A fintech firm, TVIO Solutions, has filed a N100 million lawsuit against Sterling Bank for alleged intellectual property theft.
The company claimed in a statement that it had launched a case against Sterling Bank in Lagos’ federal high court for allegedly executing an idea without consulting the originator (TVIO Solutions).
TVIO Solutions claims to have developed a pay-by-instalment platform that allows users to buy goods and pay for them in four installments at 0% interest at various online and in-store accredited agents.
The idea was addressed with Sterling Bank in September 2019, and the bank, having bought into the concept, requested and sought a proposal to learn more about the project, according to the statement.
TVIO Solutions said it submitted a proposal as asked, asking the bank for stock or debt as potential project partners.
After receiving the proposal, Sterling Bank is reported to have ignored TVIO Solutions’ requests for updates via email, phone calls, and SMS.
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Sterling Bank was accused of launching an exact copy of the identical effort and idea provided to them earlier by TVIO Solutions in December 2020.
According to TVIO Solutions sources, they have proof of every interaction and meeting with Sterling Bank regarding ‘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.”
