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HomeBanking & FinanceSpecta achieves N100b in digital loan disbursements

Specta achieves N100b in digital loan disbursements

Online instant lending platform, Specta and PaywithSpecta, a digital credit solution introduced by Sterling Bank, have hit huge milestones – the disbursement of over N100 billion in digital loans and about N5 billion digital credits, respectively.

Specta and PaywithSpecta are pioneering products and market leaders providing popular services to salaried and self-employed individuals, small and medium-sized businesses, and merchants.

Both solutions make loans and digital credits available in less than five minutes to banked Nigerians, irrespective of their bank, without paperwork and collateral. But above all, they are also the best in the segment for providing the best lending rates and interest free funding up to 90 days for online and offline purchases.

Shina Atilola, Divisional Head, Retail and Consumer Banking at Sterling Bank, said, “Specta has disbursed about N100 billion in digital loans in three years. It is an important milestone worth celebrating by a platform that revolutionised and opened digital lending space in Nigeria. PaywithSpecta, the digital credit solution extension of Specta has also exceeded expectations. In a few months, it has provided over N5 billion in digital credits to Nigerians.

“We are proud to be at the forefront of deploying innovative solutions that meet the needs of everyday Nigerians and small businesses. Our profound gratitude to our esteemed retail customers and business owners for their loyalty that has made Specta and PaywithSpecta the country’s undisputed market leaders in digital lending and credit solution segments.”

Specta, an instant lending 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 who belong to pre-approved communities in less than five minutes without paperwork and collateral.

The types of loans offered include personal, payday, wedding finance, rent, education, and medical finance loans, among others, to salary earners and business owners.

Following the remarkable success of Specta, Sterling Bank recently creed another variant of it known as PaywithSpecta to enable customers to pay for goods in instalments. At the same time, Merchants are credited instantly, thereby helping businesses to increase sales.

PaywithSpecta offers digital credit limits to customers to purchase items in-store at Merchant locations or Merchant online platforms. It also allows Merchants to access credit for their business activities.

Consumers can make purchases at a zero per cent interest rate at designated stores for those who choose 30 to 90 days repayment tenor. And as low as 1.75 per cent monthly for tenors of seven to 12 months repayment tenor.

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