The Africa Export-Import Bank (AFREXIMBANK), Woodhall Capital, and Sterling Bank, a division of Sterling Financial Holdings Company PLC, have joined forces to introduce AFREXIMBANK Tradelink, a cutting-edge digital supply chain finance solution.
Under the auspices of the Africa Trade Gateway (ATG), the innovation was introduced to give banks on the continent the means to collect market data, link buyers and sellers, and enable local currency transfers among African nations.
With its debut, Sterling Bank became Nigeria’s first bank. The cooperation is a distinctive and creative arrangement that makes use of the combined qualities of both organizations to provide Nigerian businesses and their suppliers with a full, industry-leading solution.
As per the collaboration agreement, AFREXIMBANK provides funding in dollars and euros, while Sterling Bank provides financing in naira. As a result, suppliers to Nigerian corporations may profit from financing in local or foreign currencies, depending on their needs.
“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,” stated Abubakar Suleiman, Managing Director of Sterling Bank.
Olufunmilayo Lewis, Group Chief Risk Officer at Sterling Financial Holdings Company, represented Suleiman at the industry stakeholders’ meeting.
“The impact of our initiative extends far beyond individual businesses,” stated Suleiman. Fundamentally, our Supply Chain Finance Product promotes stability and economic progress throughout the continent, not only in Nigeria. By bolstering suppliers’ financial stability, we promote job creation, economic growth, and sustainable development.”
“This relationship demonstrates the effectiveness of partnerships in promoting constructive change. By combining the advantages of Sterling Bank and AFREXIMBANK, we can increase our overall influence and clear the path for a more robust and inclusive economy.”
Gwen Mwaba, Director and Global Head of Trade Finance at AFREXIMBANK, stated: “With prominent African financial institutions as partners, AFREXIMBANK aims to introduce payables finance throughout Africa. The launch in Nigeria is a first step in that direction. The product will support the Bank’s strategic goal of closing the trade-finance gap in Africa, particularly for the SME sector, and will use cutting-edge technology and a collaborative delivery model. It is in line with the Bank’s vision of Transforming Africa’s Trade.”
