Afreximbank, Sterling bank to offer supply chain finance in Nigeria

African Export-Import Bank has partnered with Sterling Bank to introduce the innovative supply chain finance product ‘Payables Finance’, in Nigeria.African Export-Import Bank has partnered with Sterling Bank to introduce the innovative supply chain finance product ‘Payables Finance’, in Nigeria.

Under the arrangement, Afreximbank will provide financing to corporate and banks in both US Dollars and Euros while Sterling Bank will manage financing in naira. Suppliers of Nigerian corporate can thus benefit from financing in both local and foreign currency as per their requirements. “African businesses now have the opportunity to harness the potential of this product, which has been widely adopted globally, at an accelerated pace by learning from the experiences of other regions and using the latest technologies which have been developed,” he explained.

African Export-Import Bank has partnered with Sterling Bank to introduce the innovative supply chain finance product ‘Payables Finance’, in Nigeria.

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