By Nume Ekeghe

The online instant lending platform, Specta and PaywithSpecta, a digital lending solution introduced by Sterling Bank, revealed that it has disbursed over 100 billion naira in digital loans and around 5 billion in digital credits, respectively.

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.

Most importantly, they’re also the best in the business at providing the best loan rates and interest-free financing for up to 90 days for both online and offline purchases.

Mr. Shina Atilola, Head of Retail and Consumer Banking Services at Sterling Bank, explained in a statement made available to THISDAY: “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, also exceeded expectations. In just a few months, he delivered over 5 billion naira in digital credits to Nigerians.

“We are proud to be at the forefront of deploying innovative solutions that meet the needs of Nigerians and small businesses every day. 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. “

Bridgepay instant loans is 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 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 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.