Sterling Bank, AFREXIMBANK Debuts Tradelink to Transform Supply Chain Financing
Sterling Bank Plc, in partnership with the Africa ExportImport 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.