Sterling Bank’s lending platform, “Specta”, has created a digital credit solution known as “PayWithSpecta”.
The new solution allows customers to pay for goods in installments, while merchants are credited instantly thereby helping businesses increase sales, a statement by the bank said on Wednesday.
Mr Shina Atilola, Divisional Head, Retail and Consumer Banking, Sterling Bank, said the new product would enable customers buy goods from merchants in-store and from online platforms on credit.
“Customers can assess their credit limits via the PayWithSpecta platform (www.paywithspecta.com), use their limits at merchant stores and even access 30 per cent of the limit as cash.
“This will enable customers spread payment up to 12 months while the merchant gets his payments upfront,” Atilola said in the statement.
He said that for customers to sign up, they would need to provide their basic information and after signing up, an instant credit decision would be received within five minutes.
According to him, the website will then generate a Specta ID for the customer which he will need to provide at any of the bank’s partner stores (online or in-store) to conclude a purchase with a spending limit.
Atilola explained that the credit/spending limit would be valid for three months and could still be renewed if not utilised; adding that no charges would be applied for unutilised spending limits.
Furthermore, he said that PaywithSpecta would provide more convenience with lending to the customer and would also give access to 30 per cent of the credit limit as cash.
He urged business owners to visit the PayWithSpecta website to sign up to start receiving payments from consumers as this would significantly increase revenue for their businesses.
Atilola also advised customers to use PayWithSpecta for their shopping using their Specta ID, which according to him, is the smartest way available in Nigeria to make purchases.
“PayWithSpecta offers digital credit limits to customers to purchase items in-store at merchant locations or from merchant online platforms.
“It also 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 per cent monthly for tenors of 7 to 12 months repayment tenor,’’ he said.