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How to get Sterling Bank Loans




How to get Sterling Bank Loans

Access to much needed finances for whatever use be it personal or business is not often easy but access to flexible and convenient loans helps individuals and businesses to achieve their personal financial goals and business growth expansion goals. Getting loans in Nigeria, especially from commercial banks is not always an easy task, but Sterling Bank is a good place to seek loans that will help the growth of your business and the achievement of your personal financial goals and dreams. Sterling Bank offers several types of loan products to its customers, these loans are designed to meet the specific needs of the loan beneficiaries: “How to get Sterling Bank Loans.”

In this article, you’ll learn about the steps to securing a Sterling Bank loan, the types of loans you can get from Sterling Bank, Sterling Bank loan interest rates, the eligibility requirements for getting a Sterling Bank loan, the benefits of the Sterling Bank loans to the loan beneficiaries, and the possible cons to a Sterling Bank loan. Read on to learn and get the full grasp of the loan offerings available at Sterling Bank, and how to apply for any of the loans available to meet your financial needs.

About Sterling Bank

Sterling Bank Nigeria is a well-known financial institution that has been in operation for several decades and has continued to serve the banking public committedly by providing banking services of various kinds including loan provision. Sterling Bank was incorporated in the year 1960 and began operations as NAL Bank, the country’s pre-eminent investment banking institution in the same year.

Sterling Bank through its years of operation has gained experience and mastery of service provision, through the use of technology for the sake of providing a seamless banking experience to its customers for their strives in the banking industry of Nigeria. Sterling Bank provides loans and other banking services to both individual customers and business entities that operate business accounts with Sterling Bank.

Does Sterling Bank Give Loans

Yes, Sterling Bank provides a wide range of loans to its customers that are designed to meet the specific financial needs of these customers. The loans provided by Sterling Bank are offered at competitive market lending rates.

Types of Loans Offered By Sterling Bank

Sterling Bank provides two main types of loans to the millions of its customers. These two loans provide several financing means to customers with the sub-type of loans they offer to customers. The two main types of loans offered by Sterling which are all under personal loans include:

  • Social Lender: The social Lender loan is a type of loan operated using a lending platform where users are given loans on request based on their social media reputation. To get this loan you need to link and connect through any of your social media account(s), then make your loan request, if your social reputation level is eligible your loan will be approved.
  • Specta Loan: The Specta loan is a type of personal loan provided by Sterling Bank to its customers through the Specta platform, which is also owned by Sterling Bank. Specta is a platform that offers lending opportunities to both individuals and businesses up to a maximum of ₦5,000,000 within minutes of the loan applicants’ loan getting approved.

Applying for loans on the Specta platform affords you the opportunity to apply without the need for paperwork, or collateral, and without having to visit any physical Sterling Bank branch. Anyone can apply for and get a loan on the Specta platform, provided the person is a customer of Sterling Bank. Specta loan has several sub loan types including Specta4individuals, Specta4business, and Specta Prime.

Other Types of Personal Loans Offered by Sterling Bank

Other types of personal loans are made available by Sterling Bank that are not done through the Specta platform, these loans include:

  • Auto Loans: This loan is designed and targeted at individuals who wish to make a vehicle purchase, the bank helps you with financing the vehicle purchase. To be eligible for this loan you need to make at least a 20% equity deposit, this loan is also open to anyone who earns a regular monthly income.
  • Household Equipment Lease: This loan is designed to help Sterling Bank customers buy household equipment that they are in dear need of or not, and allows the applicants the opportunity to pay for the bought items later. This loan type is available to anyone with a regular monthly income.
  • Alternative Energy Finance: This is another buy now pay later kind of loan, this loan helps customers who suffer from epileptic power supply to finance the purchase and installation of an alternative power supply in a combo of solar, inverter & batteries. The loan beneficiary is meant to pay at least 20% equity contribution which is 20% of the cost of the energy alternative equipment

Sterling Bank Loan Interest Rate

Sterling Bank loans are offered with interest rates that are competitive and in line with lending market rates. Sterling Bank loans are provided at interest rates ranging between 25.5% to 33.3% this interest rate is applicable variably to the different types of loans offered by Sterling Bank.

