Paywithspecta: Sellers Fully Paid and Buyers Pay Monthly


Are you looking to buy a laptop, phone, headset, camera or any gadget at all on credit? Paywithspecta by Sterling bank is an easy way for not only buyers to buy gadgets and pay in instalments but also for sellers to sell their products for these customers that are looking to buy on credit. Only thing is, as a smartphone, laptop or gadget merchant on Paywithspecta, you get paid in full while your customers pay monthly.This is a better well structured way to buy on credit compared to what Access Bank introduced years ago.

You can register as a merchant if you want to start selling your electronic wares or as a buyer that wants to get your item immediately and pay in instalment. The good thing is, you can buy used phones, laptops and other gadgets on credit as well.

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Read More: Used or Refurbished: Second Hand Smartphone Buying Guide

How to Buy Phones, Laptops and Other Gadgets on Credit Using Paywithspecta

  • First, you would have to sign up and provide your details including your bvn and other personal information.
  • An OTP will be sent to the number registered to your BVN to finalize your registration
  • You will then have to get your spending limit (maximum is 2 million Naira) which is the total amount you can get on credit on Paywithspecta. To get your spending limit you will have to send your statement of account for the past 6 months to Sterling bank through your internet banking (instructions are given on the website).
  • However, if the cashflow into the account is not up to standard your application might be rejected. If succesful, you will get a spending limit which you can spend to buy stuff on credit.
  • The next step is for you to create a Sterling account online right there on the platform if you don’t already have one by uploading all your KYC documents.
  • A Specta ID will be issued to you for you to make purchase with on credit from the merchants on Paywithspecta according to the your spending limit.
  • You can get 30 percent of your spending limit as cash with a repayment tenor of 7 – 12 months and an interest rate of 25% annually or 2.08% monthly (insurance fee is 2%). Moreso, you can take up to 40% as cash if you choose to pay back in 3 months or less.
  • On the other hand, if you choose to buy from partnered merchants, the tenor is 7 – 12 months with an interest rate of 2% monthly or 24% annually. Fortunately, you don’t pay interest if your tenor for paying back is 1 – 3 months.

How to Register as a Merchant on Paywithspecta

  • First you would have to register as a business and not as an individual.
  • To do that, you would have to provide your company name, company address, RC number, tax identification number (TIN), state, number of years in the business, email and so on. Then you would also have to upload the image of your store both on and out.
  • You will then need to do verification and open a business account with Sterling bank.
  • Any customer with a Specta ID can then buy from your store and pay in installment while you get the full worth of your item.

Wrapping Up

You should know that that as a customer, you would not be able to buy items beyond your spending limit and you would only be able to spend the entirety of your spending limit if you only buy with Paywithspecta merchants. This is an alternative to EasyBuy, Jumia Flex and others because you can buy used or refurbished phones, laptops and not only new ones.


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