Specta reaches $ 100 billion digital loan disbursement in three years

Monday April 12, 2021 / 4:00 p.m. / Sterling Bank/Header Image Credit: paywithspecta.com/

The online instant lending platform, Specta and PaywithSpecta, a digital lending solution introduced by Sterling Bank, have achieved significant milestones – disbursing over 100 billion Naira in digital loans and around N5 billion digital credits, respectively.

Specta and PaywithSpecta are pioneering products and market leaders providing popular services to employees and freelancers, small and medium-sized businesses and traders.

Both solutions offer digital loans and credits in less than five minutes to Nigerians in the bank, regardless of their bank, with no paperwork or collateral. But above all, they are also the best in the segment to offer the best loan rates and interest free financing up to 90 days for online and offline purchases.

Shina Atilola, Head of Retail and Consumer Banking at Sterling Bank, said: “Specta has disbursed around N100 billion in digital loans in three years. This is a milestone that deserves to be celebrated by a platform that has revolutionized and opened up the digital lending space in Nigeria. PaywithSpecta, the extension of Specta’s digital credit solution, has also exceeded expectations: in just a few months, it delivered over 5 billion Naira in digital credit to Nigerians.

We pride ourselves on being at the forefront of deploying innovative solutions that meet the needs of Nigerians and small businesses on a daily basis. Our deep gratitude to our esteemed retail clients and business leaders for their loyalty which has made Specta and PaywithSpecta the undisputed market leaders in the country in the digital lending and credit solutions segments. “

Specta, an instant loan platform that offers up to five million naira consumer loans in five minutes, was unveiled in 2018 by Sterling Bank Plc. The lending platform uses proprietary data and analytics to process and disburse consumer loans to borrowers in pre-approved communities in less than five minutes with no paperwork or collateral. The types of loans offered include personal, payday, wedding, rent, education and medical finance loans, among others, to employees and business owners.

Following the remarkable success of Specta, Sterling Bank recently created another variant known as PaywithSpecta to allow customers to pay for goods in installments. At the same time, merchants get instant credit, helping businesses increase sales.

PaywithSpecta offers digital credit limits to customers to purchase in-store items from merchants or online merchant platforms. It also allows traders to access credit for their trading activities.

Consumers can shop at zero percent interest at designated stores for those who choose a 30-90 day repayment term. And as low as 1.75% per month for repayment tenors of seven to 12 months.


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