Tech Company launches food bank loan app, pledges alignment with FG’s national inclusion on social wellbeing

A leading national tech company, Sovereign Technology & Innovations Ltd (STIL) marked a significant milestone with the launch of their groundbreaking digital product, ~ the Food Bank Loan App. This innovative platform is dedicated to enhancing the financial well-being of employees and salary earners, providing a unique solution for obtaining essential groceries through a “PAY SMALL SMALL” installment plan.

STIL, a forward-thinking company committed to reshaping financial management and access to crucial goods, leverages cutting-edge technology to develop solutions that address the real-world challenges faced by employees and salary earners. The Food Bank Loan App, distinguished by its key features of Convenience, Affordability, and Financial Empowerment, stands out as a groundbreaking initiative in Nigeria.

The app is designed to alleviate the financial strain on individuals awaiting their payday. Users can conveniently order groceries and repay the loan on their payday, offering a stress-free solution to a common challenge faced by many employees.

Beyond serving as a financial tool, the Food Bank Loan App acts as a catalyst for positive change within society. By addressing the immediate needs of employees, it contributes to building a healthier, more financially resilient community, aligning with national goals of financial inclusion and social well-being.

Mr.Mustapha Abiodun, CEO and Founder of Sovereign Technology and Innovations Limited, expressed his excitement about the launch, stating, “We believe in empowering individuals to take control of their financial destinies. The Food Bank Loan App is a testament to our commitment to providing practical solutions that make a meaningful impact on the lives of employees and salary earners.”

Engr Olanipekun Oluwafikayo, CTO, further explained how the system works. Addressing the needs of employees, the Food Bank App ensures satisfaction and alleviates the impact of underpayment, busy schedules, and economic challenges. Even those earning above N100,000 monthly can benefit by ordering groceries worth their monthly income and paying in three convenient installments. The app allows for additional orders after the second payment, and the added convenience of doorstep delivery enhances the overall experience for users.

To get started, employers can register with STIL, acting as guarantors and approving information provided by their employees. Once a company is registered, its staff gains 100% access to the system, and payments are deducted from their salaries by the employer before being sent to STIL.