African businesses to comply with European Union’s (EU) cyber security standards

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Issam-El-Haddioui- (1)

The European Union’s NIS2 cyber security  directive has significant implications for African businesses trading with the continent.  This is according to Check Point Software Technologies (www.CheckPoint.com), a leading AI-powered cloud-delivered cyber security provider, which urges African businesses with strong ties to the EU to take steps to comply with this new, stringent cyber security regulation.

The European Union’s NIS2 Directive, came into effect this month and requires member states to amend their national legislation. The NIS2 Directive imposes strict cyber security requirements, including enhanced management liability, reporting to authorities, risk management, and business continuity planning, placing African companies trading with the EU under increased scrutiny.

CheckPoint-NIS2-infographic-EN (1)

The NIS2 Directive builds upon the original NIS1 Directive introduced in 2016, expanding its scope to cover a wider range of sectors including Energy, Banking, Transport, Digital Infrastructure, Healthcare, Food Production, and Research. More than 80% of European enterprises are now within the scope of this legislation, which extends to global supply chain partners—including many businesses in Africa.

Collins Emadau, Check Point Partner and Director at Westcon, explains, “Europe is still Africa’s leading trading partner. African businesses, particularly in leading economies such as South Africa, Kenya, and Nigeria, need to understand the far-reaching impact of NIS2. Compliance is not just about meeting EU standards—it’s about securing their future in a globalised market. Failure to comply will result in not only heavy fines but also the potential loss of critical trade partnerships with EU member states.”

What’s at Stake for African Businesses?

The EU remains the largest trading partner for Africa, with over 18 Economic Partnership Agreements and trade worth billions annually. African businesses, especially in sectors like Energy, Banking, Transport, and Manufacturing, are key partners in the EU’s supply chains. To continue doing business with EU companies, African organisations must comply with NIS2, which mandates strict cyber security measures to protect critical infrastructure and supply chains.

Issam El Haddioui, Head of Security Sales Engineering:  Africa, Check Point Software Technologies, says, “NIS2 sets a new standard for cyber security, and African businesses must act now. Many organisations are unaware of the depth of these requirements, which go beyond local regulations. Compliance is essential not only for maintaining business relationships with the EU but also for enhancing the overall resilience of African economies against cyber threats.”

Compliance will exact a cost for African organisations, which according to Interpol’s 2021 Africa Cyberthreat Assessment Report, spends an average of only 0.05% of their revenue on cyber security, far below the global average of 0.3-0.5%.  The Report also estimated the financial impact of cyber crime in the region at over $4 billion USD, representing about 10 percent of Africa’s total GDP.

Tougher Penalties and Personal Responsibility

NIS2 introduces personal liability for business leaders in the event of a cyber attack, meaning that executives themselves can be held financially accountable for breaches. Penalties include fines of up to EUR 7 million or 1.4% of a company’s global annual turnover, whichever is higher. This goes beyond the GDPR, placing even more responsibility on corporate leadership to ensure robust cyber security practices are in place.

NIS2 mandates that organisations must report cyber incidents to authorities promptly and inform their stakeholders, suppliers, and customers. Therefore, African businesses must ensure they have a comprehensive incident response plan in place, along with regular cyber security training for both IT and leadership teams.

Steps for African Businesses to Ensure Compliance

To successfully implement NIS2 and avoid devastating penalties, Check Point recommends the following four steps for African businesses:

  1. Knowledge: Business leaders must gain a basic understanding of cyber security to effectively communicate with their IT teams and ensure sound decision-making.
  2. People: Establish an agile IT security department, including key roles such as a Data Protection Officer (DPO) and a Chief Information Security Officer (CISO), to manage and distribute responsibilities efficiently.
  3. Audit: Conduct regular risk assessments and audits to identify and mitigate vulnerabilities. Continuous monitoring is essential to stay compliant with evolving threats.
  4. Incident Management: Develop clear procedures for responding to cyber incidents, including swift reporting to national authorities, suppliers, and stakeholders.

Long-Term Commitment to Cyber Security

Compliance with NIS2 is not a one-time process; it requires a long-term commitment to cyber security. From 2028, organisations will be required to annually document their NIS2-compliant IT infrastructure and demonstrate that their cyber security measures are aligned with the latest technological advancements.

