Specta and PaywithSpecta , an online instant lending platform, introduced by Sterling Bank, has disclosed that it disbursed over N100 billion in digital loans and about N5 billion digital credits, respectively in the last three years.
Both solutions make loans and digital credits available in less than five minutes to banked Nigerians, irrespective of their bank, without paperwork and collateral.
Divisional Head, Retail and Consumer Banking at Sterling Bank, Shina Atilola, in a statement explained: “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.