Sterling Bank Boosts Businesses With Digital Credits

Sterling Bank Plc is making it easier for businesses to access more credit opportunities thanks to the launch of its digital credit solution – PayWithSpecta.

PayWithSpecta, allows customers to pay for goods in instalments, while merchants are credited instantly; helping businesses increase sales and allowing them to access credit for their business activities.

The new solution offers digital credit limits for customers to purchase items in-store at designated merchant locations or from their online platforms at a zero per cent interest rate for 30 to 90 days repayment tenor. While customers can pay as low as 1.75 per cent monthly for tenors of 7 to 12 months.

According to Sterling Bank’s Divisional Head, Retail and Consumer Banking, Shina Atilola, the new product will enable customers to buy goods from merchants in-store and online platforms on credit.

“Customers can assess their credit limits via the PayWithSpecta platform; use their limits at the merchant’s store and even access 30 per cent of the limit as cash. This will enable customers to 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 five minutes.

The website will then generate a Specta identity (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 to conclude a purchase.

Atilola further explained that the credit and spending limit is valid for three months and can still be renewed if not utilized, and customers are not charged for unutilized spending limits.

He further stated that PaywithSpecta provides more convenience with lending to the customer and gives them access to 30 per cent of the credit limit as cash.

According to the divisional head retail banking, 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.

To sign up for PayWithSpecta visit their website at