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I got debited 500 Naira but I didn’t get spending limit or loan! Is this a scam?

PayWithSpecta is not a scam. When you are applying for a loan, your statement is analyzed automatically online. To do this, Specta talks to your bank to get your statement and your bank charges you whatever the cost is to deliver the 6 months statement of account to PayWithSpecta. Remember, the money does not go to PayWithSpecta, it goes to your bank.

Why did PayWithSpecta not give me a spending limit?

There are 3 possible reasons:

  1. You have a bad credit report: This could mean that you took a loan somewhere else, did not pay back and they reported you to credit bureaus and kind of blacklisted you. These organizations can be banks, telcos or fintechs. You can also have a bad credit report if you have an account that you did not close, and your bank has been debiting the account for charges but there is no money inside to pay for these charges.
  2. You did not meet the lending criteria: PayWithSpecta is automated and as such the brain of the automatic stuff (laughs) has somethings they check when you’re filling the application form to determine whether you can take a loan or not, sometimes you just do not fit the pre-determined criteria.
  3. You have too many loans running: You should not be using more than 33% of your income to pay for loans and if you already are, PayWithSpecta will not give you your spending limit. This is for your own good because if you are using so much to pay back loans, you will be totally broke! So, if you make 100k a month, you should only have loans of 33k a month!
It says my BVN is not verified, why?

When filling in your detail ensure that your name and date of birth matches exactly what was filled on your BVN. If your name has hyphen and you leave it out, it will come back as not verified. If you put your last name as first name or middle name. ERROR! If you are not sure what is on your BVN, ask your bank.

Do I need to have an account with Sterling Bank to use PayWithSpecta?

Absolutely not! You can use any of the listed bank accounts you have as long as it is your most active account and has been in use for more than 6 months! More banks are being added, so if yours is not on the list, check again soon.

  • Access bank
  • Ecobank
  • FCMB
  • GTBank
  • Heritage bank
  • Polaris bank
  • Providus bank
  • Stanbic
  • Sterling bank
  • UBA
  • Union bank
  • Wema bank
  • Zenith bank
I did not get my ticket ID and password or OTP.

Ticket ID, passwords, OTPs, and all very high security details are always sent to the phone number or email attached to your bank account, not what is filled on the form. This is to ensure that no one else can use your account details to enjoy PayWithSpecta without your consent.

How do I know that I have met the lending criteria?

You have arrived!!! The system would give you a congratulatory message stating you limit amount – this is how much you can spend at PaywithSpecta merchants store within three months.

When I shop how do I know that my transaction was successful?

You will receive an offer letter in your email showing the details of your transaction. Your account will then be credited and debited immediately for onward transfer to the merchant. Do not worry or panic if you see alerts!

How and when do I pay back?

You are to pay back on the 28th of every month. The account linked to the debit card you tokenized would be automatically debited and your Sterling Current account - which was opened for you automatically when you started using PayWithSpecta will be credited. Please keep your account funded as prompt repayment of your loan gives you better credit ratings which means you can get more loans in future.

I have seen a store that allows me shop and PayWithSpecta, what do I do?

Please visit to get your Specta ID, with this ID you can pay at the checkout point of the store, either online or offline.

I cannot find my bank on PayWithSpecta

We are currently working to add more banks to the platform. Please see the list of banks available and use any of them.

What is the lowest amount I can use my Specta ID for?


What is the highest amount I can use my Specta ID for?


Can I get Cash with my Specta ID?

You can get 30% of your Specta ID as cash

I took a PayWithSpecta loan for 12 months, but I want to pay back in month 6. What do I do?

Simply send a signed letter stating your full name, address and account number via email to asking for your loan to be liquidated.