Afreximbank and Sterling Bank Collaborate to Introduce Supply Chain Finance Solution in Nigeria


Afreximbank, in collaboration with Sterling Bank, is set to introduce a new supply chain finance product called ‘Payables Finance’ in Nigeria.

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This innovative offering, branded as ‘Afreximbank Tradelink,’ falls under Afreximbank’s digital offerings within the Africa Trade Gateway (ATG) platform.

Payables Finance allows suppliers to access financing by receiving early payment for invoices approved by their corporate buyers, facilitating working capital growth.

The financing cost is tied to the credit rating of corporate buyers, making it especially beneficial for SME suppliers facing challenges in accessing affordable bank finance.

The partnership between Afreximbank and Sterling Bank aims to provide a comprehensive market-led solution to Nigerian corporates and their suppliers.

Under this arrangement, Afreximbank will offer financing in US Dollars and Euros, while Sterling Bank will handle financing in Naira, allowing suppliers to access financing in both local and foreign currencies.

Haytham ElMaayergi, Executive Vice President of Afreximbank Global Trade Bank, sees the launch as a significant step in realizing Afreximbank’s vision of transforming Africa’s trade, emphasizing the importance of supply chain finance in improving access to trade finance on the continent.

Gwen Mwaba, Director & Global Head Trade Finance at Afreximbank, views the launch in Nigeria as the first step in Afreximbank’s plans to introduce Payables Finance across Africa in collaboration with leading African financial institutions.

This initiative aligns with Afreximbank’s strategic objective of reducing the trade finance gap in Africa, particularly for SMEs.

Chukwuka Onuaguluchi, Ecosystem Banking Head at Sterling Bank, reaffirms Sterling Bank’s commitment to meeting the trade finance needs of Nigerian corporates and suppliers, highlighting the significance of this partnership in benefiting Nigerian businesses.

Afreximbank’s Payables Finance initiative will not only be rolled out in Nigeria but also expanded to other African countries in partnership with local financial institutions.

This expansion will enhance local currency financing capabilities across the continent, with capacity-building events aimed at increasing awareness of supply chain finance and its benefits.

The product rollout in Nigeria will be complemented by a workshop targeting corporate institutions and banks, organized in collaboration with Woodhall Capital, a leading finance company in Nigeria.

To support the delivery of these new financial products, Afreximbank has partnered with UK-based fintech Demica, a leader in working capital solutions.
supply chain finance platform, utilized by leading banks worldwide, will power Afreximbank’s supply chain finance solutions in Africa, ensuring efficient and effective delivery of financial services to businesses across the continent.

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Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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