Sterling Bank Loan Eligibility

Sterling Bank loans are provided depending on several general eligibility criteria and specific requirements that are required for the different types of loans. The eligibility requirements criteria for the different types of loans provided by Sterling Bank are listed below:

Specta Loan

  • You need to have an investment with Sterling Bank to be eligible for the Specta Prime loan
  • You need to have an active account with Sterling Bank

Auto Loans

  • This loan is only eligible for brand-new cars
  • You need to have an active account with the bank as a customer for at least three (3) months
  • You need to submit a proforma invoice from the bank’s approved vendor
  • Your debt service coverage ratio (DSCR) should not exceed 33.33% (i.e. a loan instalment divided by income)
  • You need to make an up-front payment of your equity contribution, the same applies to your fees and comprehensive insurance premium payments
  • You need to submit your post-dated cheques for the loan instalments upfront

Household Equipment Lease

  • You have to make a 20% equity contribution for this loan
  • You need to have an active account with the bank as a customer for at least three (3) months
  • You need to submit a proforma invoice from the bank’s approved vendor
  • Your debt service coverage ratio (DSCR) should not exceed 33.33% (i.e. a loan instalment divided by income)
  • You need to make an up-front payment of your equity contribution, the same applies to your fees and comprehensive insurance premium payments
  • You need to submit your post-dated cheques for the loan instalment

Alternative Energy Finance

  • You have to pay as low as 20% of the energy equipment you wish to install and use
  • You need to have an active account with Sterling Bank

Sterling Bank Loan Application Process

The application process for the different types of loans offered by Sterling Bank is straightforward, with some of the loan products having processes that are peculiar to them. The steps for the different types of loans offered by Sterling Bank are listed below:

Specta Loan

Submit a handwritten application letter to the Bank

  • To apply for the Specta loan visit the Specta loans website and select the appropriate type of Specta loan that will suit your financial needs

Auto Loans

  • Download and submit a duly executed consumer loan application form
  • Then wait for your loan to be approved or declined

Household Equipment Lease

  • Submit a handwritten application letter to the Bank
  • Download and submit a duly executed consumer loan application form
  • Then wait for your loan to be approved or declined

Alternative Energy Finance

  • Visit any Sterling Bank nearest to you and request a current account for alternative energy finance

Benefits of Sterling Bank Loans

Sterling Bank loans provide a wide range of benefits to the loan beneficiaries. Some of the main benefits of Sterling Bank loans to its loan beneficiaries include:

Specta Loan

  • The Specta loan can provide you with loans to finance your financial needs across various industries that the Specta loan covers
  • The Specta loan provides a flexible loan repayment loan structure

Auto Loans

  • With an auto loan, you get the vehicle of your choice acquired while you get the chance to repay the loan gradually
  • The loan has a flexible repayment structure and a long loan tenure of up to 48 months

Household Equipment Lease

  • With this loan, you can acquire much-needed house items
  • The repayment tenure is long enough and flexible for the loan applicant

Alternative Energy Finance

  • The loan has a flexible repayment
  • You get access to after-sales services and support
  • The loan provides you with a buyback option by the vendor
  • You do not get charged on repayment of your loan

Cons of Sterling Bank Loan

As much as Sterling Bank loans offer several benefits to users there are a few downsides to the loans offered by Sterling Bank some of which include:

  • The social lender loan has no stated metrics for the measurement of social reputation to determine who is eligible for the loan.
  • You need to make the Specta fee payment upfront before your loan is approved
  • You also have to pay a penalty fee of 1% if you do not pay your loan on due dates


Sterling Bank provides a wide range of loans to its customers to help individuals and businesses meet their financial needs and goals. The loans provided by Sterling Bank can be used to finance several types of businesses and personal financial dreams. The Sterling Bank loans are offered with competitive interest rates and with several benefits to the loan beneficiaries. The bank is customer-centric, hence you will receive all the support you need when you request for a loan with Sterling Bank. Apply for a Sterling Bank loan today and fulfil your financial dreams in no time. See

