Sterling Bank boosts instant loans with Specta


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Sterling Bank Plc announced the launch of Specta, an instant lending platform that offers consumer loans up to N5 million in five minutes.

The product was unveiled in Lagos on Thursday, the lender said in a statement on Sunday.

The lending platform uses proprietary data and analytics to process and disburse consumer loans to employees who belong to pre-approved communities in less than five minutes with no paperwork or collateral.

The types of loans offered include personal loans, payday, wedding finance, rent, education and medical finance, among others, to employees.

Grama Narashiman, Executive Director of Personal and Personal Banking Services, Sterling Bank, said: “Specta automates, simplifies and personalizes the loan application, disbursement and receipt process, eliminating slow turnaround time and delays. other disadvantages associated with the manual process.

Narashiman said Specta was created to allow people in pre-approved communities to easily access loans.

Pre-approved communities are companies or organizations that have been profiled and registered on the Specta platform.

People who, however, work for organizations that have not been profiled can apply to be registered as individuals on the Specta platform.

The bank’s chief marketing officer, Ibidapo Martins, said: “With Specta, we want to help our clients solve some of their most pressing financial needs, ranging from house rents to timely medical bills and wedding expenses. while they repay. in comfortable installments.

Martins added that before the introduction of Specta, salaried employees generally found it difficult to access loan facilities as they could not provide the collateral offered by their company counterparts, which made it difficult for them to support their dreams. and their ambitions.


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All rights reserved. This material and any other digital content on this website may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without the express prior written permission of PUNCH.

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