Sterling Bank, one of the leading commercial banks in Nigeria and a member of Sterling Financial Holdings Company Plc, in partnership with the Africa Export-Import Bank and Woodhall Capital, has launched AFREXIMBANK Tradelink, a new and innovative digital solution for supply chain financing in Nigeria.
The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso,
applauded the collaborative effort between Afreximbank and Sterling Bank to
launch a novel supply chain financing initiative in Nigeria.
The initiative, according to the CBN, holds the potential to
empower SMEs and propel sustainable economic growth.
The innovation was launched under the aegis of the Africa
Trade Gateway (ATG), to provide banks across the continent with the tools to
gather market information, connect buyers and sellers across the continent, and
facilitate payments in local currencies across African countries.
Managing Director of Sterling Bank, Abubakar Suleiman,
commented: “Sterling Bank is committed to meeting the trade finance needs of
Nigerian corporates and their suppliers and we are proud to introduce this
much-needed product in partnership with Afreximbank for the benefit of Nigerian
businesses.”
His comment was presented to the gathering of industry
stakeholders by Olufunmilayo Lewis, Group Chief Risk Officer for Sterling
Financial Holdings Company Plc.
He said, “The impact of our initiative extends far beyond
individual businesses. At its core, our Supply Chain Finance Product acts as a
catalyst for economic growth and stability, not only in Nigeria but across the
continent. By fortifying the financial health of suppliers, we stimulate
economic activity, foster job creation, and drive sustainable development.”
Commenting, Director & Global Head of Trade Finance,
Afreximbank, Gwen Mwaba, said: “The
launch in Nigeria is a first step in Afreximbank’s plans to introduce payables
finance across Africa in partnership with leading African financial
institutions. The product, which will deploy world-class technology and a
collaborative delivery model, aligns with the bank’s vision of Transforming
Africa’s Trade, and will contribute towards the achievement of the Bank’s strategic
objective of reducing the trade-finance gap in Africa, especially for the SME
segment.”
The CBN Governor, Olayemi Cardoso, applauded the
collaborative effort between Afreximbank and Sterling Bank to launch a novel
supply chain financing initiative in Nigeria. This initiative, according to the
CBN, holds the potential to empower SMEs and propel sustainable economic
growth.