Sterling Bank Plc has announced a partnership agreement with Credit Café Africa to provide a credit facility template, insurance, and other value-added services for existing and potential customers of the bank in the health and education sectors of the economy.
The partnership was formalized with the signing of a Memorandum of Understanding (MoU) between the two companies.
According to Mr. Obinna Ukachukwu, Divisional Head of Health and Education Finance with Sterling Bank, the service will cover operators of nursery, primary, and tertiary institutions, as well as hospitals, clinics, pharmaceutical, and diagnostic centres.
Mr. Ukachukwu stated that the bank will put N10 billion behind the partnership in the first tranche and scale it in the future.
Under the arrangement, customers can get up to a maximum of N20 million loan and a minimum of N100,000 loan depending on the applicant’s financial needs, Mr. Ukachukwu added.
Speaking on the partnership, Mr. Louis Gyiman, Founder/CEO of Credit Café Africa, said his company would make it possible for customers of Sterling Bank to have access to finance through the credit facility template in a faster and efficient manner.
Mr. Gyiman added that the facility would enable potential customers to personally monitor everything related to the credit as well as build up credibility in the system, which he described as seamless and effective.
The digital lending platform streamlines the lending process by offering quick, flexible loans for transforming businesses and providing quick access to quality credit. Its algorithms determine eligibility and available loan limits, allowing for a faster and more efficient experience.
Since 2018, Sterling Bank has been concentrating its investments in five sectors of the economy under its HEART’s strategy. The sectors are Health, Education, Agriculture, Renewable Energy and Transportation.
