Specta lends N2b in four months

Sterling Bank’s Specta has ad-vanced consumer loans of about N2 billion 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, the bank’s Chief Marketing Officer, Dapo Martins, 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.”

Martins added that: “Beyond 2018, we are certain that there will continue to be an upswing in the adoption of Specta in the 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.”