Specta breaks credit record, lends N2bn in four months

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Just four months after its historic market entry, Specta, the revolutionary lending platform powered by Sterling Bank, has advanced consumer loans worth N2bn to salaried workers who are members of the lending platform’s pre-approved community.

The loans were accessed in less than five minutes without human intervention by most of the beneficiaries.

Commenting on Specta’s success, Dapo Martins, Chief Marketing Officer, Sterling Bank, said “The market is responding positively to Specta because it is meeting the credit needs of the contemporary Nigerian salaried worker who wants an immediate loan without leaving the convenience of his/her office or home. As such, the record breaking Specta loan advances will continue in the second half of the year, especially because liquidity is a non-issue. There is over N8bn set aside to meet the pressing credit needs of salaried workers in the country for just six months”.

The Chief Marketing Officer added that “Beyond 2018, we are certain that there will continue to be an upswing in the adoption of Specta in market because it takes advantage of technology to offer a refreshing and satisfactory experience to consumers. Customer testimonials are received daily about how the platform has simplified the loan booking process and incredibly reduced disbursement timeline to just five minutes after an application. We will continue to meet the needs of consumers seeking bespoke financial solutions in the Nigerian market”.

Pre-approved communities are companies or organisations that have been profiled and enrolled on the Specta platform. Individuals who work for organisations that have not been profiled can apply to be enrolled as individuals on the Specta platform.

On her part, Benedicta Sadoh, Head Value Chain Banking, Sterling Bank said “Specta is creating and delivering value to individuals, families, real sector and the economy at large. It is boosting the access of salaried workers and their households to credit which stimulates the economy through sustained consumption leading to increased production and job creation. We are proud that Specta is boosting consumer spending which is a key driver of growth and development in every economy.”

Sadoh affirmed Specta’s commitment to the growing credit needs of salaried workers across the country. “Sterling Bank is delighted with the rising number of corporations joining the Specta pre-approved community; same with individuals turning to the platform to finance their most pressing financial needs ranging from house rents to medical bills and wedding expenses. We will continue to meet these needs in a timely manner”.

Launched in February 2018, Specta has become the go-to platform for consumer loans by salaried workers in need of quick loans.  The online lending platform offers consumer loans up to N5 million to salary earners who belong to pre-approved communities in less than five minutes without paper work and collateral. It automates, simplifies and personalizes the loan application, disbursement and receipt process eliminating the slow turnaround time and other inconveniences associated with the manual process.

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