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Home Economy Finance

How Afreximbank and Sterling Bank Partnership will Boost Supply Chain Finance

by Techeconomy
April 1, 2024
in Finance
0
AfreximBank and Sterling Payables Finance
AfreximBank and Sterling Bank

AfreximBank and Sterling Bank

UBA
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African Export-Import Bank (Afreximbank) has cemented a partnership with Sterling Bank to introduce the innovative supply chain finance product ‘Payables Fi­nance’, in Nigeria.

This product, branded as ‘Afreximbank Tradelink,’ is one of Afreximbank’s digital offerings under the umbrella of the Africa Trade Gateway (ATG).

ATG provides African cor­porates and commercial banks with relevant digital tools to access market information, connect with buyers and sellers across the continent for efficient marketing and procurement, facilitate Know Your Customer (KYC) processes, and promote trade payments between Afri­can countries in local curren­cies.

Payables Finance enables suppliers to access financing from the banking system by ob­taining early payment for invoic­es which have been approved for payment by their corporate buyers.

The buyers continue to receive trade credit from the suppliers, and the suppliers finance their working capital through the early payment re­ceived, enabling them to grow their business.

The financing cost is linked to the credit rating of the cor­porate buyers, thereby making this product particularly valu­able for SME suppliers who may face challenges in access­ing bank finance at competitive pricing.

Payables Finance is the fastest growing trade finance product globally and there is an enormous opportunity for Afri­can businesses to benefit from it.

The partnership with Ster­ling Bank is a unique and in­novative arrangement which leverages the complementary strengths of both institutions to provide a comprehensive market-led solution to Nigerian corporates and their suppliers.

It is now possible to live in Nigeria and earn salary in US Dollars with premium domains, you can earn as much as $17,000 (₦27Million) Click here to start.

Under this arrangement, Afreximbank will provide financing to corporates and banks in both US Dollars and Euros while Sterling Bank will manage financing in Naira.

Suppliers of Nigerian cor­porates can thus benefit from financing in both local and foreign currency as per their requirements.

Haytham ElMaayergi, executive vice president of Afreximbank Global Trade Bank, welcomed the launch as anoth­er milestone in realising the Bank’s vision of transforming Africa’s trade.

He said:

“Afreximbank identified supply chain finance as a solution for improv­ing access to trade finance in Af­rica and embarked on a journey to increase penetration through financial intervention and ca­pacity building.

The Bank’s Factoring Work­ing Group has done extremely well to provide lines of credit to support factoring and has ac­tively promoted factoring across the continent in collaboration with other institutions.”

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    Techeconomy

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