“African countries, especially economic leaders like South Africa, Kenya, and Nigeria, should also consider using the NIS2 framework as a model for strengthening their own national cyber security regulations. By improving cyber-readiness, African businesses can not only comply with international standards but also protect their data, operations, and reputations from evolving threats,” El Haddioui continues.

El Haddioui, concludes, “The NIS2 Directive marks a significant shift in the cyber security landscape. African business leaders must recognise that cyber security is now a matter of survival, not just compliance. By taking proactive measures, they can safeguard their future, avoid heavy penalties, and ensure their organisations thrive in an increasingly interconnected global economy.”

CheckPoint-NIS2-infographic-EN (1)

 

Distributed by APO Group on behalf of Check Point Software Technologies Ltd..
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TECHNOLOGY

VFS Global appointed to roll out Australian biometric collection centres in Sub-Saharan Africa

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With the recent addition of Sub-Saharan Africa and Europe, VFS Global has become the exclusive biometrics collection service provider to Australian visa applicants across all nine regions globally.

CAPE TOWN, South Africa, October 16, 2024/ —

Services to be rolled out at 12 locations in seven countries in Sub-Saharan Africa by February 2025

VFS Global becomes the exclusive biometric collection service provider for Australian applicants in all the nine regions globally – ​Americas, Europe, Mekong, Middle East and North Africa, Pacific, South Asia, South East Asia, North Asia, Sub-Saharan Africa

Core services include Biometric Collection and Identity Verification, Digital Assistance with online visa applications submission and Online Payment Assistance.
Additional (as required services) include remote interview hosting, document and claim checking, paper digitisation and local addressing and document delivery.

The Department of Home Affairs, Australia has appointed VFS Global to provide biometric collection services for Sub-Saharan Africa. VFS Global is the world’s leading outsourcing and technology service specialist for governments and diplomatic missions. This is in addition to the seven regions awarded in August 2023 to provide biometric collection services –the Americas, Mekong, Middle East and North Africa, North Asia, Pacific, South Asia and Southeast Asia. With the recent addition of Sub-Saharan Africa and Europe, VFS Global has become the exclusive biometrics collection service provider to Australian visa applicants across all nine regions globally.

The Sub-Saharan Africa region includes seven countries in total with Australian Biometric Collection Centre services to be rolled out at 12 locations in 13 countries by February 2025. This includes setting up Centres in Ethiopia, Ghana, Kenya, Nigeria, South Africa, Uganda and Zimbabwe.

According to the agreement, VFS Global’s core services include Biometric Collection and Identity Verification, Digital Assistance with online visa applications submission and Online Payment Assistance on the Department’s ImmiAccount portal. The company would also provide additional (as required services) such as remote interview hosting, document and claim checking, paper digitisation and local addressing and document delivery.

“We are pleased to extend our Agreement with VFS Global to include Europe and Sub-Saharan Africa. We will continue to work closely with VFS Global to ensure the delivery of high-quality biometric collection and visa support services for our visa applicants worldwide.” said Anthony Phillips, Director Offshore Service Delivery Partners Section, Department of Home Affairs.

“Securing these two regions is a testament to our dedication, expertise, commitment to excellence, and trusted partnership with the Department of Home Affairs, Australia. This decision not only reflects our ability to meet highest standards but also reinforces our resolve to deliver innovative solutions. Under the Department’s guidance, we will continue to elevate the experience of Australian applicants across the world,” said Jiten Vyas, Chief Commercial Officer and Head of Business Development, VFS Global.

Distributed by APO Group on behalf of VFS Global.

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ENVIRONMENT

Nigerian Company MMNL to invest $50 Million to scale up its Tubular Batteries Production to 100,000 with backward integration in Next 5 years

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Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward & forward integration

Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward & forward integration and into the Mining segment to stay ahead of its competitors

Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward & forward integration

To cater to the rapidly growing demand of Nigeria’s energy sector; Metal Manufacturing Nigeria Limited (MMNL), Nigeria’s largest tubular battery company is aiming to double its expansion capacity to 60,000 pcs per Month in the next financial year. The company is planning to invest around $50 million in capacity expansion, new greenfield projects in the energy backup segment, R&D, Mining & Beneficiation, Plastic container and carton manufacturing units along with brand building and channel partner engagement to accelerate its ambitious growth target. 

