TVIO Solutions, a fintech company, has filed a N100 million lawsuit against Sterling Bank over alleged intellectual theft.
In a statement, the company said it filed a case against Sterling Bank at the federal high court in Lagos for allegedly implementing an idea without recourse to the progenitor (TVIO Solutions).
TVIO Solutions said it developed a pay by instalment platform where customers can purchase goods and pay later in four instalments at different online and in-store accredited agents at 0% interest.
It said the idea was discussed with Sterling Bank in September 2019 and the bank, having bought into the idea, requested and sought for a proposal to acquire more information about the project.
TVIO Solutions said it sent in a proposal as requested, soliciting for equity or debt from the bank as potential partners in the project.
After receiving the proposal, Sterling Bank was said to have declined to respond to emails, calls and SMS from TVIO Solutions seeking updates on the deal.
In December 2020, Sterling Bank was alleged to have launched a carbon copy of the same initiative and idea proposed to them earlier by TVIO Solutions.
Sources associated with TVIO Solutions said they have evidence of every conversation and meetings held with Sterling Bank in regards to ‘Paywithspecta’ (code name for the project).
In an email response to TheCable’s enquiry, Sterling Bank said: “We are aware of the suit and it is currently pending adjudication at the Lagos High Court.”
“As a law-abiding institution, we believe the responsible course of action is to withhold from further commentary on a matter that is sub-judice and await the Court’s decision.”