By Cynthia Ezekwe
Sterling Bank Plc has sealed a Memorandum of Understanding (MoU) 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, to boost access to finance in Nigeria.
Obinna Ukachukwu, divisional head, health and education finance with Sterling Bank, while speaking at the signing ceremony of the memorandum disclosed that the MoU between the full service national commercial bank and Credit Café Africa will cover operators of nursery, primary and tertiary institutions as well as hospitals, clinics, pharmaceutical and diagnostic centres, among others.
According to Ukachukwu, the bank will put N10 billion behind the partnership in the first tranche and scale it in the future.
The divisional head further added that 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.
Also speaking at the event, 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.
According to Gyiman, 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 CEO stated that 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,’’ he added.