Sterling Bank, AppZone’s CreditClub partner on unbanked customers

By Kokumo Goodie, Lagos, Nigeria

Sterling Bank Plc has signed up to AppZone’s CreditClub to leverage its agent network and banking technology platform to serve customers outside traditional branches.

CreditClub is an alternative banking channel solution developed for licensed banks with primary application in the area of delivering basic banking services to remote customers outside traditional branches. The solution works in collaboration with affiliated third party entities.

The CreditClub technology addresses branchless banking challenges by providing a robust software core and embedded core banking application that seamlessly integrate with portable mobile phones and POS devices as well as third party core banking applications. It also offers mobile banking self-service applications and functionality for issuing and managing debit cards.

This banking solution is expected to create financial inclusion and extend the bank’s services to the remote, rural and semi-urban areas.

Sterling Bank is leveraging AppZone’s shared core banking platform along with the CreditClub technology and agent network to exploit the opportunities inherent in providing financial access to the unbanked/under-banked.

Using applications on mobile devices, agents are able to perform basic banking operations such as instant account opening and debit card issuance, as well as cash deposits and withdrawals. Other supported services include bills payments & funds transfers.

Customers on the platform are able to access their funds across any banking channel including ATMs as a result of the instant card issuance feature from day one.

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