Sterling Bank Plc said it has added rotation savings and peer-to-peer lending feature called ‘Ajo Scheme’ to its OneBank digital banking platform.
According to a statement, it said the new feature is the digital construct of Ajo, Esusu and Adashe, the oldest informal means of collecting and saving money through a savings club or partnership for big-ticket transactions.
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The scheme will allow OneBank users to make an agreed monthly contribution with funds accessed on an agreed rotating basis.
Group Head, Digital Banking of Sterling Bank, Oladipo Alabede, in the statement said there is also an allowance for participants to switch collection positions after being accepted to be part of the scheme.
Oladipo noted that disputes relating to unfunded accounts will not be handled by the bank, saying that participants would have to sort out the dispute outside the App.
Oladipo explained that monthly disbursements would occur on the 28th day of every month after all contributions for that month had come in.