Paywithspecta Stimulates Spending Between Seller and Buyer

Paywithspecta is a product of Specta, a Nigeria digital lending platform powered by Sterling bank Plc. This newly feature by Specta was designed to allow buyer to pay for goods in installments and sellers are credited instantly.

Paywithspecta, a Specta product offered by Sterling bank Plc.

According to an interview on premiumtimes platform, Shina Atilola, divisional head of retail and consumer banking at Sterling bank Plc, said alot of things about the benefits of paywithspecta. With Paywithspecta, you will be able to buy goods from merchants in store and from online store on credit.

Benefits of Paywithspecta

In the interview, it was made cleared that merchants on Paywithspecta platform are enjoying increased in sales plus, they are also paid in full while customer pay in installments. 
It create new funds and disposable income for consumers to pay for services and make essential purchases with payment spread overtime.
As we know that Covid-19 impacted the world economy and Nigeria is not an exception, seller want to sell and buyer wants to consume, Paywithspecta was created to solve this nagging problem. Consumer pay in installments and seller get paid instantly.
Further more, Paywithspecta offer loans to merchants to keep their store up and running, plus buyer can make purchases at zero percent when they choose to repay within 30 to 90 days and 1.75 Percent charge of the purchase amount when they choose to repay with 7 to 12 months.

How does Paywithspecta works?

According to chats from Atilola, Paywithspecta works in the sense that consumers can make purchases in merchants physical store and online store on credit, and the merchant get paid instantly.
He said the benefits enjoyed by merchants on Specta newly introduced credit platform provide funds and disposable income for consumers to pay for services and make essential purchases with payment spread overtime.
Paywithspecta allows customer to access their credit limit via it’s website, use their limit at the merchant store plus access 30 Percent of their limit as cash. This enabled customers to spread payment up to twelve (12) months and also allow merchant to get payment upfront.
No collateral, Low interest rate and it’s for everyone.

How to Sign up to Paywithspecta Credit Platform.

To sign up to Paywithspecta, you will need to provide your basic information including your BVN which will be confirmed by otp via your registered phone number and other personal information. The platform will decide your credit limit with five (5) minutes and maximum credit limit is two (2) million naira.

Merchants requirement

To sign up to Paywithspecta as a merchants, you will need to provide your company name,c company address,RC Number, Tax Identification Number (Tin),a location and email address. Once the company have the details, you will be added to the platform.

How to register as a merchant

1. Visit Paywithspecta site and sign up as a business not individual
2. Enter required information and documents to proceed with the process,
3. You will need to verify and create starling bank online account to upload your documents.
4. After successful registration, consumer with specta’ID Can then buy from store.

Consumers requirement

As a consumer, you will need to provide your name and account details to access Paywithspecta. The website will generate a Specta ID for you, and a review will be done on the information to determine the customer capacity before granting a valid digital credit for three (3) months.
Customer can now use the digital credit to buy items from any merchants store that accept Paywithspecta within those three months. Also customer can spend and withdraw their digital credit to cash at any verified Paywithspecta merchants. Also Paywithspecta digital credit can be used to pay for school feels, and medical bills. All these payments are done through your Specta user ID.
Note: all the sign up, registration and submission are done on Paywithspecta website

How to register as a consumer

1. Visit Paywithspecta website and sign up
2. Enter your detail including your BVN
3. An OTP will be forwarded to your phone number registered with you BVN to confirm your account.
4. You will then get your credit limit (maximum 2 million naira)
Note – to get your credit limit, you will need to send six (6) months statement of account to Sterling bank via internet banking. However, your application might be rejected due to your account cash flow, if it’s not up to standard.
5. If your application is successful and accepted, you will get your spending and digital credit which will be used to make purchases on merchants store.
6. Now at this point, you will need to create a Sterling bank Online account on the platform so as to upload your kyc documents
7. After that, a Specta ID will be issued to use. This your key to complete transactions on merchants store.

How to pay using Paywithspecta?

Follow the steps by step guide to make a purchase using Paywithspecta either on Online store or physical store.

In-store payment

1. After picking your items, proceed to cashier check point.
2. Tell the cashier you want to Paywithspecta
3.  The cashier will request for your Specta ID and the money will be deducted from your digital credit. However, of the cash flow on the account 

Online store payment

1. After adding your items to cart,
2. Proceed to checkout
3. Select ‘pay with specta’ option
4. Proceed to Specta page or create an account if you don’t have one.
5. Follow the prompts and enter your unique Specta ID to complete the transaction.
6. Congrats, you are done.

Paywithspecta For Gadget Merchants

Are you looking to buy a smartphone, laptop, digital camera or any gadget on credit? Perhaps, some platform that offer such credit have high and unaffordable interest rate? Don’t be panic, Paywithspecta got you covered.
You can also buy any gadget on credit and pay in installments, same interests as said earlier, no different. Merchants are treated the same, no different too.
The only different I can tell is that consumers pay for gadget on a monthly basis while merchants received their payment once. Paywithspecta will be pay the seller once and get responsible to collect their money back from the buyer every month with little interest rate. That’s amazing right? 
This is better way structured to by gadget compare to easybuy platform. Without much Ado, lemme quickly share with you how you can buy hose gadget on credit using Paywithspecta.

How to buy Phone, Laptop, Camera and Other Gadget on Credit using Paywithspecta?

Follow the below guide to buy gadget on credit using Paywithspecta.
1. After you choose the gadget you want to buy
2. Tell the seller you want to get it on credit using Paywithspecta
3. The seller will put you through all the next and necessary steps.


As a consumer, you cannot spend beyond your credit limit and this is an alternative to easybuy and Jumiaflex. You can also buy used and refurbished phones, laptops and other gadget using Paywithspecta.

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