PARTNERS STERLING BANK AND CREDIT CAFÉ TO SUPPORT THE HEALTH AND EDUCATION SECTORS

For the distribution of a credit facility template, insurance, and other value-added services to the bank’s current and new clients in the health and education sectors of the economy, Sterling Bank Plc. has inked a collaboration agreement with Credit Café Africa.

Mr. Obinna Ukachukwu, divisional head of health and education finance at Sterling Bank, said during the signing ceremony of the Memorandum of Understanding (MoU) between Sterling Bank and the digital lending platform that the service will be available to operators of nursery, primary, and tertiary institutions as well as hospitals, clinics, pharmaceutical, and diagnostic centers, among others.

According to Ukachukwu, the bank will invest N10 billion in the partnership in the initial tranche and increase it over time. Customers can use the partnership to obtain loans totaling up to N20 billion and as little as N100,000, depending on their individual financial circumstances, he said.

Louis Gyiman, the founder and CEO of Credit Café Africa, stated: “His company would enable Sterling Bank customers to have access to money through the credit facility template in a quicker and more effective manner.”

He claimed that the facility would let potential consumers keep an eye on every aspect of their credit directly and establish trust in the system, which he described as simple and efficient.

By providing quick, flexible loans for transforming firms and granting quick access to good credit, the digital platform streamlines the financing procedure. Its algorithms establish eligibility and lending limitations, making the process quicker and more effective.

Under its HEART strategy, Sterling Bank has focused its investments in five economic sectors since 2018. Health, Education, Agriculture, Renewable Energy, and Transportation are the sectors.