Sterling Bank, in early 2018, became the first bank to offer access to collateral-free loans of up to N5 million in five minutes.

Specta, the bank’s lending platform, started with salary earners who are customers of the bank. The facility is now available to non-salary earners and also non-customers of Sterling Bank.

The bank, using proprietary data and also analytics, processes and disburses these loans to borrowers who belong to pre-approved communities.

The bank reportedly booked over 11,000 loans, valued at close to N10 billion, in the past year. However the Bank plans to record 50,000 loans and a N40 billion value in 2019.

To access this facility, visit