LendTech

Sterling Bank Inaugurates Specta Digital Lending Platform to Ease Retail Lending

 

As part of its efforts to boost consumer lending and improve the economic well being of Nigerians, Sterling Bank Plc yesterday launched an innovative digital lending platform, known as Specta. According to the bank, Specta is a retail lending platform, which any Nigeria requiring a loan can access within five minutes without having to produce a collateral or enduring the delay of filling forms.

Speaking at the launch of the lending platform, the bank’s Head, Value Chain Banking, Benedicta Sadoh, explained that currently, Specta is only for salaried workers who will need the approval of the Human Resources Head of their organisations to be able to access the platform. She also explained that no collateral was needed to access loans through the platform as transactions on it had been adequately insured.

She revealed that reactions to Specta have exceeded the bank’s expectations as over 700 corporates were now connected to the platform. Also speaking at the event, Group Head, Strategy and Innovation, Mr. Shina Atilola, said the decision to introduce the digital solution was in line with the lender’s objective of enriching lives, adding that with Specta, Sterling Bank was set to significantly improve Nigerians’ access to consumer loans. He said: “We want to enrich lives.

Normally, to access loans takes time as one will be required to fill forms and make several trips to the bank. But Specta has removed all that. You can sit at home or in the comfort of your car and use your lap to access the platform.”

Similarly, Sterling Bank’s Executive Director, Retail and Consumer Banking, Mr. Grama Narasimhan, said the lender was targeting 100,000 customers on the Specta platform by the end of December this year. He stressed that non- customers of the bank can also access the platform as long as they meet the requirements for accessing it. The bank disclosed at the launch that it would be offering free 20 litres of petrol to customers who access the Specta platform between 5 pm on April 30 and 5 pm on May 1, adding that over 1,000 customers were currently on board the platform.