Stanbic IBTC Bank launched a new product, SME Quick Loans, which will bridge the huge funding gap in the Small and medium-sized Enterprises.

The product will enable eligible SMEs access funds within five days of applying for a loan, and also offers unsecured loans ranging from N100 000 to N4.5 million.

According to the head of personal and business banking, Obinnia Abajue, Stanbic IBTC invested significantly in research in order to complement credit evaluation with the applicants' profile.

'This has improved our ability to determine future risk profiles of customers and allows the bank to increase credit risk appetite,' he says.