STERLING BANK AND AFREXIMBANK LAUNCH INNOVATIVE SUPPLY CHAIN FINANCING SOLUTION

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Sterling Bank, in collaboration with the Africa Export-Import Bank (AFREXIMBANK) and Woodhall Capital, has introduced AFREXIMBANK Tradelink, a novel digital solution for supply chain financing in Nigeria.

This initiative, launched under the Africa Trade Gateway (ATG), is targeted at equiping banks across the continent with tools to gather market information, connect buyers and sellers, and facilitate payments in local currencies.

The launch event, held in Lagos, marks Sterling Bank as the pioneering institution in Nigeria for this endeavor. Through this partnership, AFREXIMBANK and Sterling Bank leverage their respective strengths to provide a comprehensive solution to Nigerian corporations and their suppliers.

Abubakar Suleiman, the Managing Director of Sterling Bank, expressed the bank’s commitment to meeting the trade finance needs of Nigerian corporates and their suppliers. He emphasised the significance of introducing this product in partnership with AFREXIMBANK for the benefit of Nigerian businesses.

Olufunmilayo Lewis, Group Chief Risk Officer for Sterling Financial Holdings Company Plc, highlighted the broader impact of the initiative on economic growth and stability. By fortifying the financial health of suppliers, the Supply Chain Finance Product acts as a catalyst for economic activity, job creation, and sustainable development; not only in Nigeria but across the continent.

 

 

 

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