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How Kora Payment Link Helps Online Businesses To Grow




How Kora Payment Link Helps Online Businesses To Grow

The advent of technology with the COVID-19 pandemic has increased the adoption and popularity of online businesses. This is owed to the ability to operate small and medium-sized businesses from anywhere across the globe – which alludes to the fact that the world is now a global village: How Kora Payment Link Helps Online Businesses To Grow.”

Therefore, there has been a meteoric increase in the number of online shoppers seeking products or services from the available businesses in the digital space.

This is evident in the emergence of e-commerce platforms that operate as an online marketplace for both buyers and sellers. It is also playing out in social commerce through the use of platforms like Facebook, Instagram, or X (Twitter) that people continuously use for their shopping experience.

By and large, online business is today a thriving venture that continues to generate a staggering income for businesses and the local economy.

One of the major perks of online businesses is the flexibility of their payments, such that merchants can offer a range of payment methods. The most common options are bank transfers or card payments, in which businesses provide their customers with bank account details to pay.

But as innovation continues to meet the evolution of online businesses, Kora is making payment strategy seamless for both merchants and their customers. This is through the Kora Payment Link.

What Is Kora Payment Link?

A Kora Payment Link is a clickable link that enables business customers to complete a purchase. This is offered as a digital link, which can be used across various social media platforms, websites, or other messaging tools.

How this works is that a customer is directed to a merchant’s online checkout page to complete their transaction anytime they use the Kora Payment Link. This link can be used for both a single transaction, as in a customer invoice and for multiple transactions, as a buy button on social media platforms.

It should be noted that the Kora Payment Link facilitates simple online payments as it does not require a website or code to create and use the link. Therefore, online businesses can easily create a payment link that takes customers directly to the online checkout page of the merchant.

Furthermore, the Kora Payment Link can be used for fundraising, donation, and subscription purposes.

Benefits Of Kora Payment Link To Online Businesses

  • Accept Payments Anywhere

You can receive payments from your customers across the globe through the payment link that you can easily share on social platforms or websites. This is also a “call to action” strategy to compel your customers to complete their purchase with you without delay.

  •  Keep Payments Simple

Customers do not have to log into a mobile app or website before paying. This is because they can easily click the link anytime and from anywhere to take them to the checkout page to complete their purchase.

  • Flexible Payment Options

Kora Payment Link provides online businesses various payment options tailored to their preferences. This can be bank transfers, payment cards, or other digital payment methods like Apple Pay or Google Pay.

Therefore, it is the volition of online businesses to design their payment links towards their preferred payment options. Hence attracting customers to complete their purchase with the knowledge that they can use certain payment gateway.

How Online Businesses Can Use Kora Payment Link

Here is a quick step for using the Kora Payment Link:

  • Create a Kora account and log in.
  • Navigate to “Payment Link.”
  • Enter your details and customize your link with certain preferences.
  • Preview your link and activate it.
  • Share your Kora Payment Link on social media platforms and other messaging tools.
  • Start receiving payments.


We can not overemphasize the importance of having a sustainable payment strategy for online businesses to attract more customers who would complete purchases with them. That is why Kora introduced a payment link which merchants can easily share with their customers for transactions.

Kora Payment Link is easy and free to use, and you can get started by creating a Kora account now. [site]


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How Kora Improves Cross-Border Transactions For Businesses




How Kora Improves Cross-Border Transactions For Businesses

Cross-border transactions are increasingly becoming popular without the concern of waiting days or transfer fees. This is due to the emergence of a fintech company like Kora, which makes cross-border payments simple, cheaper, faster, and easily accessible for businesses: How Kora Improves Cross-Border Transactions For Businesses.”

