Sterling Bank introduces Ajo Scheme initiative to foster financial inclusion
Sterling Bank Plc has added a savings and peer-to-peer lending feature to its digital banking platform.
The new feature, known as Ajo Scheme, is the digital construct of Ajo, Esusu and Adashe, the oldest informal means of saving.
The Ajo Scheme will allow its platform users to make an agreed monthly contribution with funds accessed on an agreed rotational basis.
Group Head, Digital Banking of Sterling Bank, Oladipo Alabede, said the Ajo Scheme could be initiated by an interested customer who would invite family and friends to join the scheme.
He pointed out that participants must be registered users on OneBank and must accept the invitation request.
He said there is also an allowance for participants to switch collection positions after being accepted to be part of the scheme.
Oladipo said that debiting participants’ accounts and remittances to beneficiaries is automated, adding that the process runs daily and would debit participants when they are selected.
He said where the account is not funded; the process is repeated for the entire day selected by the participant. If the contribution still fails to come in, the scheme continues as is. The benefactor for that cycle will get only the contributions that came in for that month.