Non-salary earners benefit from Sterling Banks Specta, online lending platform which could give up to N5 million to borrowers

SPECTA, online lending platform of Sterling Bank, has extended its loan scheme to people who are engaged in personal businesses. The extension of the platform, which started with salary earners to non-salary earners followed the huge success recorded by the platform in its first year of operations.

Specta is an instant lending platform that offers consumer loans of up to N5 million in five minutes. The lending platform uses proprietary data and analytics to process and disburse consumer loans to salary earners who belong to pre-approved communities in less than five minutes without paper work and collateral.

Shina Atilola, divisional head, retail and consumer banking, Sterling Bank, said the extension was due to the platform’s capacity to pre-screen borrowers and safely provide them with faster approvals and funding. He said the bank is keen to position Specta as Nigeria’s fastest lending platform as part of its strong desire to empower businesses and enable startups.

Atilola, who spoke at a media interactive session to mark one year anniversary of Specta, said the platform has revolutionised convenience banking and opened up access to financial solutions. He said the bank plans to attract and accommodate more customers through the use of social media while relying on a credit bureau to ascertain the customer’s character and capacity. He said the bank decided to expand the coverage of the product to accommodate more customers outside the bank’s customers because of the yearnings of other potential customers.

In her remarks, Benedicta Sadoh, head, value chain banking, Sterling Bank, said the bank was able to offer about N10 billion in loans to more than 11,000 customers while also introducing credit cards, among others, to customers last year She added that the bank is looking at giving out N40 billion in loans to 50,000 customers this year.

– Feb. 8, 2019 @ 12:19 GMT |