A BCC Research of January 2023 revealed that the global cross-border payments market is expected to grow from $176.5 billion in 2021 to over $238.9 billion by 2027. The vehicle for this growth is fintech disruptors like Kora, which offers a digital platform and innovative messaging and settlement layers to improve cross-border business transactions.

Ways Kora Is Changing Cross-Border Transactions For Businesses

  • Improved Convenience

Kora enables you to make transactions fully on its platform, unlike the traditional method of visiting physical branches. This allows you to use the platform anytime and from anywhere without a glitch.

A simple user interface and streamlined onboarding characterize this platform to simplify cross-border transactions. It means you can use Kora to receive funds from your customers or transfer with its bulk payout, multicurrency payout, or mobile money options.

  • Speed And Efficiency

Kora enables instant or same-day cross-border transactions, which is in the converse of the traditional settlement layers that can take days. Therefore, businesses can complete their transactions in less than one hour on this platform. You do not experience any form of delay in sending or receiving funds on this platform, irrespective of the amount. This is due to its high scalability and optimization of Kora.

  • Lower Fees

This platform eliminates the meddlesome of third parties like banks and agents in the cross-border transfer chain. As such, it offers a relatively low transaction fee, which is often less than 1% of the transfer amount. This is a major perk of Kora compared to its contemporaries.

  • Enhanced Transparency

Kora offers an advanced tracking dashboard that provides real-time access to your funds and the estimated delivery timelines. This is because the platform has state-of-the-art blockchain technology that provides complete transparency in the tracking of your funds. It helps to reconcile your income with expenses.

  • Security And Compliance

Kora employs features like two-factor authentication (2FA) and other security measures to add extra security layers and protect user transactions and funds. This platform is in total adherence to global compliance standards to protect users’ funds and data.

  • Reduced Foreign Exchange (FX) Risk

Cross-border transactions often involve multiple banks and currencies whose operations result in significant foreign exchange fees and currency volatility that create discrepancies between transferred and received funds.

This is largely the case when businesses in a particular country receive payments from another country.

However, Kora reduces foreign exchange risks that are associated with cross-border transactions by routing funds efficiently at the best exchange rate. On the other hand, Kora users can avoid foreign exchange concerns by using the multicurrency account on the platform that allows them to receive payments in currencies other than their local currency.


Cross-border payment is important to businesses as it enables their growth in the global market. But as digital payments continue to gain traction, there is a need for businesses to know how to leverage the technology to boost sales.

One major platform you can use for your cross-border transactions with your customers is Kora. This is due to the simplicity and scalability it offers you.

You can also start making cross-border transactions seamlessly when you create a Kora account now. [site]

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Crypto and Blockchain: Shaping the Future of Payments in Africa




Cryptocurrency and Blockchain: Shaping the Future of Payments in Africa

Cryptocurrency and blockchain technology are revolutionizing how payments and financial transactions are conducted worldwide, and Africa is no exception: “Crypto & Blockchain: Shaping the Future of Payments in Africa.”

With Africa’s limited traditional banking infrastructure, millions of people are excluded from financial services, leading to slow business and economic growth.

However, with the high rate of cryptocurrency adoption in many African countries, noticeable changes are taking place. People initially excluded from the financial system participate in digital transactions, making cross-border payments and investments, ultimately changing their lives and positively impacting the economy.

This article discusses different ways cryptocurrency and blockchain technology are shaping the future of payments in Africa.

How Cryptocurrency and Blockchain are Shaping the Future of Payments in Africa

Financial Inclusion and Access to Capital

Financial exclusion, that is, lack of access to capital and other financial services, is one of the major problems facing the African payment infrastructure. The World Bank reported in 2014 that over 350 million African adults had no bank account.

That number has decreased in recent years due to the success of mobile money programs. But a recent BPC fintech report shows there’s a lot more to be done, as it reported that 57% of Africans do not have access to any kind of bank account, including mobile money accounts.

This is where cryptocurrency and blockchain stepped in and are already contributing massively to the payment revolution in Africa. Cryptocurrency became popular in Africa in the heat of the COVID-19 period, recording an adoption rate of 1200% between 2020 and 2021.