 

Being the First Company to produce the Tubular Batteries in Nigeria; MMNL have had its fair share of challenges & hurdles. Over the past 5 years, MMNL has conquered several obstacles including a lack of skilled manpower, a duopoly of supply chain vendors, hurdle of sourcing raw materials, unstable power supply, exorbitant hike in electricity tariff & gasoline price and machinery and scarcity of spare parts in the region. Despite of providing thousands of employments of opportunity; battery manufacturing sector is struggling for survival and desperately in need of government policy support such as raising import duty of foreign importers and export duty for raw materials.

Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward

These problems would often demoralize and demotivate any company in tubular battery manufacturing sector and make it unviable for any business to operate in such a situation. Despite their 14 years of manufacturing experience in Nigeria, it found itself in a despondent situation which has led the company to explore other verticals to optimize the supply chain cycle. MMNL has taken several initiatives to address the stated challenges. For example, to address the issue of lack of skilled manpower, the company has conducted hundreds of technical training sessions to locals to enhance & upgrade their skill set and it is continuing to invest in manpower training. Similarly to ensure a steady supply of raw materials, the company has ventured into the mining business, beneficiation plant and other business verticals like plastic container & carton manufacturing. The company has also launched its dedicated service centre to resolve customer issues.

 

“Despite several challenges; the company has achieved stable production of 30,000 units per Month by 2024. MMNL is proud of the fact that it is the first & only Made-in-Nigeria inverter battery company which dominates over 35% to 40% of market share. It means every 5 batteries sold in Nigeria; 2 batteries are from MMNL”, said Mr. Amit Kumar, CEO of Metal Manufacturing Nigeria Limited. “As an Industry leader; company is continuously striving to delight the customer with quality and innovation in the product and making significant contributions in local employment opportunity as well as saving foreign exchange” 

Metal Manufacturing Nigeria Limited (MMNL); also ventures into multiple business verticals in backward & forward integration and into the Mining segment to stay ahead of its competitors

MMNL is bound to focus on completing its end-to-end supply chain cycle with a backward and forward integration expansion to proliferate its growth plan and to survive in the highly volatile environment. MMNL has already invested $25 million in Battery production, lead & Oxide manufacturing plant in Shagamu, Ogun state. MMNL’s current production capacity is 30,000 units of inverter batteries. Company is all set to boost its battery production capacity to 60,000 at the start of the new financial year and over 100,000 production capacity by opening a new battery greenfield production plant by 2027-2028 along with backward integration including lead-zinc ore mining and beneficiation. 

 

To make the brand available and accessible for the end customers across Nigeria, MMNL is also expanding geographically across the country, forging multi-channel partnerships, executing its retail strategy and to make use of eCommerce & digital channels.

 

Being an Industry leader with 14 years of manufacturing experience in Nigeria; MMNL has certainly created a high entry barrier for both existing and new players which are considering to start their tubular battery manufacturing operation. Metal Manufacturing Nigeria Limited is a shining example of how a true leader can sail through turbulence of political, economical, social & technological hurdles.

 

About Metal Manufacturing Nigeria Limited (MMNL)

Metal Manufacturing Nigeria Limited (MMNL) is the largest tubular battery manufacturing company

Metal Manufacturing Nigeria Limited (MMNL) is the largest tubular battery manufacturing company.  MMNL is the most trusted and ‘Proudly Made in Nigeria’ brand with over 14 years of industry experience. Recently; MMNL won 3 awards in a row 1) ECOWAS Inverter Battery Company of the Year 2) ECOWAS Inverter Battery Manufacturing Company of the year and 3) ECOWAS Renewable Company of the year. MMNL provides over 1000 direct and indirect local employment opportunities.

The Company also got pioneer status accreditation from Nigerian Investment Promotion Commission (NIPC). Currently MMNL is present across 6 major locations along with a strong network of channel partners consisting 3000+ Installers, 1000+ Dealers and 100+ Distributors and over a half million of satisfied & happy customers.

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