Specta lends $6.5 million to Nigerians
Just like Wema’s ALAT, Nigeria’s Sterling Bank is picking traction with Specta, its consumer lending platform, which is on direct competition with fintech companies like Paylater. According to the bank, Specta had made $6.5 million consumer loans to mainly formal workers (people that earn salaries) within the four months it was unveiled.
Just four months after its market entry, Specta, a lending platform powered by Sterling Bank, has advanced consumer loans worth N2bn 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.
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Commenting on Specta’s success, Dapo Martins, Chief Marketing Officer, Sterling Bank, 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.