Individuals initially excluded from the traditional financial systems are now actively participating in the crypto market with just their phone and internet connection. The availability of crypto ATMs and over-the-counter (OTC) markets where you can trade cryptocurrency and receive cash has made it possible for people in underserved communities to access financial services.

Cross-Border Payments

African countries engage massively in international trade within themselves and with other continents. Many small businesses in Africa export goods in different quantities and import them to resell or for production. However, traditional cross-border payments can be expensive and slow due to the fragmented financial landscape of the continent and the use of different currencies.

According to the World Bank, the average cost of sending $200 was 6.2% in Q4 2022, with mobile money being the cheapest at 4.5%. That’s between $9 and $12 in transfer fees for a payment of just $200. And it could be more, especially if the sender uses a traditional bank (11.8%) or a money transfer operator (5.4%). The cost could be quite unbearable when the exchange rate and preferred transfer speed are factored in.

Cryptocurrencies, such as bitcoin, ETH, BNB, and stablecoins, are facilitating borderless and cost-effective international money transfers, reducing the fees and time involved. Transferring cryptocurrency from one wallet to another is one of the cheapest ways to make cross-border payments or remittances, and transactions are completed in 24 hours or less. For example, the average cost of sending Bitcoin to another wallet is $4.05, while Ethereum costs $0.73 per transaction.

Store of Value

The inflation rate in most African countries is skyrocketing daily, eroding the value of their currencies and making imports and even internal purchases expensive. For example, in Nigeria, the dollar price in the parallel market went from N736 in January to N1300 in October 2023. That shows a 76.6% increase in the dollar’s value within ten months.

According to Business Insider Africa, many African countries are experiencing a prolonged period of high inflation. In the list, Zimbabwe stands top with an inflation rate of 101%. Others are Serra Leone (44.81%), Ghana (43.1%), Egypt (36.5%) and Ethiopia (28.8%). Nigeria, the largest African country, also made the list with an inflation rate of 24.08%.

The rising inflation in many African countries has led individuals and businesses to look for a reliable way to save money without losing value. Cryptocurrencies, especially stablecoins, have proven to be a good store of value and a reliable alternative for financial transactions.

Integration with Mobile Payments

Many Africans use mobile phones for payments and transactions, and cryptocurrencies can integrate seamlessly with mobile payment platforms, making it easy for people to transact with them.

Mobile payment platforms like Google Pay, BitPesa, Blockonomics, PayPal, and more allow users to make payments in cryptocurrencies for purchases on digital platforms.

People bypass many unnecessary fees by transacting in cryptocurrencies, especially when making purchases on international platforms. Many crypto-integrated mobile payment apps also allow users to save, invest, and perform other financial services with their smartphones.


Remittances are a significant source of income for many African families. Africans working abroad love sending money to their families at home, either for their upkeep or investments.

The World Bank’s Migration and Development Brief shows how remittances grew in Sub-Saharan Africa by 6.1% in 2022, totaling $53 billion. Many countries had significant growth in their remittances, with Tanzania (25%), Rwanda (21%), and Uganda (17%) being the top three. Nigeria accounted for 38% of the total remittance inflows to the region despite having a growth rate of only 3.3%.

Many factors contributed to this remittance growth in Africa, including the low cost of cryptocurrency transactions and mobile money payments.


The adoption of cryptocurrency and blockchain technology is rapidly reshaping the African payment system, creating a future of massive financial inclusion, efficiency, economic development, and empowerment.

The advantages of these assets are clear, as individuals, businesses, and governments can benefit massively from them. Cryptocurrencies facilitate borderless and cost-effective cross-border payments, enable individuals and businesses to hedge against hyperinflation, and make mobile payments more efficient.

Despite already having significant success in Africa, its future impact is expected to be much more revolutionary. Cryptocurrency and blockchain technology will open new opportunities for investment and trade and pave the way for a brighter economic future across the African continent. See More!

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