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Sterling Bank records N100bn digital loans disbursement



Sterling Bank

Sterling Bank has announced that it disbursed over N100bn digital loans and about N5bn digital credits through its digital credit solution online instant lending platforms called Specta and PaywithSpecta.

The bank disclosed this in a statement title ‘Big milestone as Specta disburses over N100bn digital loans’ on Tuesday.

According to it, “Both solutions make loans and digital credits available in less than five minutes to banked Nigerians, irrespective of their banks, without paperwork and collateral.

“But above all, they are also the best in the segment for providing the best lending rates and interest free funding up to 90 days for online and offline purchases.”

Commenting on the transaction, the Divisional Head, Retail and Consumer Banking, Sterling Bank, Shina Atilola, said: “Specta has disbursed about N100bn 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 N5bn 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.” previously reported that the value of online transactions carried out by bank customers, according to the Nigeria Inter-Bank Settlement System (NIBSS’) latest report, jumped to N22.77tn in March 2021.

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This figure shows a growth of 99 per cent from the mobile transaction figures of N11.44tn recorded in the corresponding period of 2020.

The bank customers conducted the transactions on the NIBSS Instant Payment, Point of Sales and e0lectronic bills platforms.

The report read that the NIP was the most preferred platform in March, accounting for N22.02tn of the total online transactions’ value.

It noted that the instant payments were carried out by customers via bank branches, Internet banking, mobile apps, Automated Teller Machines and Unstructured Supplementary Service Data.




  1. Pingback: Sterling Bank Records N100bn Digital Loans Disbursement | Techvalley

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