Sterling Bank Simplifies Payments on Facebook and Instagram

SocialPay makes payment as simple as clicking a button, and the money is immediately transferred. It is very secure for the transacting parties i.e buyers and sellers” – Shina Atilola, Divisional Head, Retail and Consumer Banking at Sterling Bank.

More and more Nigerians now make a side income or living selling clothes, food, plants, fashion accessories, cakes, specialty bread, telephones, etc having only virtual stores on social media, especially Instagram. The coronavirus pandemic lockdown created a big boom for shopping on social media. It is estimated that up to 25 million Nigerians buy and sell via social media every day.

Sterling Bank Plc on Tuesday announced the launch of a new payment solution, SocialPay, that allows buyers and sellers to make and receive payments on social media by simply creating and sharing payment links.

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SocialPay will significantly boost buying and selling on social media by sorting out the glitches. Vendors usually send bank account details to potential buyers who have to write them out and then tap and enter into the bank’s app on their phones. This can be bothersome for some shoppers. With SocialPay, the buyer needs to only click on the link generated and sent by the vendor to make the payment. Buyers do not have to log in to their banking apps or use USSD codes.

According to Shina Atilola, Divisional Head, Retail and Consumer Banking at Sterling Bank, SocialPay “makes payment as simple as clicking a button, and the money is immediately transferred.” He explained that SocialPay is very secure for the transacting parties i.e buyers and sellers.

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SocialPay can be used on different platforms including Facebook, Instagram, Twitter, WhatsApp, and WhatsApp for Business as well as for offline transactions i.e in physical stores. It also comes with a free invoicing feature, which will be very useful for small enterprises to develop a culture of record keeping.

It is not clear if SocialPay is available to buyers and sellers who do not have Sterling Bank accounts.