Sterling Bank’s PayWithSpecta boosts sales for businesses, gives digital credit limits to consumers


Specta, Nigeria’s fastest lending platform owned by Sterling, has created a digital credit solution known as PayWithSpecta. The new solution allows customers to pay for goods in instalments, while Merchants are credited instantly; helping businesses increase sales. PayWithSpecta offers digital credit limits to customers to purchase items in-store at Merchant locations or from Merchant online platforms. Also, PayWithSpecta gives Merchants the opportunity to access credit for their business activities.
Consumers can make purchases at zero percent interest rate at designated stores for those who choose 30 to 90 days repayment tenor and as low as 1.75 percent monthly for tenors of 7 to 12 months repayment tenor.

Shina Atilola, Divisional Head, Retail and Consumer Banking at Sterling, who disclosed this in a statement issued by the bank recently, said the new product will enable customers to buy goods from merchants in-store and from online platforms on credit.

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According to Atilola, customers can assess their credit limits via the PayWithSpecta platform (; use their limits at the merchant’s store and even access 30% of the limit as cash. This will enable customers spread payment up to 12 months while the merchant gets his payments upfront.

He explained that to sign up, customers will provide their basic information and the platform will give an instant credit decision all within 5 minutes, he said. The website will then generate a Specta ID for the customer. The customer can then utilize the spending limit by providing the Specta ID at any of the bank’s partner stores (online or in-store) to conclude a purchase.

Atilola explained that the credit/spending limit is valid for three months and can still be renewed if not utilized; and you are not charged for unutilized spending limits. He further stated that PaywithSpecta provides more convenience with lending to the customer and gives him access to 30 percent of the credit limit as cash.

He also added that for business across the country to start benefiting from this, business owners need to visit the PayWithSpecta website to sign up to start receiving payments from consumers as this will significantly increase revenue for any business.

He advised customers to do their shopping through PayWithSpecta with their Specta ID, saying the Specta ID is the smartest way available in Nigeria to make purchases.


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