Sterling Social Lender Qorus Banking Innovation Awards 2015 - Winner

Social media engagement in Nigeria is proliferating at a fast rate. Social media and ‘word of mouth’ marketing will drive the next revolution in the banking industry. This is as a result of changing demography and lifestyle of the Nigerian consumer. Internet user subscription continues to grow within the Nigerian space and is currently estimated at about 88 million (NCC Website, 2015). Mobile phone penetration continues to rise with circa 80% penetration in 2014. According to NCC, internet penetration is driven by mobile phones. In this vein, the Bank designed in conjunction with an external vendor - an application that uses social media popularity as collateral for debt. Social media users are able to borrow small amounts that enable them bridge funding gaps. Following the launch, about 3,265 number of users have accessed over N1,334,500.00 There is also a N100 flat fee charged on every loan granted.