Sterling Bank Plc has signed a partnership agreement with Credit Café Africa for the distribution of 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.
Speaking at the signing ceremony of the Memorandum of Understanding (MoU) between Sterling Bank and the digital lending platform, Divisional Head, Health and Education Finance with Sterling Bank, Mr. Obinna Ukachukwu said the service will cover operators of nursery, primary and tertiary institutions as well hospitals, clinics, pharmaceutical and diagnostic centres, among others.
The divisional head said 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, he added.
Also speaking, Mr. Louis Gyiman, Founder/CEO of Credit Café Africa, said his company will make it possible for customers of Sterling Bank to have access to finance through the credit facility template in a faster and efficient manner.
He said the facility will 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 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